Economics

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. Owing to scarcity, choices have to be made. The economics course uses economic theories, models and key concepts 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); and at an international level, where countries are becoming increasingly interdependent (the global economy). The I.B. Economics course allows students to explore these models, theories and key concepts, and apply them, using empirical data, through the examination of six real-world issues. Through their own inquiry, students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens.

sl-economics-en.pdf

SL Economics Video Overview

Economics in the DP - International Baccalaureate®.mp4

I. Course description and aims

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. Owing to scarcity, choices have to be made. The economics course, at both SL and HL, uses economic theories, models and key concepts 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); and at an international level, where countries are becoming increasingly interdependent (the global economy). The DP economics course allows students to explore these models, theories and key concepts, and apply them, using empirical data, through the examination of six real-world issues. Through their own inquiry, students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. The aims of the DP economics course 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.

III. Assessment model

There are four assessment objectives for the DP economics course. Having followed the course at SL, students will be expected to meet the following objectives.

Assessment objective 1: Knowledge and understanding

  • Demonstrate knowledge and understanding of specified content

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

  • Demonstrate knowledge and understanding of current economic issues and data

Assessment objective 2: Application and analysis

  • 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

Assessment objective 3: Synthesis and evaluation

  • Examine economic concepts and theories

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

  • Discuss and evaluate economic information and theories

Assessment objective 4: Use and application of appropriate skills

  • 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

  • Select, interpret and analyse appropriate extracts from the news media

  • Interpret appropriate data sets

  • Use quantitative techniques to identify, explain and analyse economic relationships