Course Description

Economics is a two year IB course designed to give students an understanding of economic concepts, theories, principles, practices and skills. A fundamental feature of the course is based on integrating and linking the material in order to give students a holistic overview. In addition, the economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasingly interdependent world.


  • Demonstrate knowledge and understanding of current economic issues and data.
  • Apply economic concepts and theories to real-world situation, identify and interpret economic data, demonstrate the extent to which economic information is used effectively in particular contexts.
  • Demonstrate synthesis and evaluation by examining economic concepts, theories and examples to construct and present and arguments.
  • Discuss and evaluate economic information and theories by selecting, interpreting and analysing appropriate extracts from the news media.
  • Develop an understanding of microeconomic and macroeconomic theories and concepts and their real-world application.
  • Develop an appreciation of the impact on individuals and societies of economic interactions between nations.
  • Develop an awareness of development issues facing nations as they undergo the process of change.


Topics to be Covered:

Unit 1: Microeconomics

1.1 Competitive markets: demand and supply (some topics HL only)

1.2 Elasticity

1.3 Government intervention (some topics HL extension, plus one topic HL only)

1.4 Market failure (some topics HL only)

1.5 Theory of the firm and market structures (HL only)


Unit 2: Macroeconomics

2.1 The level of overall economic activity (one topic HL extension)

2.2 Aggregate demand and aggregate supply (one topic HL only)

2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only)

2.4 Fiscal policy

2.5 Monetary policy

2.6 Supply-side policies


Unit 3: International economics

3.1 International trade (one topic HL extension, plus one topic HL only)

3.2 Exchange rates (some topics HL extension)

3.3 The balance of payments (one topic HL extension, plus some topics HL only)

3.4 Economic integration (one topic HL extension)

3.5 Terms of trade (HL only)


Unit 4: Development economics

4.1 Economic development

4.2 Measuring development

4.3 The role of domestic factors

4.4 The role of international trade (one topic HL extension)

4.5 The role of foreign direct investment (FDI)

4.6 The roles of foreign aid and multilateral development assistance

4.7 The role of international debt

4.8 The balance between markets and intervention



ATL Skills:


Thinking: Developing critical thought, posing problems, asking questions, implementing strategies, evaluating, analysing, integrating material.


Communication: The ability to evaluate, analyse and discuss in written form, to interpret economic issues clearly, and use technical and analytical tools to present a problem.


Social: Collaborative work through teams and class discussions.


Self-management: Setting goals, keeping up, managing time and tasks effectively


Research: Through the Internal Assessment, media articles, are analyzed and evaluated; recommendations are made and limitations of the research considered.




School grades:

Tests 50%, Quizzes 20%, Weekly Homework 20%, Participation 10%


IB Assessment (Exams are externally assessed, research project/commentary are internally assessed)


(HL): Exam 80% (Paper 1: 30% Paper 2: 30% Paper 3: 20%), Portfolio 20%


(SL): Exam 80% (Paper 1: 40% Paper 2: 40%), Portfolio20%