Ib Economics - Essentials

S TA N DA R D L E V E L P E A R SO N B ACC A L AU R E AT E essentials H IG H E R L E V E L Economics DAVID FINAMORE SERIES EDITOR: CHRISTIAN BRYAN Supporting every learner across the IB continuum Published by Pearson Education Limited, Edinburgh Gate, Harlow, Essex, CM20 2JE. www.pearsonglobalschools.com Text © Pearson Education Limited 2014 Edited by Fern Labram, Abi Saffrey and Claire Annals Proofread by Claire Annals and Sarah Lustig Typeset and project managed by Cambridge Publishing Management Limited The right of David Finamore to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. First published 2014 17 16 15 14 IMP 10 9 8 7 6 5 4 3 2 1 British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 978 1 447 95037 0 eBook only ISBN 978 1 447 95038 7 Copyright notice All rights reserved. No part of this publication may be reproduced in any form or by any means (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication) without the written permission of the copyright owner, except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS (www.cla. co.uk). Applications for the copyright owner’s written permission should be addressed to the publisher. Printed in Italy by L.E.G.O. S.p.A. Acknowledgements The authors and publisher would like to thank Ellen Vriniotis of ACS Athens, Rizma Rizwan of City and Islington College, Ellen Dittmar of Western Academy of Beijing, Susanna Joachim of Nymphenburger Schulen, Kania Grazyna of 33 Liceum IMM Kopernika, Sami Sorvali of Kannas School, Diane Howlett of Szczecin International School, Brian Hull of AIS Kuwait, Jacques Weber of British International School of Jeddah, Adrianna Anderson of International Community School, and Michael Ashleman of Wellington, for their invaluable help in the development of this series by piloting the concept material. With thanks to the EAL reviewer Baljit Nijjar and the subject specialist Graham Mallard, for their helpful and constructive advice that greatly improved the clarity and accuracy of the text. The author and publisher would like to thank the following individuals and organisations for permission to reproduce their data and illustrations: Figures Figure on page 253 copyright © World Family Organization, http://www.worldfamilyorganization.org; Figure on page 259 adapted from http://hdr.undp.org/sites/default/files/CountryProfiles/PAK.pdf, United Nations with permission; Figure on page 259 adapted from http://hdr.undp. org/sites/default/files/reports/14/hdr2013_en_ complete.pdf, United Nations with permission. Tables Table on page 113 adapted from http://www.bea. gov/, Source: U.S. Bureau of Economic Analysis; Table on page 188 adapted from http:www.imf. org/external/pubs/ft/fandd/basics/target.ht