Unit 1: Introduction to Economics
Subtopic | Subtopic Number | Key points |
What is Economics? | 1.1 |
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How do Economists approach the world? | 1.2 |
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Unit 2: Microeconomics
Subtopic | Subtopic Number |
Key points |
Demand | 2.1 |
HL Only:
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Supply | 2.2 |
HL Only:
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Competitive Market Equilibrium | 2.3 |
HL Only:
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Critique of the Maximizing Behavior of Consumers and Producers | 2.4 |
HL only:
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Elasticity of demand | 2.5 |
HL Only:
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Elasticity of supply | 2.6 |
HL Only:
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Role of Government in Microeconomics | 2.7 |
HL Only:
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Market Failure–Externalities and Common Pool or Common Access Failures
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2.8 |
HL: Calculating welfare loss from diagram |
Market Failure–Public Goods
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2.9 |
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(HL) Market Failure–Asymmetric Information
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2.10 |
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(HL) Market Failure–Market Power
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2.11 |
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(HL) The Market’s Inability to Achieve Equality
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2.12 |
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Economy is the art of making the most of life. The love of economy is the root of all virtue. – George Bernard Shaw
Unit 3: Macroeconomics
Subtopic | Subtopic Number | Key points |
Measuring Economic Activity and Illustrating its Variations | 3.1 |
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Variations in Economic Activity—Aggregate Demand and Aggregate Supply
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3.2 |
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Macroeconomic Objectives
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3.3 |
HL Only:
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Economics of Inequality and Poverty
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3.4 |
HL Only:
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Demand Management (Demand-Side Policies)—Monetary Policy
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3.5 |
HL only:
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Demand Management—Fiscal Policy
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3.6 |
HL Only:
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Supply-Side Policies | 3.7 |
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Unit 4: Global Economy
Subtopic | Subtopic Number | Key points |
Benefits of International Trade | 4.1 |
HL Only:
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Types of Trade Protection | 4.2 |
HL Only:
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Arguments for and Against Trade Control/Protection | 4.3 |
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Economic Integration | 4.4 |
HL Only:
|
Exchange rate | 4.5 |
HL Only:
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Balance of Payments | 4.6 |
HL Only:
|
Sustainable Development | 4.7 |
HL Only:
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Measuring Development | 4.8 |
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Barriers to Economic Growth and/or Economic Development | 4.9 |
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Economic Growth and/or Economic Development Strategies
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4.10 |
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Frequently Asked Questions (FAQs)
Q1: What topics are covered in the IB Economics syllabus?
A: The IB Economics syllabus covers a range of topics related to economics, including microeconomics, macroeconomics, international trade, development economics, and market failure.
Q2: How is the IB Economics course assessed?
A: The IB Economics course is assessed through a combination of internal and external assessments. Internal assessments include written assignments and oral presentations, while external assessments include written exams and a research project.
Q3: What skills do students need to succeed in IB Economics?
A: Students in IB Economics need to have strong analytical, problem-solving, and communication skills. They should also be able to apply economic concepts to real-world situations, and be comfortable with quantitative analysis and data interpretation.
Q4: How is the IB Economics course different from other high school economics courses?
A: The IB Economics course is designed to be more rigorous and in-depth than other high school economics courses. It emphasizes a conceptual understanding of economic concepts, as well as practical skills such as case analysis, research, and data analysis.
Q5: What are the benefits of taking the IB Economics course?
A: Taking the IB Economics course can provide students with a strong foundation in economics that will prepare them for future studies in the field. It can also help students develop critical thinking and problem-solving skills that are valuable in a wide range of careers. Additionally, the IB Economics course is recognized by colleges and universities around the world, which can be beneficial for college admissions.