| Syllabus Component | Suggested Teaching Hours | |
| SL | HL | |
| Unit 1 – Introduction to economics | 10 | 10 |
| Unit 2 – Microeconomics | 35 | 70 |
| Unit 3 – Macroeconomics | 40 | 75 |
| Unit 4 – The global economy | 45 | 65 |
| Internal Assessment:
This component is internally assessed by the teacher and externally moderated by the IB at the end of the course. Students produce a portfolio of three commentaries, based on different units of the syllabus (excluding the introductory unit) and on published extracts from the news media. Each of the three commentaries should use a different key concept as a lens through which to analyze the published extracts. Maximum 800 words for each commentary (45 marks) |
20 | 20 |
| Total Teaching Hours | 150 | 240 |
Students can gain a knowledge of the complexity and interconnection of economic activity in a quickly changing world by studying economics, which is an engaging and dynamic topic. The issue of scarcity lies at the core of economic theory. Due of scarcity, decisions must be made.
The IB Economics course, at both SL and HL, uses economic theories, models and key concepts to examine the ways in which these choices are made: at the level of producers and consumers at the level of the government and the national economy (macroeconomics); at the international level, where nations are becoming more interdependent (the theory of international trade); and producers and consumers in individual marketplaces (microeconomics);
The DP economics course allows students to explore these models, theories and key concepts, and apply them, using empirical data, through the examination of six real-world issues. Through their own inquiry, students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behavior and outcomes.
Students in the economics course will acquire the knowledge, skills, values, and attitudes that will motivate them to act responsibly as global citizens by focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention).
| Component | Recommended Teaching Hours |
| Unit 1: Introduction to Economics
1.1 What is economics? 1.2 How do economists approach the world? |
10 |
| Unit 2: Microeconomics
2.1 Demand 2.2 Supply 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behavior of consumers and producers 2.5 Elasticity of demand 2.6 Elasticity of supply 2.7 Role of government in microeconomics 2.8 Market failure—externalities and common pool or common access resources 2.9 Market failure—public goods |
35 |
| 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 3.4 Economics of inequality and poverty 3.5 Demand management (demand-side policies)—monetary policy 3.6 Demand management—fiscal policy 3.7 Supply-side policies |
40 |
| Unit 4: The Global Economy
4.2 Types of trade protection 4.3 Arguments for and against trade control/ protection 4.4 Economic integration 4.5 Exchange rates 4.6 Balance of payments 4.7 Sustainable development 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies |
45 |
| Internal Assessment
Portfolio of three commentaries |
20 |
| Component | Recommended Teaching Hours |
| Unit 1: Introduction to Economics
1.1 What is economics? 1.2 How do economists approach the world? |
10 |
| Unit 2: Microeconomics
2.1 Demand 2.2 Supply 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behavior of consumers and producers 2.5 Elasticity of demand 2.6 Elasticity of supply 2.7 Role of government in microeconomics 2.8 Market failure—externalities and common pool or common access resources 2.9 Market failure—public goods 2.10 Market failure—asymmetric information 2.11 Market failure—market power 2.12 The market’s inability to achieve equity |
70 |
| 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 3.4 Economics of inequality and poverty 3.5 Demand management (demand-side policies)—monetary policy 3.6 Demand management—fiscal policy 3.7 Supply-side policies |
75 |
| Unit 4: The Global Economy
4.2 Types of trade protection 4.3 Arguments for and against trade control/ protection 4.4 Economic integration 4.5 Exchange rates 4.6 Balance of payments 4.7 Sustainable development 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies |
65 |
| Internal Assessment
Portfolio of three commentaries |
20 |
| External Assessment | 5 Hours | 80% | Assessment Pattern |
| Paper 1
An extended response paper Calculators are not permitted. |
1 hour and 15 minutes, 25 marks | 20% | All 4 units of the syllabus will be tested
Command terms: a. Explain [10] b. Using real -world examples, discuss or evaluate [ 15] Answer one question out of three |
| Paper 2
A data response paper Calculators are permitted. |
1 hour and 45 minutes, 40 marks | 30% | All 4 units of the syllabus will be tested
Command terms: a) i and ii- define [ 2_+2] b] i- calculate [3] ii- draw [2] c, d, e and f] Draw and explain [4+4+4+4] g] Using information from the text/ data and your knowledge of economics, discuss. [ 15] Answer one question out of two |
| Paper 3
A policy paper Calculators are permitted. |
1 hour and 45 minute,60 marks | 30 % | All 4 units of the syllabus will be tested
Command terms: a] i-2 ii-3 iii-2 iv-1 v-2 vi-4 vii-2 viii-4 [20 marks- Definition and problem-solving] b] Using the data provided and your knowledge of economics, recommend a policy [ 10] Answer all questions. Each question carries 30 marks. Total No of question- 2 |
| Internal Assessment:
This component is internally assessed by the teacher and externally moderated by the IB at the end of the course. Students produce a portfolio of three commentaries, based on different units of the syllabus (excluding the introductory unit) and on published extracts from the news media. Each of the three commentaries should use a different key concept as a lens through which to analyze the published extracts. Maximum 800 words for each commentary (45 marks)
|
20 % |
| External Assessment | 3 hours | 70% | Assessment Pattern |
| Paper 1
An extended response paper Calculators are not permitted. |
1 hour and 15 minutes, 25 marks | 30% | All 4 units of the syllabus will be tested
Command terms: a. Explain [10] b. Using real -world examples, discuss or evaluate [ 15] Answer one question out of three |
| Paper 2
A data response paper Calculators are permitted. |
1 hour and 45 minutes, 40 marks | 40% | All 4 units of the syllabus will be tested
Command terms: a) i and ii- define [ 2_+2] b] i- calculate [3] ii- draw [2] c, d, e and f] Draw and explain [4+4+4+4] g] Using information from the text/ data and your knowledge of economics, discuss. [ 15] Answer one question out of two |
| Internal Assessment:
This component is internally assessed by the teacher and externally moderated by the IB at the end of the course. Students produce a portfolio of three commentaries, based on different units of the syllabus (excluding the introductory unit) and on published extracts from the news media. Each of the three commentaries should use a different key concept as a lens through which to analyze the published extracts. Maximum 800 words for each commentary. (45 marks) |
30% |
There are four assessment objectives for the DP economics course. Having followed the course at SL, students will be expected to meet the following objectives.
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Book your Free Counselling Session now!Supply and demand, incentives, trade-off, opportunity cost, economic systems, and factors of production possibility. Hence, other these are 6 basic concepts in IB economics.
Use key methods like analysis, define key terms and relate the concepts to what the question is asking for. Break down the question into a small understandable paragraph and try to understand the relation between the concepts. Remember no question is out of context, just need a complete and thorough understanding of the concepts. Thus, this is how one can answer a 10 marks question in IB economics.
Always start with the basic concept of the economics subject. For example Supply and Demand, Economic activity, Laws of correlation and consumption, etc. Make a note of the theories and formulas for quick studies. Thus, this is how one should study IB Economics.
The law of supply and demand, the law of self-interest, and the law of competition. Are 3 rules of economics in IB.
Scarcity, Choice, Efficiency, Equity, Economic well-being, Sustainability, Change, Interdependence, and Intervention. The Course is designed to develop the cognitive ability of IB students. Hence, one learns these nine key concepts in IB economics.
Tips for IBDP-TOK and a Sample Essay
