IB Group 3
Individuals and Societies
Economics

The Economics programme contributes to internationalism in the IB Diploma by encouraging students to:

  • Develop an understanding of microeconomic and macroeconomic theories and concepts and their real-world application.
  • Develop an appreciation of the impact on individuals and societies of economic interactions between nations.
  • Develop an awareness of development issues facing nations as they undergo the process of change.

Areas of Study

At both Standard Level and Higher Level there are four sections:

  • Microeconomics – introduction to economic theory and issues including demand and supply curves, government intervention and market failure.  At Higher Level, students also study the theory of the firm and linear functions.
  • Macroeconomics – a detailed examination of the macroeconomic problems of inflation, unemployment and income distribution using the Aggregate Demand and Supply model.
  • International Economics – topics include trade and trade agreements, exchange rates, balance of payments and economic integration.
  • Development Economics – problems facing developing economies and the solutions to these problems.

Assessment

The final grade is derived from:

Standard Level

Portfolio of three written internally assessed commentaries based on news media extracts – 20%

Two written examinations held at the end of the course – 80%

Higher Level

Portfolio of three written internally assessed commentaries based on news media extracts – 20%

Three written examinations held at the end of the course – 80%

Group 3 – Economics