ECONOMICS Courses offered: Economics (HL) Economics (SL) High School Economics is not a pre-requisite for universities courses. Those wanting to take Economics at university however should be aware that a few universities do require HL Mathematics. An IB Diploma containing Economics and Business and Management needs to be carefully considered, as some universities prefer a broad balance of subjects. However, Economics is an excellent complement to the other Humanities. In order to undertake HL Economics students are expected to achieve at least a B in IGCSE International Maths and their IGCSE Humanities. 1.
What is the nature of Economics at IB level?
The course attempts to provide students with the concepts and intellectual skills required to interpret the complex economic world, as well as offering an insight into the economic interdependence of nations and the specific economic challenges confronting mankind. The aim at both higher and standard levels is that students should gain a clear understanding of elementary micro- and macro-economic topics. Students learn to appreciate the limitations of economic theory and economic models. They learn in particular to distinguish statements of fact from value-judgments. The course should provide a basis for further study of Economics at university, but it also serves as a good general introduction to economic issues for those who do not intend to continue the subject beyond school. 2.
What is the approach to learning?
Learning is active and students are encouraged to develop a capacity for independent study. 3.
What is the subject content?
HL & SL Unit 1
Introduction to economics 1.1 What is economics? 1.2 How do economists approach the world?
Unit 2
Macroeconomics 2.1 Demand (includes HL only sub-topics) 2.2 Supply (includes HL only sub-topics) 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behaviour of consumers and producers 2.5 Elasticity of demand (includes HL only sub-topics) 2.6 Elasticity of supply (includes HL only sub-topics) 2.7 Role of government in microeconomics (includes HL only calculation) 2.8 Market failure—externalities and common pool or common access resources (includes HL only calculation) 2.9 Market failure—public goods 2.10 Market failure—asymmetric information (HL only) 2.11 Market failure—market power 24
