IB Economics Revision

HL Extension & Quantitative

HL extension topics and quantitative analysis.

HL Extension & Quantitative is a core part of IB Economics. Revise the key concepts and common mistakes below, then lock them in with the free games.

Key concepts

Opportunity costThe next best alternative given up.
Production possibility frontierShows maximum output combinations.
Elasticity calculationsMeasuring responsiveness numerically.
Marginal analysisDecisions based on the effect of one more unit.
Economic modelsSimplified representations of the economy.
Data interpretationDrawing conclusions from economic data.

Common mistakes to avoid

Questions where students often pick the tempting wrong answer — make sure you know the right one:

What does economic scarcity mean?✗ Simply that something is rare.   ✓ Unlimited wants exceed limited resources, forcing choices.
What is opportunity cost?✗ Only the money price of an item.   ✓ The next best alternative given up when you make a choice.

Practise HL Extension & Quantitative — free games

Test yourself with these quick revision games for this topic:

▶ Two Truths, One Lie▶ Reveal Race▶ Connections Grid▶ Falling Words▶ Word Web

See all 17 games in the Subjects Arcade →

More IB Economics topics

Introduction to EconomicsMicroeconomicsFirms & Market StructuresMacroeconomicsThe Global Economy

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