WHY STUDY ECONOMICS? Economics is essentially about the concept of scarcity and the problem of resource allocation. The IB course emphasises the theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the theories of macroeconomics, which explore economic variables affecting countries, governments and societies. A key objective of the course is to promote an understanding of how economic theory can be applied in an international context and the important role it has to play in promoting international cooperation and mutual understanding because of its focus on global issues. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability. CONTENT OF COURSE: This is an exciting new course, examined for the first time in 2022. Whilst the same Units are covered at both Standard and Higher Level, HL students undertake a broader and more detailed analysis of those issues covered by the SL students. • Unit One: Introduction to Economics – How do economists approach the world? • Unit Two: Microeconomics – How do consumers and producers make choices in trying to meet their economic objectives? • Unit Three: Macroeconomics – Why does economic activity vary over time and why does this matter? • Unit Four: The Global Economy – Who are the winners and losers of the integration of the world’s economies? As part of the new course, all four Units are to be taught considering one or more of the following nine key economic concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention.