IBDP

IB Economics

Learn About The Subject

IB Economics examines how individuals and societies make decisions in the face of scarce resources, focusing on core issues such as resource allocation, market operations, the role of government, and the global economy. The course encourages critical thinking, data-driven analysis, and the development of a deep awareness of economic issues at local, national, and international levels.

Common Challenges When Learning IB Economics

Difficulty with Models & Theories: Grasping and accurately applying abstract, complex economic models and theories (micro & macro).
Quantitative Skills Challenge: Requires the ability to accurately interpret and draw economic graphs, and perform basic calculations and data analysis.
Requirements for Analytical & Evaluative Thinking: Analyzing economic events and policies from multiple perspectives and providing objective, well-founded evaluations.
Complexity of the IA (Portfolio): Writing in-depth commentaries that analyze real-world economic articles based on learned theories.

Course Content

Unit 1: Introduction to economics

1.1: What is economics?
1.2: How do economists approach the world?

Unit 2: Microeconomics

2.1: Demand (includes HL only sub-topics)

2.2: Supply (includes HL only sub-topics)

2.3: Competitive market equilibrium

2.4: Critique of the maximizing behaviour of consumers and producers

2.5: Elasticity of demand (includes HL only sub-topics)

2.6: Elasticity of supply (includes HL only sub-topics)

2.7: Role of government in microeconomics (includes HL only calculation)

2.8: Market failure – externalities and common pool or common access resources (includes HL only calculation)

2.9: Market failure – public goods

2.10: Market failure – asymmetric information (HL only)

2.11: Market failure – market power (HL only)

2.12: The market’s inability to achieve equity (HL only)

Unit 3: Macroeconomics

3.1: Measuring economic activity and illustrating its variations

3.2: Variations in economic activity – aggregate demand and aggregate supply

3.3: Macroeconomic objectives (includes HL only calculation)

3.4: Economics of inequality and poverty (includes HL only calculation)

3.5: Demand management (demand-side policies) – monetary policy (includes HL only sub-topics)

3.6: Demand management – fiscal policy (includes HL only sub-topics)

3.7: Supply-side policies

Unit 4: The global economy

4.1: Benefits of international trade (includes HL only sub-topics and calculation)

4.2: Types of trade protection (includes HL only calculation)

4.3: Arguments for and against trade control/protection

4.4: Economic integration

4.5: Exchange rates (includes HL only sub-topics)

4.6: Balance of payments (includes HL only sub-topics)

4.7: Sustainable development (includes HL only sub-topics)

4.8: Measuring development

4.9: Barriers to economic growth and/or economic development

4.10: Economic growth and/or economic development strategies"

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Competency Assessment

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Develop a detailed and structured study plan.

Implement And Optimize

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IB Economics

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