IB Economics 2022 Syllabus
Are you looking for the New IB Economics 2022 Syllabus? Then you have come to the right place, because in this article I will be covering the IB ECO HL and SL
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The economics syllabus in IB very dynamic as the curriculum revolve 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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The course 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).
From the TOK point of view students, the Economics course 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 cross-check for far claims made are justified. For example, The core of the economic theories are based on important assumptions such as ceteris paribus and 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.
The syllabus outline for the IB ECO 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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