A Note On Microeconomics For Strategists Pdf Writer
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Are you taking IB Economics but feel you aren't learning enough from your class alone? Maybe you need more explanation of certain economics topics? If you need some help in your IB Economics SL/HL class, this study guide is for you. I’ve gathered all of the best free IB Economics study guides and notes into one useful article. This IB Economics study guide is organized according to the IB Economics Syllabus.
How to Use These IB Economics Notes and Study Guide
If you are looking for help with one topic, use the Command + F function on your keyboard to search this article for that topic. For instance, if you want to learn more about Markets, use Command + F to bring up the search function. Type in “Markets” and it’ll bring up all of the study materials for Markets.
I separated the resources into:
- Quick reference: one-page summary of material if you just need a quick refresher.
- Longer notes: notes (generally 3-10 pages) if you need more of an in-depth explanation.
How Should You Use This Article During the School Year?
If there are any subjects that you feel you don't completely understand after learning them in class, use these notes to review them and fill any knowledge gaps. You should also use these notes to regulary review past topics you covered in class to be sure you don't forget earlier topics and have to cram right before the exam.
To score well on the IB Economics exam, you should be studying and reviewing the topics you cover in class throughout the year. This will help you cement this information in your mind so you're not struggling for answers on test days.
In addition to these notes, you should also take several practice tests. This will help you test your knowledge and get a better idea of how well you'll score on test day. Find IB Economics HL and IB Economics SL past papers, Free and Official, in our other article.
Common Study Mistakes for IB Economics SL/HL
It's important to avoid falling behind in IB Economics SL/HL; there's just too much material to learn easily if you get significantly behind. You need to master the topics during the school year to ace your IB Economics papers. Some common mistakes are:
- Avoiding topics you don’t understand in class. If you didn’t learn it in class, you need to look for help elsewhere whether through this IB Economics study guide or tutoring.
- Waiting to study until a week or two before the papers. There are a lot of concepts to master. A week or two is not enough time to learn them all (that is why IB Economics is taught over 1 to 2 years). Learn the topics as you’re supposed to learn them in class. Use this study guide if you need extra help.
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Section 1: Microeconomics
- Longer notes: Basic Definitions
- Longer notes: PPF and PPC
- Longer notes: Free Market vs. Planned Economy
1.1 Competitive markets: demand and supply (some topics HL only)
- Quick reference: Markets
- Longer notes: Markets
- Quick reference: Demand
- Quick reference: Supply
- Quick reference: Market equilibrium
- Quick reference: The role of the price mechanism
- Quick reference: Market efficiency
1.2 Elasticity
- Longer notes: Elasticities
- Quick reference: Price elasticity of demand (PED)
- Quick reference: Cross price elasticity of demand (XED)
- Quick reference: Income elasticity of demand (YED)
- Quick reference: Price elasticity of supply (PES)
1.3 Government intervention (some topics HL extension, plus one topic HL only)
- Quick reference: Indirect taxes
- Quick reference: Subsidies
- Quick reference: Price controls
1.4 Market failure (some topics HL only)
- Longer notes: Market Failure
- Quick reference: The meaning of market failure
- Quick reference: Types of market failure
1.5 Theory of the firm and market structures (HL only)
- Longer notes: Theory of the Firm (HL)
Section 2: Macroeconomics
- Longer notes: Measuring National Income
- Longer notes: Introduction to Development
- Longer notes: Unemployment and Inflation
- Longer notes: Distribution of Income
2.1 The level of overall economic activity (one topic HL extension)
2.2 Aggregate demand and aggregate supply (one topic HL only)
2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only)
- Longer notes: Macroeconomic Models
2.4 Fiscal policy
2.5 Monetary policy
2.6 Supply-side policies
- Quick reference: Evaluation of supply-side policies
- Longer notes: Demand-side and Supply-side policies
Section 3: International Economics
3.1 International trade (one topic HL extension, plus one topic HL only)
- Longer notes: Reasons for trade
- Longer notes: Free trade and protectionism
- Longer notes: World Trade Organization (WTO)
3.2 Exchange rates (some topics HL extension)
- Longer notes: Exchange rates
3.3 The balance of payments (one topic HL extension, plus some topics HL only)
- Longer notes: Balance of payments
- Longer notes: Balance of Payment problems
3.4 Economic integration (one topic HL extension)
- Longer notes: Economic integration
3.5 Terms of trade (HL only)
- Longer notes: Terms of trade
Section 4: Development Economics
4.1 Economic development
4.2 Measuring development
4.3 The role of domestic factors
4.4 The role of international trade (one topic HL extension)
4.5 The role of foreign direct investment (FDI)
4.6 The roles of foreign aid and multilateral development assistance
Cost Of Capital
4.7 The role of international debt
4.8 The balance between markets and intervention
- Longer notes: Sources of Economic Growth and/or Development
- Longer notes: Consequences of Growth
- Longer notes: Barriers to Economic Growth
- Longer notes: Growth and Development Strategies
- Longer notes: Evaluation of Growth and Development Strategies
What’s Next?
Learn more about IB Economics:
Want some more IB Economics study materials? Check out our guide to every IB Economics past paper available, including free and official papers.
Looking for more info on what IB Economics covers? Read our complete guide to the IB Economics syllabus to learn every topic that will be covered in the course.
Wondering which other IB classes you can take? Take a look at the complete list of IB courses to see what your options are.
Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:
Top Best Microeconomics Books – It’s the little things that matter most. In Economics also, the same concept rings true. Micro-factors are as important for a business owner/student of business, as macroeconomics.
So, without much ado, here are top 10 microeconomics books which will make you a master it. Read it, learn from it, and apply it in your personal and professional life.
Recommended Courses
#1 – Principles of Microeconomics, 7th Edition (Mankiw’s Principles of Economics)
by N. Gregory Mankiw
This Principles of Microeconomics is most widely used textbook in the class. If you’re a student, grab this book as your textbook.
Microeconomics Book Review:
If you want to learn the fundamentals of microeconomics, this book would be invaluable to you. Because this doesn’t include anything that a layman won’t be able to understand! Pick this book on microeconomics, highlight the areas that most resonate with you, and then note down any thoughts you have about the same. The language of the book is also pretty easy that you don’t need to stumble everywhere to understand a chapter. That means you won’t find any excessive words to impress anyone. The author has explained the concepts, tools, and techniques in the most lucid way. That’s the reason every reader who has gone through this book has got immense value out of it. The verdict of the readers is if you are new to Microeconomics, this is the book you should buy and read through. This best microeconomics book is arranged in short chapters and the author has given many graphical representation of what he is talking about. As a result, even a dry subject like Microeconomics will also seem fascinating to you. What more can you expect from an elementary book?
Key Takeaways from this Top Microeconomics Book
- No wonder why this best microeconomics book is meaningful to every Microeconomics student and why most of the students choose this book as their first textbook in their undergraduate days. The author is a great writer and the most influential economist of our times. And he has used all of his experience in writing this book.
- Along with the book, you will also be able to get the help of MindTap that includes graph builder and adaptive test prep to understand and master the subject.
#2 – Microeconomics: Principles, Problems, & Policies (McGraw-Hill Series in Economics)
by Campbell McConell, Stanley Brue, and Sean Flynn
For long time, this book has been a perfect ally for students.
Microeconomics Book Review:
If you ever need to read a book for a class, this book will serve the purpose. Why? Because this book is arranged in such a way that you don’t need another textbook for class! This book has total 20 chapters which include a chapter called “behavioral economics”. Not many books have mentioned the importance of behavior in microeconomics. But this one does and it helps students think about microeconomics in completely different way. This book is not only applicable for students who are pursuing their studies; it’s also useful for those who want to instruct and need a solid guide to teach students. The learners can master the digital content easily and would be able to supplement their learning in their exam and elsewhere. As business owners, you can also read this book to save time and to get a grip over the concepts of microeconomics.
Key Takeaways from this Best Microeconomics Book
- This best microeconomics book also comes up with an integrated learning system “Connect” which empowers students continuously to provide students exactly what they need, whenever and however they need. This system will help you become adaptive to the classes you attend.
- This book is for all – students, instructors, and business owners. And anybody who reads this book gets immense help from this book.
#3 – Microeconomics
by Paul Krugman and Robin Wells
If you want to read microeconomics in the most simplistic way, this is it.
Microeconomics Book Review:
No matter what you do – you study in an undergraduate program or you run a business or maybe you just want to learn every possible concept one can learn in microeconomics; this book would be the ultimate textbook you would ever need. The students who have read this top microeconomics book have mentioned that this book allowed them to get A’s in microeconomics without putting in a lot of effort. Readers who have not had much idea about business or never taken a business class also remarked that this book is very easy to follow and to learn the fundamentals well. The authors haven’t used any jargons or excessive words to teach the course. Simple down-to-earth explanations along with fun learning are the basic ingredients of the book. Don’t look for any other book if you want to make learning exciting and want to quickly master the fundamentals. Just buy this book and you would be able to take advantage of the book’s amazing quality. Moreover you can ask your instructor to use this book as well.
4.9 (831 ratings)
Key Takeaways from this Top Microeconomics Book
- Microeconomics is not a rocket science. And you don’t need to be a genius to understand it. Both of these authors have proved it in this book.
- Every textbook should be written in such a way that it satisfies every new learner. That means every textbook should be user-friendly and should increase the interest of the learners in the subject. This book does a great job in making microeconomics most palatable to its students.
#4 – Microeconomics: Theory and Applications with Calculus (4th Edition) (The Pearson Series in Economics)
by Jeffrey M. Perloff
If you want to refer the fundamentals of microeconomics with real life examples, read this book.
Microeconomics Book Review:
This book on microeconomics is self-explanatory. Whatever it has promised to deliver, it has delivered. Moreover, you get loads of real life examples and also the author’s insights and humour in the footnotes. But remember this book is not for those who are looking to learn microeconomics from scratch. This is not a book for beginners; rather once you have some sort of basic idea about the fundamentals of microeconomics, you can pick this book up and advance your understanding. To understand the material of this book, you also need to comprehend derivative and integral calculus. So, don’t touch this book without first reading some sort of beginner’s books on microeconomics and mathematics. The only pitfall of this book (which may not be a pitfall for you) is the way it is presented. The book has not been written like a textbook of microeconomics; rather it is written like a book on mathematics. As this book emphasizes on calculus and its relevancy in microeconomic concepts, this book is written like that. If you love good humour, great examples, and amazing quotes, this book should certainly be under your “to-read” list.
Key Takeaways from this Best Microeconomics Book
- The book is very cheap if we consider the value it provides. This book is around 800 pages and cost around $20-25. Yes, price always doesn’t refer to value, but learning so many things under $20 is certainly a boon for every student.
- If you choose to buy this book along with MyEconLab (which you should), your knowledge and skill building will be complete. You would get a structured environment for learning, can practice what you learn, test your understanding of the concepts, and also study as per a personalized plan of study
#5 – Principles of Microeconomics (12th Edition)
by Karl E. Case, Ray C. Fair and Sharon E. Oster
This is a perfect book for beginners of microeconomics who need no fluff and a sound understanding of fundamentals.
Microeconomics Book Review:
The book has received mixed reviews, but still this book isn’t as bad as few reviewers proclaim. Here’s why. First of all, most of the reviews of this book are good so far. And few didn’t like the content of the book. Their dislike can reveal a bit of information about this book – it is not for experts. The author didn’t write this book for people who want to teach or instructs. It’s written for those who are currently new to the subject and don’t have much grasp over advanced mathematics. Grab this book if you want to learn the concepts of microeconomics from scratch and don’t bother much about the mathematical implications of the fundamentals. It’s for newbies but that doesn’t mean it is gibberish and don’t make sense at all. No, this book is full of practical examples and also includes recent events so that the new learners can relate the concepts with real life.
Key Takeaways from this Top Microeconomics Book
- This best microeconomics book is not written only on the basis of the authors’ experience; rather every concept presented in this volume has been thoroughly researched. This book also comes with added exercise which will make readers understand the art and science of microeconomics.
- This book also comes with MyEconLab which you should purchase along with the book because MyEconLab will give you the structured environment, improve your understanding of each concept, and help you practice more efficiently.
A Note On Microeconomics For Strategists Pdf Writer Software
#6 – Modern Principles: Microeconomics
by Tyler Cowen and Alex Tabarrok
This is another great book to understand the nitty-gritty of microeconomics.
Microeconomics Book Review:
How do individuals learn better? It is found that when they are learning visually, they learn the best. In this book, the authors have made use of visuals in such a way that even a dry subject like microeconomics stood out to be one of the most interesting subjects. Grab this book and you would know how well the visuals and texts are arranged. This book is again pretty good for beginners and people who are new to the concepts of microeconomics. If you are a student, starting your course microeconomics, then this is the “go-to-book” for you. Other than the visuals and texts, this book has been arranged in easy to understand chapters so that you don’t need to go back and forth to comprehend a particular topic. You can follow along and learn the concepts, insights, and fundamentals. Plus, you will also get a lot of real life examples from this book which you can relate to and learn better. You will also be able to apply the learning in your own personal and professional life.
Key Takeaways from this Best Microeconomics Book
- The authors are well-known online teachers of economics. If you buy this top microeconomics book, you will get integrated videos made by these teachers of economics which will also help you learn and master the concepts.
- As a subject, you will be able to relate to politics, businesses, world affairs, and everyday life once you finish reading this book. The authors also run a blog marginalrevolution.com which you can read along with the book.
#7 – Microeconomic Theory
by Andreu Mas-Colell, Michael D. Whinston and Jerry R. Green
They say “old is gold” and this book fits into that proverb perfectly.
Microeconomics Book Review:
This book is “the guide” on microeconomics. And that means you should not start with this book if you’re new to microeconomics. Before you ever try to read this book, read one or two books on fundamental concepts we have mentioned above. And then come back to this book. Why so? Because this book is so intense in concepts and explanation, they wouldn’t make sense to you immediately. This book is used in University of Michigan for a full year to teach PhD students microeconomic theory. This book will not teach you intuitions; rather this book will teach you concepts and fundamentals so that you can publish your papers in prestigious journals in years to come. The scope of this book is huge which enabled the authors to focus totally upon the helicopter view of the concepts. But don’t try to study this book all by yourself. You still can if you’re an economist or have already earned your PhD. But if you’re just learning the ropes of microeconomic theory, take help from a professor to teach you the concepts of this book. This book is also equally beneficial for instructors who teach microeconomics in schools and colleges.
Key Takeaways from this Top Microeconomics Book
- If there is any text book every student of economics must read, it is this. You can’t skip this book if you want to fully understand microeconomic theory.
- This best microeconomics book is divided into five separate sections – individual decision making, game theory, partial equilibrium analysis, general equilibrium analysis, and social choice theory and mechanism design. If you read these five sections well, you will possess wealth of knowledge in microeconomic theory.
#8 – CoreMicroeconomics
by Eric Chiang
This book is a perfect textbook for students trying to learn microeconomics.
Microeconomics Book Review:
This top microeconomics book isn’t an easy read for students who are new to the concepts of microeconomics. Because it’s dense and full of microeconomic concept! Before reading this book, take one beginners’ book from the above list and give it a light read and use the material of this book as supplementary content. Many students who have been using this book for their class have mentioned, it has helped them pass the class and been quite helpful during the course. The author brings in a lot of new topics in microeconomic theory. That means this book doesn’t only contain the fundamentals of microeconomics; it also includes the new trends, modern microeconomic theories, and materials on how to teach them to students. Along with students, this book can also be used by instructors who teach microeconomics to their students. In a nutshell, if you can read this book along with a beginners’ material on the subject, then it would become the most valuable resource for you.
Key Takeaways from this Best Microeconomics Book
- This book on microeconomics is over 500 pages and very comprehensive. That’s why it’s not recommended for beginners because beginners won’t be able to understand its dense outlook on the subject.
- The author has extensive experience in teaching economics courses and he has put together all of his teaching experiences into this book. Only a teacher can put himself in the shoes of the students and think from their perspective. And the book is written exactly like that. No wonder that this is one of most popular microeconomics textbooks.
#9 – Microeconomics for Today
by Irvin B. Tucker
This book stands out in the series of books on microeconomics. Here’s why.
Microeconomics Book Review:
Many textbooks on microeconomics claim a lot, but delivers quite opposite. But this book has no gap between what it promised and what it delivered. Rather, if we compare with contemporary textbooks on microeconomics, this is the one every new student of economics should read. This book is easily written, but it will also help you stretch your vocabulary, concepts, perspectives, and understanding. Thus, you waste no time browsing through the book. On the side of each chapter, you will get a list of vocab words that are used in the chapter. Plus at the end of each chapter, you will be able to recapitulate the entire concept of the chapter through a summary and a practice test. This best microeconomics book, thus, is written preferably for students who want to pass their course and understand the fundamentals at the same time. This book can also be useful for people who teach microeconomics because setting up questions papers become very easy once you go through this book. As business owners also, you can also read the book.
Key Takeaways from this Top Microeconomics Book
- You will not only get the whole book filled with microeconomic theory, you will also get a rich resource for instructors (a CD for instructors, power-point slides, complete videos, and a link to website).
- As the title suggests, it not only talks about the old microeconomic theory; it also focuses on new trends, modern microeconomics, and the pedagogy of teaching them.
#10 – Microeconomics Made Simple: Basic Microeconomic Principles Explained in 100 Pages or Less
by Austin Frakt and Mike Piper
This is a great supplementary book on microeconomics in a little over 100 pages.
Microeconomics Book Review:
No, it’s not a spam and we didn’t include this book in the list by mistake. Every now and then, when you just to recapitulate the concepts of microeconomics, you need a handy guide just to refresh what you have already read. This best microeconomics book is written just for that. From students to instructors to teachers to business owners, all can use this book to brush off their knowledge base. And it’s useful for two types of people – professionals who need something to read through quickly because their jobs require it (and they don’t have any knowledge of economics so far) and people who are pretty busy in their professional/personal life and have little/no time for studying microeconomics. The authors of the book have taken out all the flab from the book and presented all the concepts just in 134 pages. Of course, this is not recommended if you need a textbook for your course. But it can be a great supplement for you along with a textbook on microeconomics.
Key Takeaways from this Best Microeconomics Book
- Short is sweet and easily digestible. Pick this book up, read through, and go for your exam. Reading this book and passing an exam (if you have little time to read) is almost synonymous.
- You will never get overwhelmed with details. Leave that for the textbooks. If you want a concrete, crisp, and solid book presenting distilled information on microeconomics, you should pick up this book right away.
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