Sample 1

IB Economics: Sample 1

Student answer(a) (i) Define the term aggregate demand indicated in bold (Text A, paragraph 4). [2]Aggregate demand is total spending on the economy by household, firms, government and the foreign sectors. It is calculated as:consumption + investment + government expenditure + exports – imports.Mark awarded 2(ii) Define the term negative externalities indicated in bold (Text B, paragraph 2). [2]

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