Economics

Economics is essentially concerned with the concept of scarcity and the issue of resource allocation. The study of Economics helps us to understand many real-world issues, such as those related to international trade and economic development. Throughout the course, students will gain an understanding of concepts such as change, equity, efficiency, sustainability and the interdependence of firms, households, governments and countries. In addition to learning about economic theory, students will also develop the skills needed to evaluate economic models and policy and develop a critical awareness of the complexities of economies, and the outcomes of decisions made by key economic agents.

• Unit 1: Introduction to Economics and Economic Thought.

• Unit 2A: Microeconomics – How Markets Work: Demand, supply, price determination, elasticity and government intervention in markets.

• Unit 2B: Microeconomics – Market Failure.

• Unit 2C (HL only): Microeconomics – The Theory of the Firm, Market Structures.

• Unit 3: Macroeconomics (part 1) – Achieving macroeconomic equilibrium and different perspectives on managing the macroeconomy.

• Unit 3 Macroeconomics (part 2) – Economic Indicators: Economic growth, unemployment, inflation and distribution of income, and macroeconomic policies used to manage the macroeconomy.

• Unit 4: The Global Economy (international trade and development economics)- Reasons for trade, protectionism, economic integration, exchange rates and the balance of payments, development indicators, barriers to economic development, strategies that facilitate economic growth and economic development.

Grade 11

• Unit 1: Introduction to Economics and Economic Thought (HL and SL)

• Unit 2A: Microeconomics – Demand, Supply, Price Determination, Elasticity and Government Interference in Markets (HL and SL)

• Unit 2B: Microeconomics – Market Failure (HL and SL)

• Unit 2C: Microeconomics – Theory of the Firm /Market Structures (HL only)

• Unit 3: Macroeconomics (part 1) (HL and SL)

Grade 12

• Unit 3: Macroeconomics (part 2) – Macroeconomic Indicators and Policies to Manage the Macroeconomy (HL and SL)

• Unit 4: The Global Economy (HL and SL)

SL external assessment (3 hours) – 70%

• Paper 1: An extended response essay paper (1 hour 15 minutes, 25 marks) – 30%

  • • Students answer one question from a choice of three drawn from topics contained within units 2–4 (25 marks - one 10 mark question and one 15 mark question).

• Paper 2: A data response paper (1 hour 45 minutes, 40 marks) – 40%

  • Students answer one question from a choice of two drawn from topics contained within units 2-4, some questions will be quantitative in nature.

SL internal assessment (20 teaching hours) – 30%

This component is internally assessed by the teacher and externally moderated by the IBO at the end of the course; students produce a portfolio of three commentaries of 800 words in length based on current news events and drawn from topics across different sections of the syllabus.

HL external assessment (3 hours) – 80%

Paper 1: An extended response essay paper (1 hour 15 minutes, 25 marks) – 20%

Students answer one question from a choice of three drawn from topics contained within units 2-4 (25 marks-one 10 mark question and one 15 mark question)

Paper 2: A data response paper (1 hour 45 minutes, 40 marks) – 30%

Students answer one question from a choice of two drawn from topics contained within units 2-4, some questions will be quantitative in nature (40 marks)

Paper 3: HL paper (1 hour 45 minutes, 60 marks) – 30%

This paper assesses the HL extension material within the units of work on microeconomics, macroeconomics and the global economy. Students answer two questions, some questions will be quantitative in nature (30 marks per whole question).

HL internal assessment (20 teaching hours) – 20%

This component is internally assessed by the class teacher and externally moderated by the IBO at the end of the course; students produce a portfolio of three commentaries of 800 words in length based on current news events and drawn from topics across different section of the syllabus.

We do not recommend selecting both Economics and Business and Management; if this is a combination you are interested in, please speak to your university advisor or contact highschooleast@uwcsea.edu.sg.