Economics IB

The IB economics course is resolutely international in its outlook. The course places a strong emphasis on international relationships and comparisons. Throughout this course you will develop and be able to show:

• your skills of economic reasoning;
• your ability to apply the tools of economic analysis to situations and data and to explain your findings;
• your understanding of how individuals and societies organise themselves in the pursuit of economic objectives;
• your ability to evaluate economic theories, concepts, situations and data in a way which is considered rational and unprejudiced;
• an understanding and appreciation of the diversity of international economies. Both the standard and higher level of study are divided into the following four main categories.

Microeconomics

Supply and demand, the behaviour of the individual, firms and markets, market failure.

Macroeconomics

Introduction to macro-economics, national income accounting, inflation, unemployment, stabilisation policies.

International Trade

Reasons for trade, fee trade and protectionism, economic integration, WTO, balance of payments, exchange rates.

Development Economics

Introduction to development economics, growth theory, technological change, problems of underdevelopment.

A History of Economics by J.K. Galbraith is a good introduction to this course.

You will be assessed as follows:

Higher Level

Students will sit three papers which require essay writing, dataresponse and quantitative methods.In addition there is an internally assessed component requiring a portfolio of 3 commentaries on newspaper articles you have selected during the course.

Standard Level

Standard level students will sit two papers which require data response and essay writing. Additionally the internally assessed component requires the writing of 3 commentaries on newspaper articles which you have selected throughout the course.

There is no requirement to have studied Business or Economics before.

International Baccalaureate Diploma Programme We require at least seven GCSEs with an average of Grade 6, including English Language and Maths. For subjects you wish to take at higher level you will need at least a grade 6. International Baccalaureate Career Programme We require at least five subjects at GCSE grade 5 or higher, ideally including Mathematics and English and preferably with a grade 5 in your area of specialism. Strong interest in the vocational BTEC subject will need to be in evidence at the guidance meeting.