Economics

COURSE STRUCTURE

SL and HL

Prerequisites:

Nil

Exclusions:

Nil

Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world.

At the heart of economic theory is the problem of scarcity. While the world’s population has unlimited needs and wants, there are limited resources to satisfy these needs and wants.  As a result of this scarcity, choices have to be made. The economics course, at both SL and HL, uses economic theories to examine the ways in which these choices are made:
• at the level of producers and consumers in individual markets (microeconomics)
• at the level of the government and the national economy (macroeconomics)
• at an international level where countries are becoming increasingly interdependent through international trade and the movement of labour and capital (the global economy).

The economics course is focused on inquiry-based teaching and learning, in which students are given the opportunity to explore economic theories or global issues using real-world examples. The course is also underpinned by nine key concepts. These are scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention.

Assessment