Economics

Course summary

The subject is taught in a discursive manner so that those who read newspapers, watch the news and have an international mind-set will find it most interesting. There is a strong emphasis on the international perspective and pupils must be willing to consider economic theory from beyond the British perspective. A wide range of ideas and theories are covered in both the HL and SL courses and the ability to bring these together and then apply them to real events from around the globe is essential to success. They syllabus is divided into four sections for both HL and SL students: Microeconomics, Macroeconomics, International Economics and Development Economics. Microeconomics covers the fundamental economic question of scarcity of resources, how the free market works (supply and demand), how markets fail, and what governments can do to make the economy more efficient. Macroeconomics considers the performance of the national economy and government policies to manage the economy. International Economics involves looking at the benefits of international trade, the issues surrounding protectionism and also exchange rates. Development Economics considers what factors contribute to economic development.