IB Economics SL Study Guide ✧ Detailed Typed Notes (Topic 1: Introduction to Economics)

Hi guys! I've been trying to upload the full version of these notes (with additional exam tips, essay templates and real world examples/case studies for paper 1) for almost 2 months now but the upload is still stuck in moderation and customer service has been ghosting me. 🥲

So for now, I’ve decided to upload the complete version to my Etsy shop instead. If you’re interested, you can check it out here: https://mystudysketchstudio.etsy.com/au/listing/4429080000/ib-economics-sl-complete-study-guide-207

I’m also planning to release my notes for English A Language & Literature, Psychology, Maths AA HL, and Chinese B soon, so stay tuned if that’s something you’d find helpful!

You can check out my other resources here: https://mystudysketchstudio.etsy.com

Thanks!

A fully typed, comprehensive set of notes covering Topic 1: Introduction to Economics for IB Economics SL. Clear, structured, and perfect for students who prefer more detailed explanations rather than brief cheat-sheets.

What’s Included (Topic 1 – Introduction to Economics):

Core Concepts

• Scarcity and the basic economic problem
• Opportunity cost and choice
• Types of goods (private, public, merit, demerit, free goods)

Production & Resources

• Factors of production (land, labour, capital, entrepreneurship)
• Difference between human, physical, and natural capital
• How economies allocate resources

Economic Systems & Transition

• Characteristics of planned, mixed, and free-market economies
• Economies in transition timeline + key changes

PPC/PPF (Production Possibility Curve)

• How to draw and interpret PPC diagrams
• Points on, inside, and outside the curve
• Movements vs. shifts
• Causes of outward/inward shifts
• Opportunity cost illustrated through PPC changes

Foundational Thinking Tools

• Assumptions of models
• Ceteris paribus

Why this set stands out?

• Fully typed (clean, structured, and easy to search through)
• More detailed than typical summaries
• Includes clear definitions + exam-style explanations
• Great for building strong foundations before tackling Micro/Macro
• Written by a recent high-achieving IB graduate