IB Group 3
Individuals and Societies
Economics

 

Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world – you’re learn how the world ‘works’.

At the heart of economic theory is the problem of scarcity. While the world’s population has unlimited needs and wants, there are limited resources to satisfy these needs and wants. As a result of this scarcity, choices have to be made. 

At both Standard Level and Higher Level, there are four sections making up the course:

  • Introduction to Economics – what is economics and how do economists approach the world.
  • Microeconomics – economic theory and issues around the concepts of demand and supply, the role of the government in the market, market failure and profit maximization.
  • Macroeconomics – a study of economic growth, inflation, employment, inequality, poverty, including government policies to influence each of these.
  • The global economy – covers the issues of trade and trade protection, exchange rates, sustainable development and economic development.

Assessment

The final grade is derived from:

Standard Level

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

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

Higher Level

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

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

Group 3 - Economics