Economics is the study of how individuals, firms, societies and government allocate scarce resources. It teaches us how to make informed decisions and make better choices with the limited resources we have.
The IB Economics program aims to encourage students to be knowledgeable, inquiring, caring and compassionate, and to develop intercultural understanding, open-mindedness and develop the attitudes necessary to respect and evaluate a range of viewpoints. This is consistent with the IB learner profile.
This course emphasizes on real world application of the economic theories. This is evident from the way the course is assessed.
Students can choose to take IB Economics at the Higher level (HL) or Standard level (SL).
HL students need to sit for paper 1, 2 and 3 and complete their Internal Assessment while SL students need to complete their Internal Assessment and sit for paper 1 and 2.
Paper 1 Extended response paper on microeconomics and macroeconomics
Paper 2 Data response paper on international and development economics
Paper 3 HL extension paper on all syllabus content
Internal Assessment Three commentaries of news articles based on different sections of the syllabus
Students are required to provide commentaries on news articles. This gives them the opportunity to relate the concepts learned to real world examples. In order, to do well for this course, students need to read widely. Keeping abreast with the latest economic developments in the world is a must for all IB economics students.
IB Economics comprises of 4 sections:
Competitive markets: demand and supply (some topics HL only)
Government intervention (some topics HL extension, plus one topic HL only)
Market failures (some topics HL)
Theory of Firm and market structure (HL only)
The level of overall economic activity (one topic HL extension)
Aggregate demand and aggregate supply (one topic HL only)
Macroeconomic objectives (some topics HL extension, plus one topic HL only)
International trade (one topic HL extension, plus one topic HL only)
Exchange rates (some topics HL extension)
The balance of payments (one topic HL extension, plus some topics HL only)
Economic integration (one topic HL extension)
Terms of trade (HL only)
The role of domestic factors
The role of international trade (one topic HL extension)
The role of foreign direct investment (FDI)
The roles of foreign aid and multilateral development assistance
The role of international debt
The balance between markets and intervention
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