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'Economics is a dynamic social science. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements.' (IBO Subject Brief)
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Paper 2 amended - students answer only one question from either Section A (Internal Economics) or Section B (Development Economics) (instead of 1 out of 2 in Section A and 1 out of 2 in Section B). Still weighs 40% (at SL, 30% at HL)
IB Economics is a subject that looks at economic activities and their interdependence. Starting from the fundamental issue of scarcity, the subject looks at how choices are made between competing needs and resources at different levels, from the individual consumer to the global economy. Students explore key concepts of efficiency, sustainability, equity and government intervention, as well as the links between them. Students ultimately grow to appreciate the values and limitations of economic models in relation to real-world economic behaviour and outcomes.
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For many students, this will be the first time they encounter Economic theory and the subject requires a new mode of understanding. Compared to other IB subjects, the slender syllabus should be contended with in terms of its quality rather than its quantity, and students must develop a keen awareness of how to apply their knowledge in assessments. Applying economic theory involves the analysis of media, such as news articles, combined with skills that students will be familiar with from Mathematics, such as working with data sets and diagrams.
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Students are first introduced to economic perspective, and then explore economic theory at different levels, including microeconomics, macroeconomics, and the global economy. The main outcomes are to develop critical understanding of numerous concepts at each level, as well as to apply concepts and analyse data to understand real-world economic problems, and develop an understanding of individuals and societies’ behaviour and consequences of economic decisions.
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Economics can act as a foundation for many paths of study and work, including within finance, banking, NGOs, insurance, investment, IT, and international development, as well as in the private or public sectors. Roles benefiting from a background in economic theory are diverse and can include accountant, analyst (including actuarial, financial risk, investment, political risk), auditor, statistician, stockbroker, administrator, and management consultant.
IB Economics is a subject that looks at economic activities and their interdependence. Starting from the fundamental issue of scarcity, the subject looks at how choices are made between competing needs and resources at different levels, from the individual consumer to the global economy. Students explore key concepts of efficiency, sustainability, equity and government intervention, as well as the links between them. Students ultimately grow to appreciate the values and limitations of economic models in relation to real-world economic behaviour and outcomes.
For many students, this will be the first time they encounter Economic theory and the subject requires a new mode of understanding. Compared to other IB subjects, the slender syllabus should be contended with in terms of its quality rather than its quantity, and students must develop a keen awareness of how to apply their knowledge in assessments. Applying economic theory involves the analysis of media, such as news articles, combined with skills that students will be familiar with from Mathematics, such as working with data sets and diagrams.
Economics can act as a foundation for many paths of study and work, including within finance, banking, NGOs, insurance, investment, IT, and international development, as well as in the private or public sectors. Roles benefiting from a background in economic theory are diverse and can include accountant, analyst (including actuarial, financial risk, investment, political risk), auditor, statistician, stockbroker, administrator, and management consultant.
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