Economics

Course summary

The IB course will give you a sound grasp of the theory that economists use to explain events, predict what will happen, and advise governments on how to run the economy. It’s not just about means, Economics is also concerned with ends. What sort of society and world do we want to live in? Is the global distribution of income and wealth ‘fair’? If not, what can and should be done about it? There are 4 different sections of the IB Economics Course, Higher (HL) and Standard (SL) students cover all 4 sections, but HL students explore them in greater depth. — Section 1: Micro Economics – how markets work and why they fail. — Section 2: Macro Economics: what do governments want to achieve for the economy and how do they try to achieve these aims. — Section 3: International Economics- Why do countries trade? What are the costs and benefits? — Sections 4: Development Economics- Why are some countries richer than others? How can a country develop economically? We have a responsibility to future generations to avoid major climate change, how can it be achieved at the lowest cost to the current generation? Should healthcare and education be the responsibility of individuals and families, or should the State provide these, financed out of taxation? If these questions arouse your interest, there is a strong probability that you will enjoy the subject. The IB Economics course has a strong international dimension, and will give students a truly global perspective. The subject will help you to understand much about the contemporary world, its challenges, conflicts and possibilities for improvement. To succeed in Economics you need to have an enquiring mind, good analytical reasoning skills and sound basic numeracy. You also need to keep abreast of what is happening in the world. This is what really brings the subject to life. At its best, Economics can shed light in dark corners and make a difference to the world.