SE IB Course Guide_2022

Economics

E C O N O M I C S

We all have choices to make. As individuals, as families, as nations and as a global society, we have a problem in common. We are faced with finite resources and unlimited wants. This gives rise to scarcity and the need to make choices. However much we have, we always want more. As a society we must decide how these resources are allocated. We call the system that decides this the economy and the study of that system is economics. Economics is a social science and is therefore concerned with human behaviour. We consider how individuals, firms and governments make choices that drive change in our world. Our intention is to equip students with a better understanding of how the world works, whether that’s considering how financial markets work, why individuals choose to consume goods that are not good for them or how governments intervene to change the way people behave and how individuals and firms respond to these changes. We consider questions that touch all our lives either directly or indirectly at a local, national, and international level. The course will equip students with a level of understanding that will allow them to go into the world with a better understanding of it - to understand how economic changes affect the organisations they will become part of and to gain a deep appreciation of how the world works. Unit 1: Introduction to Economics In our first unit we set the tone. We consider the basic economic problem in detail and consider how some economists have suggested solutions to it. Unit 2: Microeconomics In this unit we will concern ourselves with how individuals make decisions, how markets work and how governments intervene to correct markets when they fail to allocate resources efficiently. Unit 3: Macroeconomics Here we study entire economies. We look at how economic performance is measured, how economic changes affect societies as a whole and individuals within them and then we consider economic policy that are designed to improve economic performance. Unit 4: International and Development Economics In our final unit we look at global trade, how trade patterns are determined and why government often seek to restrict trade. We then consider policies that are designed to lift the very poorest members of our global society out of poverty. Internal Assessment For both HL/SL pupils: three 800-word commentaries analysing newspaper articles using economic theory completed at regular intervals, with a total weighting of 20% (HL) or 30% (SL) External Assessment Paper 1: An extended response paper. Students answer one, two-part, question from a choice of three. Time allowed: 1hr 15min. HL 20%, SL 30%. Paper 2: A data response paper. Students answer one, multi-part, question from a choice of two based on a case study. Time allowed: 1hr 45min. HL 30%, SL 40%. Paper 3: Taken only by HL students. Students answer two compulsory questions containing both quantitative and qualitative content. Time allowed: 1hr 45min. HL 30% There are four sections taken over the two-year course:

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