Outlining an IA for IB Economics

Topics: Supply and demand, Opportunity cost, Cost Pages: 4 (920 words) Published: April 28, 2014
Outlining an IA for IB Economics
Plan: I will be only talking about the first part of the article “ China commodity imports soar despite high costs” Identify economic concepts (vocabulary words) that explain content of article Demand for oil and copper

Purchases of other commodities
imports of unwrought materials
raise retail fuel prices
China's crude imports will remain high in the upcoming months as oil firms still have a strong incentive to produce raise crude throughput to a new peak this month to meet rising domestic fuel demand trade deficit in March

List corresponding diagrams to illustrate these concepts
Demand and supply
Import demand vs Export supply
Rationing vs incentive
Price floor & price ceilings
J curve
Identify further economic issues that could be relevant to the story Surpluses & Shortages
Scarcity
Rationing
Price floors
What do you think about what is happening? Good or bad for consumers? In the long run? What is happening right now might be seen as a positive situation for the consumers. They are creating a large demand for fuel and the price hasn’t increase yet so they are taking advantage of the lower prices they are getting. However, in the long run this is not going to be very beneficial for the consumers due that they might be near to face a scarcity and the retail prices are going to increase which will then lead to a rationing of goods. Outline

Main idea (150 words)
What is the article about?
High demand for crude oil which leads to a high increase in imports (4.95 million barrels per day) Not only oil but as well: alumina, iron ore, steel, and rubber Possibility of raising retail price

Fuel supply is increasing to meet the demand level
Went from being an importer to being an exporter
What economic concepts can help explain what is going on?
Elasticity
Commodities vs necessities
Economic costs
Diagram (0 words)
Use a full title such as “Diagram 1: The Market for Apples in Singapore” Label all of your...
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