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Economics

  • IB Economics seeks to provide students with a core knowledge of economics
  • Encourage students to think critically about economics
  • Promotes an awareness and understanding of internationalism in economics
  • Encourages students’s development as independent learners
  • Asks students to formulate normative questions and to recognize their own tendencies for bias
  • Encourage the systematic and critical study of human experience and behaviour; physical, economic and social environments; and the economics and development of social and cultural institutions
  • Develop the capacity to identify, analyze critically and evaluate theories, concepts and arguments about the nature and activities of the individual and society
  • Enable students to collect, describe and analyze data used in studies of society, test hypotheses, and interpret complex data and source material
  • Promote an appreciation of the way learning is relevant to both the culture in which the student lives and the culture of other societies
  • Develop an awareness that human attitudes and beliefs are diverse and that the study of society requires an appreciation of such diversity
    Enable the student to recognize that the content and methodologies of the subjects in group 3 are contestable and that their study requires the toleration of uncertainty

Unit 1: Microeconomics
1.1 Competitive markets: demand and supply
1.2 Elasticity
1.3 Government intervention
1.4 Market failure
1.5 Theory of the firm and market structure (HL only)

Unit 2: Macroeconomics
2.1 Macroeconomic goals
2.2 Introducing aggregrate demand and aggregrate supply
2.3 Macroeconomic objectives
2.4 Fiscal Policy
2.5 Money and monetary policy
2.6 Supply side policies

Unit 3: International economics
3.1 International trade
3.2 Exchange rate
3.3 The balance of payments
3.4 Economic integration and trade liberalization
3.5 Terms of trade

Unit 4: Development economies
4.1 Economic development
4.2 Measuring development
4.3 The role of domestic factors in the process of development
4.4 The role of international trade
4.5 The role of foreign direct investment and the multinational corporation
4.6 The roles of foreign aid and multilateral development assistance
4.7 The role of foreign debt
4.8 The balance between markets and interventions

  • KNOWLEDGE QUESTIONS

    • Are economic theories independent of culture?
    • To what extent should ideas of fairness and justice inform economic thinking?
    • Is there a different method of justifying qualitative rather than quantitative knowledge claims? If so, does this lead to one or other being inherently more reliable?
    • What is meant by “rationality” in economics? Are there different types of economic rationality?
  • PAPERS

    Paper 1
    Four extended-response questions based on all five sections of the syllabus

    Paper 2
    Data-response paper on all five sections of the syllabus

    Portfolio
    Portfolio of four commentarieswrite-up of 6 to 12 pages

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