Section 1: Microeconomics

This section of economics predominantly lends itself to Paper 1, where we have to answer a two part essay question purely on Microeconomics (plus another one on Macro). It also plays a large part in Paper 3, which is the Quantitative paper, although that is relatively straightforward. Paper 2 involves Data Response questions focussing on International Trade and Development economics, but a good foundation on Micro is needed as well.

This section is also very straightforward for IAs.

Section 1: Microeconomics is broken down into five parts:

1.1 Demand & Supply
1.2 Elasticity
1.3 Government Intervention
1.4 Market Failure
1.5 Theory of the Firm

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