Economics

Course summary

The aims of the economics course at SL and HL are to enable students to: •develop a critical understanding of a range of economic theories, models, ideas and tools in the areas of microeconomics, macroeconomics and the global economy •apply economic theories, models, ideas and tools and analyse economic data to understand and engage with real-world economic issues and problems facing individuals and societies •develop a conceptual understanding of individuals’ and societies’ economic choices, interactions, challenges and consequences of economic decision-making. The IB course consists of four parts, Introduction to Economics, Microeconomics, Macroeconomics, and The Global Economy. The microeconomics section gives boys an understanding of the key microeconomics topics, such as supply and demand, elasticities, externalities and government intervention, market structures. The macroeconomics section focuses on the main macroeconomics model of aggregate demand and supply, the component parts of aggregate demand, factors affecting a country’s supply, measures of macroeconomic performance, government policy and macroeconomics objectives. The Global Economy unit focuses on the reasons for trade, comparative advantage, protectionism, exchange rate policy, economic integration, the factors affecting a country’s development, development goals, and development policy.