| Concept | Formula | |---------|---------| | GDP (expenditure) | C + I + G + (X − M) | | GNI | GDP + Net income from abroad | | Inflation rate | (CPI_new − CPI_old) / CPI_old × 100 | | Unemployment rate | (Unemployed / Labour force) × 100 | | Labour force | Employed + Unemployed | | Multiplier | 1 / (1 − MPC) or 1 / (MPW) (MPW = MPS + MPT + MPM) | | Output gap | (Actual GDP − Potential GDP) / Potential GDP × 100 |
Because there is no official document, students often rely on comprehensive IB Economics HL Formula Sheets summary guides . Key formulas to master include: ib economics hl formula booklet
%ΔQd%ΔPthe fraction with numerator % cap delta cap Q sub d and denominator % cap delta cap P end-fraction : | Concept | Formula | |---------|---------| | GDP
: In Paper 3 , you must show the formula used and the numerical substitution to earn full marks. Always check if the answer should be in
One of the biggest pitfalls is getting the math right but the units wrong. Always check if the answer should be in "millions of dollars," a "percentage," or a "coefficient."