Economics
Group 3 subject
Economics is essentially about the concept of scarcity and the problem of resource allocation. Economics is used to understand many real world problems, such as international trade and development. The IBDP courses are ab initio, which means you may start Economics (either Higher Level and Standard Level) in the IBDP without having studied it before.
The course is anchored around the nine key concepts which are an explicit part of our curriculum and approach to teaching and learning. These include; scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention.
Course content
Introduction to Economics: an overview of the foundation concept and principles of resource allocation and the price mechanism.
Microeconomics: studying competitive markets, analysing the role of government in markets, the concept market failure and economics of the environment.
Macroeconomics: measuring the economy; introduction to development; macro models and policies such as fiscal and monetary policy; unemployment, inflation and distribution of income.
The Global Economy: exploring the benefits and rationale for trade, understanding the arguments and perspectives towards free trade vs protectionism . We also look at the related concepts of exchange rates, trade statistics. We finish off by exploring the concept of sustainable development including how we measure development and the barrier and growth strategies employed by different nations.
For Economics syllabus, click here.
Skills developed
provide students with a core knowledge of economics
encourage students to think critically
promote an awareness and understanding of internationalism
encourage students’ development as independent learners
enable students to recognise their own tendencies for bias
Assessment
SL External assessment (3 hours) – 70%
Paper 1 (1 hour 15 minutes) – 30%
extended response paper (25 marks), one question from three (part a - 10 marks and part b - 15 marks)
Paper 2 (1 hour 45 minutes) – 40%
data response (40 marks), one question from two (includes quantitative questions)
SL Internal assessment – 30%
This component is internally assessed by the teacher and externally moderated by the IB.
Students produce a portfolio of three commentaries, based on different units of the syllabus (excluding the introductory unit) and on published extracts from the news media. Each of the three commentaries should use a different key concept as a lens through which to analyse their commentaries. Maximum 800 words for each commentary (45 marks)
HL External assessment (4 hours 45 minutes) – 80%
Paper 1 (1 hour 15 minutes) – 20%
extended response paper (25 marks), one question from three (part a - 10 marks and part b - 15 marks)
Paper 2 (1 hour 45 minutes) – 30%
data response and extended data response (40 marks), one question from two (includes HL extension material and quantitative questions)
Paper 3 (1 hour 45 minutes) – 30%
policy paper where students apply knowledge and skills to make recommendations, two compulsory questions (30 marks)
HL Internal assessment – 20%
This component internally assessed by the teacher and externally moderated by the IB.
Students produce a portfolio of three commentaries, based on different units of the syllabus (excluding the introductory unit) and on published extracts from the news media. Each of the three commentaries should use a different key concept as a lens through which to analyse their commentaries. Maximum 800 words for each commentary (45 marks)
University courses and careers
There are many areas of economics that can be studied from transport to development. It is also a great help in the study of law, international studies, political science, business, certain engineering courses and many other disciplines. It is very helpful in most jobs, but even if one never uses it professionally, it enables individuals to understand what is happening, day-to-day, in the complex world that surrounds them.