BLOCK 6: ECONOMICS

Head of Department: Peter Rowley peterrowley@leightonpark.com

Course overview: IB Economics can be studied at Standard and Higher Level.

Economics exists in the local, national and international context. The fundamental economic problem relates to all societies; it is a common issue which ties all communities together. All students will learn about the complex relationships established in a global economic environment, the theoretical underpinning of these links and appreciate the different perspectives of these relationships. As a social science, the subject adopts an empirical approach to the study of social phenomena. Based on a methodology dominated by ‘modelling’, an appreciation of this process should assist students understand the ‘theory of knowledge’ that underlies the subject.

The Standard Level course will provide the ‘core’ material of the subject, which is further developed in the Higher Level course. In microeconomics students will consider how markets work and the concept of market failure. With reference to macroeconomics, issues relating to modelling an economy, economic growth, inflation, unemployment and macroeconomic policy are the focus. In international economics attention is given to economic integration, trade, protectionism and exchange rates. The course concludes exploring broader development issues.

It is a student-centred course promoting the development of independent, critical and reflective learners. Based on case studies, students will develop their knowledge and understanding of economics through their research of relevant

Assessment table: concepts and theories, learning how to use economic analysis in an applied manner.

Assessment

Higher Level students will give specific policy consideration to more advanced material that includes cost analysis, business decision making, models of market structure, market efficiency, and an introduction to Keynesian and Neo-Classical perspectives of macroeconomics.

Skills gained on this course

• Developing greater capacity to think critically about individual and organisational behaviour.

• Establish confidence in using, and critical application of, key economic concepts to current economic events, ethical, social or cultural concerns and debates.

• Enhance the ability to relate economic discussions to a much wider historical, political and ethical context – locally, regionally, nationally and globally.

• Increasing the ability to question underlying assumptions, validity and usefulness of theoretical models encountered.

• Appreciation of the social and ethical responsibilities associated with businesses operating in local, national, regional and international markets.

Beyond IB

Economics is widely accepted by universities and employers. This subject can open up opportunities in management, retailing, marketing, sales, accountancy, research, the civil service and consultancy. Economics can be useful as a complement to many other subjects and careers because of the range of transferable skills acquired.

Paper 1 The core: Biological, Cognitive Exam: 2 sets of questions requiring and sociocultural approaches. 1 hour extended written responses; SL 40%; HL 30% 30 minutes each set from a choice of two.

Paper 2 Data response Exam: 2 sets of data response SL 40%; HL 30% 1 hour questions; each set from a 30 minutes choice of two

Paper 3 Quantitative skills Exam: 2 sets of short answer questions; HL only 20% 1 hour from a choice of three.

Internal Portfolio

Three 750-word commentaries. Assessment SL 20%; HL 20%