IB Economics 1st
The minimum wage in Seattle was increased to $15 an hour. This is a trend that is being
proposed in many major cities, and restaurants in these cities are experimenting with eliminating
Learning Outcomes: Aggregate Demand and Aggregate Supply
In microeconomics demand is the willingness, ability, and desire to buy a product at all possible
prices, while in macroeconomics demand is the collective demand of an entire economy.
1. Using a Lorenz curve, explain how the Gini coefficient is derived and interpreted.
-Draw Lorenz Curve.
-GC = A / A+B
-A is area between the line of perfect equality and the line representing actual income
distribution in a country.
-B is area underneat