IBDP – ECONONMICS

The International Baccalaureate Diploma Programme (DP) is a rigorous assessment programme for students aged 16-19. This course is well respected by universities worldwide and provides high quality education to students. It encourages students to be curious, knowledgeable, open minded, empathetic while inculcating values and attitudes in them.

IBDP offers over 30 courses from six subject groups, from each of these subject groups; students have a choice to pick subjects that interest them.Generally, three subjects are taken at the Higher Level (HL) and others are taken at the Standard Level( SL). HL subjects are studied in greater depth than SL subjects.

In addition, three core elements, the extended essay, theory of knowledge and Creativity, Activity, Service are compulsory and central to the programme’s philosophy.

The economics IBDP course uses economic theories, models and key concepts to examine concepts of microeconomics, macroeconomics and the global economy.

Curriculum overview

ComponentTeaching Hours (HL)Teaching Hours (SL)
Unit 1: Introduction to economics
1.1 What is economics?
1.2 How do economists approach the world?
1010
Unit 2: Microeconomics
2.1 Demand
2.2 Supply
2.3 Competitive market equilibrium
2.4 Critique of the maximizing behaviour 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
7035
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
7040
Unit 4: The global economy
4.1 Benefits of international trade
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

6545
Assessment Objectives for Economics (HL & SL):
  1. Knowledge and understanding
  2. Application and analysis
  3. Synthesis and evaluation
  4. Selection, use and application of appropriate skills and techniques

    Assessment Summary

Assessment TypeAssessment FormatNo. of hours (HL)No. of hours(SL)Final Grade weightage in % (HL)Final Grade weightage in % (SL)
External4hours 30mins3hour8070
Paper 1Extended response paper on microeconomics and
macroeconomics
1.5Hours1hour15Mins2030
Paper 2Data response paper on international and development
economics
1.5Hours1hour45Mins3040
Paper 3Policy paper based on
all units of the syllabus
1.5Hours30
Internal
PortfolioThree commentaries based on different units of the syllabus and from published extracts from the news media, analysed using different
key concepts
20202030

The aims of the DP economics course are to:

  1. Develop a critical understanding of various economic theories, models and ideas etc.
  2. Apply these economic theories, models, ideas and analyse economic data to focus on  real economic issues and problems faced by individuals and societies
  3. Develop a conceptual understanding of individuals’ and societies’ economic choices and interactions, the challenges they face and   consequences of economic decision-making.Curriculum overview
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