Economics
Economics is a dynamic social science, forming part of the study of individuals and societies. It is both a theoretical and applied subject and should help students understand the international and interdependent world in which we live.
IB Economics is a two year course and can be studied at Standard or Higher Level. Both levels are taught in the same class, as the core ideas are the same and taught to the same level of difficulty. However, the higher level course requires extended material which will be covered in year two of the course through extra classes.
No prior specific economic knowledge is required, although studying business studies or economics at IGCSE level is a definite advantage.
The course divides into 5 main areas:
- General Introduction to Economics
- Microeconomics
- Macroeconomics
- International Trade
- Development Economics
The main aims of the IB Economics course are to:
- provide students with a core knowledge of economics
- encourage students to think critically about economics
- promote an awareness and understanding of internationalism in economics
- encourage students to distinguish between positive and normative economics
- encourage students’ development as independent learners
- enable students to recognize their own tendencies for bias
Assessment
| Written Papers (3 hours)
Paper 1
1 hour
40%
One extended response question from a choice of four taken from all five sections of the syllabus.
Paper 2
2 hours
30%
Three data response questions taken from five questions based on all five sections of the syllabus. |
Written Papers (4 hours)
Paper 1
1 hour
20%
Candidates choose one extended response question from a choice of four based on all five sections of the syllabus.
Paper 2
1 hour
20%
Candidates choose three questions from a choice of seven based on all five sections of the syllabus.
Paper 3
2 hours
40%
Candidates choose three data-response questions from a choice of five based on all five sections of the syllabus.
|
Portfolio
25%
Candidates produce a portfolio of four commentaries. |
Portfolio
20%
Candidates produce a portfolio of four commentaries. |
Textbooks and Resources
We are very fortunate in economics to have dedicated websites and excellent textbooks to support learning. Students will be expected to keep up to date with the current world economy by regularly reading quality newspapers and magazines, such as the Economist, Wall Street Journal, etc.
Econonics: In Terms Of The Good, The Bad And The Economist
(Matt McGee) |
Economics IB Course Companion
(J. Blink and I. Dorton) |
IB Economics Guidebook
(C. Ziogas) |
As well as these textbooks, students should also regularly check the following websites:
www.tutor2u.net
www.bized.ac.uk
Students should also sign up for “Economics in the News” through the tutor2u website and also sign in to the Annenburg website to view economics videos.
Career Options
Probably more than any other subject, economics offers a host of career opportunities, including:
- Teaching and Lecturing
- Banking and Finance
- Accounts and Auditing
- Retailing and Wholesaling
- Trading and Stock Broking
- Human Resources
- Marketing and Advertising
- Industrial and Commercial Management
- Hotel and Catering
- Travel and Tourism
