Economics

IB ECONOMICS

Who is this course for?

The course is designed for study at both Higher Level (HL) and Standard Level (SL).

Course Details

The IB Economics course at Higher and Standard Level requires the study of the following core content: The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a dynamic social science, economics uses scientific methodologies that include quantitative and qualitative elements. The course emphasises the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. At both standard level and higher level, candidates are required to study four topics: microeconomics, macroeconomics, international economics and development economics with some sub-topics within these reserved solely for higher level. These sections are assessed by two examinations at standard level and three examinations at higher level. In addition to the examinations, candidates must submit an internal assessment. Both standard level and higher level economics students must produce a portfolio of three commentaries based on articles from published news media.

Assessment

COMPONENT FORMAT DURATION HIGHER STANDARD

Paper 1 An extended response paper 1 hr 15 mins 20% Paper 2 Data response questions 1 hr 45 mins 30% Paper 3 A Policy paper 1 hr 45 mins 30% Internal Students produce a portfolio of 20% Assessment three commentaries, based on different sections of the syllabus and on published extracts from the news media. Maximum 800 words x 3 (45 marks)

COMPONENT FORMAT DURATION HIGHER STANDARD

Paper 1 An extended response paper 1 hr 15 mins 30%

Paper 2 Data response questions 1 hr 45 mins

Internal Students produce a portfolio of Assessment three commentaries, based on different sections of the syllabus and on published extracts from the news media using a different key concept. Maximum 800 words x 3 (45 marks) 40%

30%

Career Opportunities

As a subject, Economics lends itself to a wide variety of careers and not necessarily those in finance. Some of the career options include: • Economist • Chartered accountant • Investment analyst • Financial risk analyst • Management consultant • Government officer With an Economics qualification, you can find work in both the public and private sectors for a range of different companies over many different industries. Some people find work in areas including: • Blue-chip companies • Charities and voluntary organisations • Banks and building societies • Consultancies • Insurance firms