Ib Diploma Economics Sl

IB Diploma Economics Course for SL students

What you'll learn

Understand fundamental economic concepts and their implications

Analyse economic models and theories

Evaluate economic theories and their impact

Interpret and use economic data

Apply economic knowledge to IB Exam Questions

Requirements

This course is suitable for all IB students (grades 11-13) and anyone else who wants to learn the basic tools of how an economy works.

Description

Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world.At the heart of economic theory is the problem of scarcity. While the world’s population has unlimited needs and wants, there are limited resources to satisfy these needs and wants. As a result of this scarcity, choices have to be made. The DP economics course, at both SL and HL, uses economic theories to examine the ways in which these choices are made:at the level of producers and consumers in individual markets (microeconomics)at the level of the government and the national economy (macroeconomics)at an international level where countries are becoming increasingly interdependent through international trade and the movement of labour and capital (the global economy).The choices made by economic agents (consumers, producers and governments) generate positive and negative outcomes and these outcomes affect the relative well-being of individuals and societies. As a social science, economics examines these choices using models and theories. The DP economics course allows students to explore these models and theories, and apply them, using empirical data, through the examination of six real-world issues.As economic growth and increased efficiency become prominent goals, two other important global economic issues related to these goals are; the ways in which economic activity impacts the environment, and the challenges facing the world in terms of fair access to resources, goods and services. When exploring these significant global issues, sustainability and equity become key concepts for DP economic students to understand.In all areas of economic activity, the economic agents can be divided up into the private sector (consumers and producers) and the public sector (governments). To different extents and with different outcomes, the public sector in any economy assumes some responsibility for monitoring and regulating the behaviour of the private sector. This government intervention is a significant concept that appears throughout the course and students are expected to critically evaluate the balance between the market forces of the private sector and intervention by governments.Given the rapidly changing world, economic activity and its outcomes are constantly in flux. Therefore, students are encouraged, throughout the course, to research current real-world issues. Through their own inquiry, it is expected that students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes.By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens.The IB Diploma Programme Course Books, which are used to prepare this course, are designed to support students throughout their two year Diploma Programme. They will help students gain an understanding of what is expected from their subject studies while presenting content in a way that illustrates the purpose and aims of the IB. They reflect the philosophy and approach of the IB and encourage a deep understanding of each subject by making connections to wider issues and providing opportunities for critical thinking.The books mirror the IB philosophy of viewing the curriculum in terms of a whole-course approach and include support for the IB leaner profile and the IB Diploma Programme core requirements. The International Baccalaureate aims to develop inquiring, knowledgable and caring young people who help to create a better and more peaceful world through intercultural understanding and respect. To this end the IB works with schools, governments and international organisations to develop challenging programmes of international education and rigorous assessment. These programmes encourage students across the world to become active, compassionate, and lifelong learners who understand that other people, with their differences, can also be right. The aim of this course is to be a companion to you as you embark upon your study of the International Baccalaureate Diploma Programme in economics. Through its overarching emphasis on key economic concepts, we hope that it will help you become, in the words of the IB learner profile, “internationally minded people who, recognizing their common humanity and shared guardianship of the planet, help to create a better and more peaceful world”.

Overview

Section 1: Introduction

Lecture 1 What is Economics?

Lecture 2 The evolution of economic thinking

Section 2: Microeconomics

Lecture 3 Demand

Lecture 4 Elasticity of Demand

Lecture 5 Supply

Lecture 6 Elasticity of Supply

Lecture 7 Market Equilibrium

Lecture 8 Government intervention

Lecture 9 Market failure

Section 3: Macroeconomics

Lecture 10 Economic activity

Lecture 11 Aggregate demand

Lecture 12 Aggregate Supply

Lecture 13 Macroeconomic Equilibrium

International Baccalaureate Diploma Program on Economics for SL students,Beginners in Economics