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IB Economics

There are no formal prerequisites for students undertaking the Economics course.

Aim

The study of Economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. The economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets and the economic theories of macroeconomics which deal with economic variables affecting countries, governments and societies, are emphasised. In addition, it cultivates an awareness of development issues that nations face as they undergo the process of change. These economic theories are to be applied to real world situations. The Economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. Issues such as fluctuations in economic activity, international trade, economic development and environmental sustainability feature prominently.


Syllabus Component

Description

Microeconomics

  • Competitive Markets: Demand and Supply,

  • Elasticity,

  • Government Intervention,

  • Market Failure,

  • Theory of the Firm (HL only)

Macroeconomics

  • Level of overall economic activity,

  • Aggregate Demand and Aggregate Supply,

  • Macroeconomic Objectives,

  • Fiscal, monetary and Supply-side Policies

International Economics

  • International Trade Exchange Rates,

  • Balance of Payments Economic,

  • Integration Terms of Trade (HL only)

Development Economics

  • Measuring Economic Development,

  • Role of Domestic Factors,

  • Role of International Trade, Role of Foreign Direct Investment,

  • Role of Foreign Aid and Multilateral Development Assistance,

  • Role of International Debt,

  • Balance between Markets and Intervention

 

Standard Level:

Internal Assessment: (20%) Students produce a portfolio of four commentaries (650-750 words each), based on different sections of the syllabus based on a news media extract, linking economic theory to a real world situation.

External Assessment: (80%) Examinations at the end of the second year. Paper 1 (1 hour) (40%) Paper 2 (2 hours) (40%)

Higher Level:

Internal Assessment: (20%) Students produce a portfolio of four commentaries (650-750 words each), based on different sections of the syllabus based on a news media extract, linking economic theory to a real world situation.

External Assessment: (80%) Examinations at the end of the second year. Paper 1 (1 hour) (30%) Paper 2 (2 hours) (30%) Paper 3 (1 hour) (20%)


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