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IB Economics

Part 1: Microeconomics

Introduction to Economics

  • Basic economic concepts (scarcity, choice, opportunity cost)
  • Circular flow of income model

Demand and Supply

  • Determinants of demand and supply
  • Market equilibrium and its significance
  • Price elasticity of demand and supply

Theory of the Firm and Market Structures

  • Perfect competition
  • Monopoly, oligopoly, and monopolistic competition
  • Efficiency and market failure

Market Failure and Government Intervention

  • Externalities (positive and negative)
  • Public goods and merit goods
  • Government policies to correct market failures

Part 2: Macroeconomics

Macroeconomic Objectives

  • Economic growth
  • Price stability (inflation/deflation)
  • Low unemployment

Aggregate Demand and Aggregate Supply

  • Components of aggregate demand
  • Determinants of aggregate supply
  • Equilibrium levels of income and output

Macroeconomic Indicators and Policies

  • Measurement of economic performance (GDP, GNI, HDI)
  • Unemployment and inflation
  • Fiscal policy (government spending and taxation)
  • Monetary policy (interest rates, money supply)

International Economics

  • International trade (comparative advantage, tariffs, quotas)
  • Balance of payments and exchange rates
  • Globalization and its impacts

Part 3: Development Economics

Economic Development

  • Measurement of development (GDP per capita, HDI)
  • Factors influencing development (economic, social, political)

Sustainable Development

  • Environmental sustainability
  • Strategies for sustainable development

Part 4: HL Extension (Higher Level Only)

Theory of the Firm and Market Structures (HL Extension)

  • Contestable markets
  • Price discrimination

Macroeconomic Objectives and Policies (HL Extension)

  • Supply-side policies
  • Exchange rate policies

Assessment

  • Internal Assessment (IA): A research project based on a real-world economic issue, conducted by the student under teacher supervision.
  • External Assessment:
    • Paper 1: Microeconomics (1 hour 30 minutes)
    • Paper 2: Macroeconomics (1 hour 30 minutes)
    • Paper 3 (HL only): One extended response question based on the HL extension material (1 hour)

This outline covers the main topics and structure of the IB Economics course. The course aims to develop students’ ability to think critically about economic issues, apply economic theories to real-world situations, and analyze economic data effectively.

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  • Comprehensive Curriculum Coverage: The academy offers a well-designed curriculum that aligns with the IB Economics syllabus, ensuring all essential topics are covered in-depth. This includes microeconomics, macroeconomics, international economics, and development economics.

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