ECONOMICS HL HANDBOOK

Economics aims

The aims of the economics course at SL and HL are to enable students to:

• develop a critical understanding of a range of economic theories, models, ideas and tools in the

areas of microeconomics, macroeconomics and the global economy

• apply economic theories, models, ideas and tools and analyse economic data to understand and

engage with real-world economic issues and problems facing individuals and societies

• develop a conceptual understanding of individuals’ and societies’ economic choices, interactions,

challenges and consequences of economic decision-making.

By the end of the economics course, students are expected to achieve the following assessment

objectives (AOs).

1. Knowledge and understanding (AO1)

• Demonstrate knowledge and understanding of specied content

• Demonstrate knowledge and understanding of the common SL/HL syllabus

• Demonstrate knowledge and understanding of current economic issues and data

• At HL only: demonstrate knowledge and understanding of the extension topics

2. Application and analysis (AO2)

• Apply economic concepts and theories to real-world situations

• Identify and interpret economic data

• Analyse how economic information is used effectively in particular contexts

• In the internal assessment task: explain the link between key economic concepts and economic

commentaries

• At HL only: demonstrate application and analysis of the extension topics

3. Synthesis and evaluation (AO3)

• Examine economic concepts and theories

• Use economic concepts and examples to construct and present an argument

• Discuss and evaluate economic information and theories

• At HL only:

• demonstrate economic synthesis and evaluation of the extension topics

• select and use economic data using economic theory to make policy recommendations.

4. Use and application of appropriate skills (AO4)

• Produce well-structured written material, using appropriate economic theory, concepts and

terminology

• Produce and use diagrams to help explain economic theory, concepts and real-world issues

.

Purpose of internal assessment

Internal assessment is an integral part of the course and is compulsory for both SL and HL students.

It enables students to demonstrate the application of their skills and knowledge, and to pursue their

personal interests, without the time limitations and other constraints that are associated with written

examinations. The internal assessment should, as far as possible, be woven into normal classroom

teaching and not be a separate activity conducted after a course has been taught.

The internal assessment requirements at SL and at HL are the same for the economics course. Both

SL and HL economics students produce a portfolio of three commentaries based on articles from

published news media.

Guidance and authenticity

The portfolio submitted for internal assessment must be the student’s own work. However, it is not

the intention that students should decide on the appropriate articles and then be left to work on the

internally assessed component without any further support from the teacher. The teacher should play

an important role during both the planning stage and the period when the student is working on the

internally assessed work. It is the responsibility of the teacher to ensure that students are familiar with:

• the requirements of the type of work to be internally assessed—the nature of the sources of the

articles, and the formal requirements of the portfolio—and the IB’s academic honesty policy

• the assessment criteria; students must understand that the work submitted for assessment must

address these criteria effectively.

Teachers and students must discuss the internally assessed work. Students should be encouraged

to initiate discussions with the teacher to obtain advice and information, and students must not be

penalized for seeking guidance. As part of the learning process, teachers should read and give advice

to students on one draft of the work. The teacher should provide oral or written advice on how the

work could be improved but must not edit the draft. The next version handed to the teacher must be

the final version for submission.

Internal assessment details—SL and HL

Portfolio

Duration: 20 hours

Weighting: 30% (SL), 20% (HL)

Rationale

Internal assessment in economics enables students to demonstrate the application of their knowledge

and understanding of economic theory in relation to real-world situations.

Requirements

Both SL and HL economics students produce a portfolio of three commentaries based on articles from

published news media. Each article must be based on a different unit of the syllabus (excluding Unit

1: Introduction to economics): Unit 2: Microeconomics, Unit 3: Macroeconomics and Unit 4: The global

economy.

Articles

The articles may be from a newspaper, a journal or the internet, but must not be from television or

radio broadcasts. If a student includes a relatively lengthy article, which is discouraged, the student

must highlight the section(s) of the article upon which the commentary is based. Articles used must

have been published no earlier than one year before the writing of the commentary.

The article on which the commentary is based should, where possible, be in the same language as

the commentary. If an extract in another language is used, the student must provide an accurate

translation of the whole article. Students must also include the original article in their portfolio.

Individual work

Students must select their own articles to discuss. It may happen that more than one student bases his

or her commentary on the same article, but the article must not be given to the class by the teacher,

and the production of the commentary must be each student’s individual work. A commentary must

not be prepared collaboratively.

Key concepts

Each of the three commentaries must use a different key concept as a lens through which to analyse

the published extracts. Students will risk losing 3 marks in criterion D if they use the same key concept

in two commentaries and up to 6 marks if the same key concept is used in three commentaries. Please

refer to the Economicsteachersupport material for further guidance.

Focus

Each commentary must:

• explain the links between the article, a key concept and economic theory taken from the unit of the

syllabus on which the article is based

• demonstrate economic insights into the implications of the article (that is, it should provide

evidence of the student’s ability to discuss current events from the point of view of an economist).

On each commentary students must record:

• the title of the article

• the source of the article (including date of access to the site if from the internet)

• the date the article was published

• the date the commentary was written

• the word count of the commentary

• the unit of the syllabus to which the article relates

• the key concept being used

Each commentary in the portfolio is assessed individually against the internal assessment criteria. The

teacher will initially assess each student’s work. Please note that internal standardization must take

place if more than one teacher is assessing the work. A sample of the work will then be moderated by

the IB.

Please refer to Diploma Programme Assessment procedures for details on how to present the work for

moderation.

Word limit

Students must produce a portfolio of three commentaries. Each commentary must not exceed 800

words.

Note: Moderators will not read beyond 800 words for each commentary.

The following are not included in the word count.

• Acknowledgments

• Contents page

• Diagrams

• Labels—of five words or fewer

• Headings on diagrams—of 10 words or fewer

• Tables of statistical data

• Equations, formulae and calculations

• Citations (which, if used, must be in the body of the commentary)

• References (which, if used, must be in the footnotes/endnotes)

Please note that footnotes/endnotes may be used for referencing purposes only. Denitions of

economic terms and quotations, if used, must be in the body of the work and are included in the word

count. Please note that a citation is a shorthand method of making a reference in the body of the

commentary, which is then linked to the full reference in the footnotes/endnotes.

Rubric requirements

If students do not adhere to the following requirements, they can lose marks under criterion F: Rubric

requirements.

1. Articles

Each article must be based on a different unit of the syllabus (excluding Unit 1: Introduction to

economics).

2. Sources

Students must use a different source for each commentary.

3. Contemporary articles

Students need to look for articles relating to current events, and these must be published no earlier

than one year before the writing of the commentary.

Each commentary is assessed individually for the rst ve assessment criteria (criteria A–E) and then

criterion F is applied to the whole portfolio.

The maximum for the portfolio is 45 marks: (14 marks x 3 commentaries) + 3 marks = 42 + 3 marks. The

assessment criteria are related to the assessment objectives.

• Criterion A: AO2 and AO4

• Criterion B: AO1

• Criterion C: AO2

• Criterion D: AO2

• Criterion E: AO3

• Criterion F: AO4