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Economics HL/SL
Economics HL/SL
Philosophy: Why should I study Economics?
Economics is a dynamic social science which deals with the methods and processes by which individuals, firms and countries make choices for the purpose of satisfying human wants. As a social science, Economics uses scientific methodologies that include quantitative and qualitative elements.
The IB Diploma Programme Economics course emphasises an inquiry-based approach enhanced with case-based learning. 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 both dealt with in this course. These economic theories are then built upon in global economics, where trade theory and development economics are the focus. Throughout the course, application to real-world issues is emphasized and required. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability.
The ethical dimensions involved in the application of economic theories and policies permeate throughout the economics course as students are required to consider and reflect on human end-goals and values.
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. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an interdependent world.
The Diploma Programme (DP) Economics course allows students to explore economics through the examination of the following six real-world issues which are posed as economic questions:
How do consumers and producers make choices in trying to meet their economic objectives?
When are markets unable to satisfy important economic objectives—and does government intervention help?
Why does economic activity vary over time and why does this matter?
How do governments manage their economy and how effective are their policies?
Who are the winners and losers of the integration of the world’s economies?
Why is economic development uneven?
Assessment - How will I be assessed?
Course Content - What will I be studying?
Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world.
At the heart of economic theory is the problem of scarcity. While the world’s population has unlimited needs and wants, there are limited resources to satisfy these needs and wants. As a result of this scarcity, choices have to be made. The economics course, at both SL and HL, uses economic theories to examine the ways in which these choices are made:
at the level of producers and consumers in individual markets (microeconomics)
at the level of the government and the national economy (macroeconomics)
at an international level where countries are interdependent through trade, international organisations and the movement of labour and capital (the global economy)
Prerequisites - What do I need to know before choosing Economics?
This course requires no initial understanding or previous study of Economics. For students choosing to study Economics at HL, a ‘5’ in any MYP Humanities course or a 7/8/9 in an I/GCSE course would be a useful pre-requisite. For those planning to study it at SL, a ‘4’ in any MYP Humanities course or a 5/6 in an I/GCSE Humanities course would be useful. However, you do not need to have ever previously studied Economics to be able to do well in DP Economics.
What will allow me to be successful?
Students who are successful tend to have the qualities below.
Curious about the world
Interested in the news, history, and global politics.
Read the news or historical books/novels and, at times, watch documentaries
Interested in discussing both local and global issues with their families and/or friends.
Able to pay attention to details
Aware that what we cover in class needs to be supported by additional review at home.
Organized or have strategies to keep themselves organized (their are over 100 diagrams to keep straight, including the history and theoretical concept behind them)
What can I do with Economics in the future?
Economics can lead to a wide range of careers in Economics and Finance-related professions including: Accountant, Actuarial Analyst, Chartered Accountant, Data Analyst, Economist, Finance and Banking, Financial Risk Analyst, Financial Planner, Forensic Accountant, Investment Analyst, Statistician, Stockbroker.
In addition, the knowledge and skills learned would also be useful for careers including: Actuary, Business Analysis and Development, the Civil Service, Data Science, Diplomacy, Economic and/or Political Journalism, Government and Politics, Management Consultancy, Policy Development and Management, Quantity Surveying.
Copenhagen Business school will accept Economics in place of History for admission. However, if you intend to study at a Danish university, be aware that History rather than Economics may be a requirement for admission.
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