IB EconomicsWhy study Economics?
The world is becoming
smaller largely through Globalisation, the internationalisation of
Economics. Many of the problems of the world can be laid at the feet of
inefficient or inappropriate economic systems. Economists can influence
and change events through the use of models and theories which can be
applied to different circumstances. The allocation of resources between,
for example, health care and defence, education and transport are economic
issues to be dealt with at a governmental level. All of us make economic
decisions every day, what to spend our money on, how much to save, which
purchase makes the most sense.
The International Baccalaureate in
Economics takes a global view of events. As the world gets smaller
economies become more closely interlinked and problems and opportunities
shared. National crises become international and their policies for their
resolution more pressing for us all. We will focus on the theories
explaining consumer and business behaviour as well as the economic
policies available to government and international bodies. We will also
examine the opportunities and constraints facing developing economies and
their impacts upon people and societies in those economies.What
will I learn?
You can study IB Economics at Higher or Standard
Level. Both levels cover the content below, with higher level students
following the extension work referred to.
The forces of Supply and Demand and their effects upon consumer and
producer behaviour. Why do we buy what we buy? Are we really
vulnerable to advertising?
Different Market Structures and their effects upon consumer and
Market failure results in issues such as pollution, global warming,
consumption of non-renewable resources as well as some positive
consequences such as waste products for animal feeds etc. This section
of the syllabus discusses the causes and consequences of market
failure as well as policies used to combat the problems.
2. Macro Economics:
Economies need some measure of how well they are doing, one such
measure is National Income. We will examine in detail national income
calculations as well as the factors that help to generate national
income. We will also examine other factors that contribute to a good
quality of life.
Inflation and unemployment are terms we hear frequently in the news
etc. We will be examining their nature, causes, consequences and the
economic policies designed to deal with them.
At this stage we will also begin to examine the causes of different
levels of economic development between countries.
Economic policies chosen by governments affect all of our lives, this
part of the syllabus introduces us to the basis for, and consequences
of, various economic policies.
3. International Economics:
We take for granted the vast range of products from all over the
world, that we see on supermarket shelves. The ways in which trade
takes place, the basis for international payments and the institutions
that support trade form the core of this part of the syllabus.
4. Development Economics:
How will I learn?
Different patterns of economic development have resulted in vast
inequalities of wealth and living standards across the world and are a
major challenge for individuals and governments now and in the future.
We will be looking at different patterns of economic development,
obstacles to development as well as examining and evaluating different
strategies for development.
Economics is a subject which lends itself to
lots of real world examples. Whilst you will receive a variety of teaching
approaches you will look at lots of case studies and contemporary issues.
You should be prepared to keep up with current affairs and to express
opinions in class discussions etc. You will also receive regular homework
and will be expected to make good use of the collegeâ€ s IT facilities.What
will I be able to do next?
Economics is a widely respected subject
which can lead on to further studies in its own right or to careers in
Law, Management, Journalism, and Politics amongst a range of others. It
provides analytical and model building skills together with general
knowledge of current affairs and global issues, as well as being of
interest for its own sake.How will I be assessed?
level students will sit three exam papers comprising 20%, 20% and 40% of
the total mark respectively. The remaining 20% of the total mark will come
from coursework. The coursework consists of a portfolio of 4 written
commentaries of 650-750 words based on News Media Extracts.
level students will sit two exam papers comprising 25% and 50% of the
total mark respectively. The coursework is the same as the higher level
coursework but contributes 25% of the final mark.Course costs
Textbook and Revision Guides, plus ad hoc trips and visits
cost is not expected to exceed £60.00 over the two yearsFurther
information on the IB programme
For more information please follow
this link IB Programmme or see our IB Diploma School Pack.
IB HL and SLEntry Requirements
For entry to the IB
programme you must achieve an average of at least 5.5 points in your
GCSEs, based on A* = 8pts, A = 7 pts â€¦G = 1 point. In addition you must
achieve Cs in English Language, English Literature, a Modern Foreign
Language, Mathematics and Science. Where a subject is taken at GCSE, you
will require a grade C for it if you are taking it at Standard level on
the IB and a grade B if you will be studying it at Higher level.