Economics HL
Economics HL
4
Chapters
117
Notes
Unit 1 - Intro To Econ & Core Concepts
Unit 1 - Intro To Econ & Core Concepts
Unit 2 - Microeconomics
Unit 2 - Microeconomics
Understanding Demand Insights Into Buyer Behavior
Understanding The Law Of Demand Why Price Impacts Purchase
Understanding The Demand Curve Price vs. Quantity
Understanding Non-Price Determinants Of Demand Shifts
Understanding Shifts Vs. Movements In The Demand Curve
Understanding The Definition Of Supply In Business
The Law Of Supply: Price, Production, & Profit Dynamics
Unlocking The Mysteries Of The Supply Curve
Understanding Non-Price Determinants of Supply Shifts
Understanding Movements & Shifts In The Supply Curve
Understanding Market Equilibrium: The Balance of Demand & Supply
Understanding Market Equilibrium Shifts A Deep Dive
Understanding The Invisible Hand: The Price Mechanism's Role
Unlocking Consumer Surplus The Secret Behind Pricing
Unlocking Consumer Choices: Delving into Behavioural Economics
Unlocking Choices The Power of Behavioral Economics
Business Goals Beyond Profit CSR, Market Share & Growth
Understanding Income Elasticity of Demand (YED)
Understanding Price Elasticity of Supply Key Determinants Over Time
PES Analysis: Primary Commodities Vs. Manufactured Products
Why Governments Intervene in Markets: Top Reasons Explained
Indirect Taxes Impact & Analysis for Consumers and Producers
Understanding Government Subsidies Benefits & Impact
Understanding Price Ceilings Impact & Implications
Understanding Price Floors Impact & Implications in Markets
Market Mechanisms Achieving Social Efficiency Or Failing
Understanding Externalities Causes & Consequences in Economics
Understanding Pigovian Taxes: The 'Polluter Pays Principle'
Understanding Public Goods: Characteristics & Examples
Adverse Selection The Hidden Challenge in Markets
Moral Hazard The Hidden Risks of Asymmetric Information
Addressing Asymmetric Information Government Vs. Private Responses
Unraveling Economic Profits From Basics To Market Structures
Understanding Structure-Conduct-Performance The Power Of Market Dynamics
Understanding Perfect Competition Decoding Market Dynamics
Unraveling Allocative Efficiency in Perfect Competition
Monopoly Market Dynamics Insights Into Power & Profits
Understanding Monopoly Firms Efficiency & Market Power
Understanding Entry Barriers: Types & Implications
Unlocking The Secrets Of Oligopoly Markets
Unlocking Monopolistic Competition Its Dynamics and Impact
Benefits Of Big Firms: Monopoly Power & Market Dominance
Tech Giants' Abuse Of Monopoly Power: A Deep Dive
Understanding Price Elasticity of Demand (PED)
Unlocking Income Elasticity Of Demand: What It Means For You
Comparing PES: Primary Commodities Vs. Manufactured Products
Unmasking Monopoly Firms: Impacts On Society
Unit 3 - Macroeconomics
Unit 3 - Macroeconomics
Unit 4 - The Global Economy
Unit 4 - The Global Economy
IB Resources
Unit 2 - Microeconomics
Economics HL
Economics HL

Unit 2 - Microeconomics

Comparing PES: Primary Commodities Vs. Manufactured Products

Word Count Emoji
686 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Simplified concept

Imagine you're the world's best pizza maker (every teenager's dream, right?). The time it takes to make a fresh pizza from scratch (let's call it our "primary product") is usually more than if you were just heating up a frozen pizza (a "manufactured product"). This difference impacts how much pizza you can supply when more people suddenly want your mouthwatering pizzas (higher demand).

Fun real-world example

Imagine a crowd of hungry teenagers coming to your pizzeria after a football match. They all want pizzas right now! If you're making fresh pizzas, it'll take some time - you have to knead the dough, add the toppings, and bake it. On the other hand, if you've pre-made frozen pizzas, you can just pop them in the oven, and voila! More pizzas in less time. So, you can respond quicker to the sudden pizza demand with your "manufactured" frozen pizzas than your "primary" fresh pizzas.

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IB Resources
Unit 2 - Microeconomics
Economics HL
Economics HL

Unit 2 - Microeconomics

Comparing PES: Primary Commodities Vs. Manufactured Products

Word Count Emoji
686 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Simplified concept

Imagine you're the world's best pizza maker (every teenager's dream, right?). The time it takes to make a fresh pizza from scratch (let's call it our "primary product") is usually more than if you were just heating up a frozen pizza (a "manufactured product"). This difference impacts how much pizza you can supply when more people suddenly want your mouthwatering pizzas (higher demand).

Fun real-world example

Imagine a crowd of hungry teenagers coming to your pizzeria after a football match. They all want pizzas right now! If you're making fresh pizzas, it'll take some time - you have to knead the dough, add the toppings, and bake it. On the other hand, if you've pre-made frozen pizzas, you can just pop them in the oven, and voila! More pizzas in less time. So, you can respond quicker to the sudden pizza demand with your "manufactured" frozen pizzas than your "primary" fresh pizzas.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 🌟

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