IB Economics
IB economics is very dynamic as a subject. IB economics syllabus has changed in 2020 and the first IB Diploma Programme assessment will be in 2022. IB economics guide
IB economics revolves around the nine carefully chosen key concepts that helps in developing the complexities that nations of the world face in economic activities. These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention.
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IB Economics Syllabus
The IB Economics syllabus for 2023 is a comprehensive and dynamic curriculum that equips students with a deep understanding of economic concepts and principles. This syllabus covers a wide range of topics, including microeconomics, macroeconomics, international economics, development economics, and more. To excel in this challenging program, students often turn to valuable resources such as IB Economics notes 2023, which provide concise summaries and explanations of key concepts. Additionally, IB Economics past papers are a valuable tool for practicing and refining one’s skills. These papers offer real-world examples and scenarios that help students prepare effectively for their examinations, ensuring they are well-equipped to succeed in this rigorous academic discipline.
Experienced Best IB Economics Tutors
Finding the best IB Economics tutors near you or in India is crucial for achieving success in this challenging subject. Whether you’re a student looking for expert guidance or a teacher seeking IB Economics teacher jobs, having access to highly qualified tutors is essential. The new IB Economics syllabus, which includes paper 1, paper 2, and paper 3, demands a deep understanding of economic concepts, and the guidance of experienced tutors can make all the difference. IB Economics paper 3, in particular, requires students to analyze real-world economic issues and apply their knowledge to solve complex problems. With the right IB Economics tutor, you can gain the skills and confidence needed to excel in your IB Economics exams and achieve your academic goals.
IB Economics Course
The IB Economics course is a rigorous and comprehensive program designed to provide students with a deep understanding of economic principles and concepts. It covers various aspects of economics, including microeconomics, macroeconomics, international economics, and development economics. Throughout the course, students engage in critical analysis, problem-solving, and real-world applications of economic theories. They also explore the implications of economic decisions on a global scale. The IB Economics course not only equips students with valuable knowledge but also encourages them to think critically and make informed decisions in an increasingly interconnected and dynamic world.
IB Economics 1 on 1 interactive classes online
IB Economics 1-on-1 interactive classes online, led by experienced IB Economics tutors, offer a premium educational experience. These seasoned instructors bring a wealth of knowledge and expertise to the table, ensuring that students receive top-notch guidance and support. Through personalized attention and a tailored curriculum, students can delve deep into the intricacies of IB Economics, master complex concepts, and refine their analytical skills. These sessions foster a strong mentor-student relationship, enabling learners to seek clarification, discuss real-world economic scenarios, and excel in their coursework and exams. With the guidance of experienced IB Economics tutors, students gain the confidence and skills needed to not only succeed in their IB program but also develop a lasting appreciation for the subject’s real-world relevance.
IB Economics Notes
IB Economics Notes, an invaluable resource for International Baccalaureate (IB) students, serve as a comprehensive guide for navigating the complexities of the subject. These notes cover various key aspects of economics, providing insight into fundamental concepts, theories, and real-world applications. With topics ranging from microeconomics to macroeconomics, trade, development, and more, the IB Economics Notes serve as an essential companion to the IB Economics Guide. Together, they offer students a structured framework for understanding economic principles and help them excel in their IB Economics coursework, assessments, and exams. These resources are instrumental in promoting a deep understanding of economics and enhancing academic success within the IB program.
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IB economics is taught using the triangulation of the above mentioned Concepts by linking it with the content (economic theories, tools and techniques in the syllabus) and eventually linking it with the Context (case studies and real life examples).
IB Economics and TOK
From the TOK point of view students, the IB economics challenges students to deep dive into the knowledge to raise questions about several statements, assumptions and conclusions drawn in the subject. This is done by challenging the theories and tools used thereby raising an inquiry for effective learning. The idea is to see and validate how far claims made are justified. For example, the core of the economic theories is based on important assumptions such as ceteris paribus. The students must be able to raise inquiry by challenging themselves to obtain evidence with respect to economic theories, explain how they support the evidence and finally understand limitations of the theories, if any.
IB Economics Syllabus
The syllabus outline for the IB Economics HL and SL is as follows:
| Syllabus component | Teaching Hours | |
| SL | HL | |
| Unit 1: Introduction to economics | 10 | 10 |
| 1.1 What is economics? | ||
| 1.2 How do economists approach the world? | ||
| Unit 2: Microeconomics | 35 | 70 |
| 2.1 Demand (includes HL only sub-topics) | ||
| 2.2 Supply (includes HL only sub-topics) | ||
| 2.3 Competitive market equilibrium | ||
| 2.4 Critique of the maximizing behaviour of consumers and producers | ||
| 2.5 Elasticity of demand (includes HL only sub-topics) | ||
| 2.6 Elasticity of supply (includes HL only sub-topics) | ||
| 2.7 Role of government in microeconomics (includes HL only calculation) | ||
| 2.8 Market failure—externalities and common pool or common access | ||
| resources (includes HL only calculation) | ||
| 2.9 Market failure—public goods | ||
| 2.10 Market failure—asymmetric information (HL only) | ||
| 2.11 Market failure—market power (HL only) | ||
| 2.12 The market’s inability to achieve equity (HL only) | ||
| Unit 3: Macroeconomics | 40 | 75 |
| 3.1 Measuring economic activity and illustrating its variations | ||
| 3.2 Variations in economic activity—aggregate demand and aggregate supply | ||
| 3.3 Macroeconomic objectives (includes HL only calculation) | ||
| 3.4 Economics of inequality and poverty (includes HL only calculation) | ||
| 3.5 Demand management (demand side policies)—monetary policy (includes | ||
| HL only sub-topics) | ||
| 3.6 Demand management—fiscal policy (includes HL only sub-topics) | ||
| 3.7 Supply-side policies | ||
| Unit 4: The global economy | 45 | 65 |
| 4.1 Benefits of international trade (includes HL only subtopics and | ||
| calculation) | ||
| 4.2 Types of trade protection (includes HL only calculations) | ||
| 4.3 Arguments for and against trade control/protection | ||
| 4.4 Economic integration | ||
| 4.5 Exchange rates (includes HL only sub-topic) | ||
| 4.6 Balance of payments (includes HL only sub-topics) | ||
| 4.7 Sustainable development (includes HL only sub-topic) | ||
| 4.8 Measuring development | ||
| 4.9 Barriers to economic growth and/or economic development | ||
| 4.10 Economic growth and/or economic development strategies | ||
| Internal assessment | 20 | 20 |
| Portfolio of three commentaries | ||
| Total teaching hours | 150 | 240 |
The assessment objectives in economics are distributed as follows:
| Assessment | Paper 1 SL and HL | Paper 2 SL and HL | Paper 3 HL only | IA SL & HL | |
| objective | Part a | Part b | |||
| AO1—knowledge and understanding | √ | √ | √ | √ | √ |
| AO2—application and analysis | √ | √ | √ | √ | √ |
| AO3—synthesis and evaluation | √ | √ | √ | √ | |
| AO4—use and application of appropriate skills | √ | √ | √ | √ | √ |
Assessment in IB ECO HL and SL
| Assessment component Weighting | MARKS | TIME | WEIGHTING | |||
| SL | HL | SL | HL | SL | HL | |
| External assessment | 70% | 80% | ||||
| Paper 1 | 25 | 25 | 1 hour & 15 minutes | 1 hour & 15 minutes | 30% | 20% |
| An extended response paper | ||||||
| Assessment objectives: AO1, AO2, AO3, AO4 | ||||||
| Syllabus content (excluding HL extension material) | ||||||
| Students answer one question from a choice of three. (25 marks) | ||||||
| Paper 2 | 40 | 40 | 1 hour & 45 minutes | 1 hour & 45 minutes | 40% | 30% |
| A data response paper | ||||||
| Assessment objectives: AO1, AO2, AO3, AO4 | ||||||
| Syllabus content (excluding HL extension material). Includes some quantitative questions. | ||||||
| Students answer one question from a choice of two. (40 marks) | ||||||
| Paper 3 | 60 | 30% | ||||
| A policy paper | ||||||
| Assessment objectives: AO1, AO2, AO3, AO4 | ||||||
| Syllabus content including HL extension material. Includes both quantitative and qualitative | ||||||
| questions. | ||||||
| Students answer two compulsory questions. (30 marks per question) | ||||||
| Internal assessment | 45 | 20 hours | 20 hours | 30% | 20% | |
| 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 | ||||||
| analyse the published extracts. | ||||||
| Maximum 800 words for each commentary |
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