What is IB Economics?
IB Economics is a dynamic and thought-provoking Group 3 subject in the International Baccalaureate Diploma Programme. It equips students with a thorough understanding of fundamental economic concepts, theoretical models, and real-world applications. The course is offered at both Standard Level (SL) and Higher Level (HL), with HL students diving deeper into analysis and quantitative methods.
Course Structure
The IB Economics curriculum is structured into four major units:
- Microeconomics
- Covers consumer behavior, market supply and demand, elasticity, types of market structures such as perfect competition and monopolies, and causes and solutions to market failure.
- Macroeconomics
- Focuses on national economic performance including GDP, inflation, unemployment, and the use of fiscal and monetary policy to stabilize the economy and foster growth.
- The Global Economy
- Explores international trade, protectionism, exchange rates, and the balance of payments. It also examines global trade organizations and the implications of economic integration.
- Development Economics
- Investigates issues related to economic growth and development in less economically developed countries, along with strategies for sustainable progress and improvement in quality of life.
Key Concepts
The syllabus emphasizes nine key economic concepts that are integrated into all areas of study:
- Scarcity
- Choice
- Efficiency
- Equity
- Economic well-being
