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Welcome to our first unit! You can find all the unit materials day by day below. Please be sure to check the class calendar (in the tab above) to check for upcoming homework and tests. Note: Homework is listed under the day it is due.
Unit: Foundations of Economics part 1
What you should know
By the end of this subtopic 1.2 How do economists approach the world? you should be able to:
Define the following terminology: positive economics, normative economics, feudalism, mercantilisim, division of labour, mass production, free market, invisible hand, laisez-faire, Say's law, command economy, utility, law of diminishing marginal utility, linear economy, circular economy.
Explain the scientific methodology used in economics to confirm and elaborate on its theories.
Explain what a model is and the use of them in economics.
Define and explain the difference between normative and positive economics.
Explain the meaning of the assumption 'ceteris paribus'.
Understand the foundations of modern economic theory.
Understand that economic ideas are closely interrelated to the changes in institutions, technologies and historic processes of their times.
Describe the most important contributions of Adam Smith: the concepts of the 'invisible hand' and ‘laissez-faire’.
Explain Say’s law of markets.
Explain Karl Marx’s critique of classical economics.
Explain the concepts of ‘utility’ and ‘marginal utility’.
Explain the contributions of John Keynes during the 20th century.
Understand the dynamics of the Keynesian–new classical debate during the 20th century.
Understand that the level of government intervention that is desirable for a country’s economy is a central and persistent discussion in economic thought.
Explain the view of the economy as a linear process in contrast to the new approach of a circular economy, and its implications for sustainability.
Explain briefly what behavioural economics is about and how it relates to the prevailing new classical assumptions of consumer decision making.
Hi, my name is Ms. Currey and I'm here to guide you through the wonderful world of IB Economics.
You can use the contents tabs at the top to find all of the unit materials for this course, including each unit and sections on IA's, papers and exams.
Things to know:
IB Economics is not an easy course. It is structured as a 2 year course. You should know that this class will challenge you to think about the world in a different way and sometimes this will be uncomfortable. But, if you're ready to work hard, do the readings and follow this site every day, I am confident that you will enjoy gaining a better understanding of economics and how it relates to the real world. Additionally, you will be prepared to do well on the IB exams!
Activity 1: Tour of the site
IB Course Guide (this has EVERYTHING you need to know in the whole course)
If you work hard to learn in this class, you won't fall for Wally's (the bald guy) tricks!
Why is news on economics so confusing?
Why should you know more than the news assumes you do? What exactly is economics and what do you think you will be learning about in this course (besides how to look at the news more skeptically)?
Part 2: Foundations of Econ
Part 2: Foundations of Econ
Unit 1 - Videos (you will use the videos below to help you to create your presentation to the rest of the class on your assigned question.
Comparative & Absolute advantage
What is Scarcity?
Choice and Opportunity Cost; The Use of Models in Economics
Choice and Opportunity Cost; The Use of Models in Economics
Shifting the PPF: Why does this happen?
Optional Extra Review Explanation of the PPF 4 MIN IN!
What you should know
By the end of this subtopic 1.2 How do economists approach the world? you should be able to:
Define the following terminology: positive economics, normative economics, feudalism, mercantilisim, division of labour, mass production, free market, invisible hand, laisez-faire, Say's law, command economy, utility, law of diminishing marginal utility, linear economy, circular economy.
Explain the scientific methodology used in economics to confirm and elaborate on its theories.
Explain what a model is and the use of them in economics.
Define and explain the difference between normative and positive economics.
Explain the meaning of the assumption 'ceteris paribus'.
Understand the foundations of modern economic theory.
Understand that economic ideas are closely interrelated to the changes in institutions, technologies and historic processes of their times.
Describe the most important contributions of Adam Smith: the concepts of the 'invisible hand' and ‘laissez-faire’.
Explain Say’s law of markets.
Explain Karl Marx’s critique of classical economics.
Explain the concepts of ‘utility’ and ‘marginal utility’.
Explain the contributions of John Keynes during the 20th century.
Understand the dynamics of the Keynesian–new classical debate during the 20th century.
Understand that the level of government intervention that is desirable for a country’s economy is a central and persistent discussion in economic thought.
Explain the view of the economy as a linear process in contrast to the new approach of a circular economy, and its implications for sustainability.
Explain briefly what behavioural economics is about and how it relates to the prevailing new classical assumptions of consumer decision making.
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