Welcome to IB Economics
Economics is a dynamic social science, forming part of group 3—individuals and societies. The study of
economics is essentially about dealing with scarcity, resource allocation and the methods and processes by
which choices are made in the satisfaction of human wants. As a social science, economics uses scientific
methodologies that include quantitative and qualitative elements.
The economics course encourages students to develop international perspectives, fosters a concern for
global issues, and raises students’ awareness of their own responsibilities at a local, national and international
level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of
personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of
an increasingly interdependent world.
IB Economics Guide 2013
economics is essentially about dealing with scarcity, resource allocation and the methods and processes by
which choices are made in the satisfaction of human wants. As a social science, economics uses scientific
methodologies that include quantitative and qualitative elements.
The economics course encourages students to develop international perspectives, fosters a concern for
global issues, and raises students’ awareness of their own responsibilities at a local, national and international
level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of
personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of
an increasingly interdependent world.
IB Economics Guide 2013
The course is broken up into 4 sections. Microeconomics, Macroeconomics, International Economics, and Development Economics. We will be using extensively Oxford and Pearson textbooks with the course, as well as Welkerwikinomics website.
This is the course overview for Economics.
This is the course overview for Economics.
Group 3 aims
The aims of all subjects in group 3, individuals and societies are to:
1. encourage the systematic and critical study of: human experience and behaviour; physical, economic
and social environments; and the history and development of social and cultural institutions
2. develop in the student the capacity to identify, to analyse critically and to evaluate theories, concepts
and arguments about the nature and activities of the individual and society
3. enable the student to collect, describe and analyse data used in studies of society, to test hypotheses,
and to interpret complex data and source material
4. promote the appreciation of the way in which learning is relevant both to the culture in which the
student lives, and to the culture of other societies
5. develop an awareness in the student that human attitudes and beliefs are widely diverse and that the
study of society requires an appreciation of such diversity
6. enable the student to recognize that the content and methodologies of the subjects in group 3 are
contestable and that their study requires the tolerance of uncertainty.
Economics aims
In addition, the aims of the economics syllabus at SL and HL are to enable students to:
7. develop an understanding of microeconomic and macroeconomic theories and concepts and their
real-world application
8. develop an appreciation of the impact on individuals and societies of economic interactions between
nations
9. develop an awareness of development issues facing nations as they undergo the process of change.
IB Economics Guide 2013
The aims of all subjects in group 3, individuals and societies are to:
1. encourage the systematic and critical study of: human experience and behaviour; physical, economic
and social environments; and the history and development of social and cultural institutions
2. develop in the student the capacity to identify, to analyse critically and to evaluate theories, concepts
and arguments about the nature and activities of the individual and society
3. enable the student to collect, describe and analyse data used in studies of society, to test hypotheses,
and to interpret complex data and source material
4. promote the appreciation of the way in which learning is relevant both to the culture in which the
student lives, and to the culture of other societies
5. develop an awareness in the student that human attitudes and beliefs are widely diverse and that the
study of society requires an appreciation of such diversity
6. enable the student to recognize that the content and methodologies of the subjects in group 3 are
contestable and that their study requires the tolerance of uncertainty.
Economics aims
In addition, the aims of the economics syllabus at SL and HL are to enable students to:
7. develop an understanding of microeconomic and macroeconomic theories and concepts and their
real-world application
8. develop an appreciation of the impact on individuals and societies of economic interactions between
nations
9. develop an awareness of development issues facing nations as they undergo the process of change.
IB Economics Guide 2013