Economics subject outline
First examinations 2013
This document explains the major features of the course, and outlines the syllabus and assessment requirements. More detailed information about the course can be obtained by referring to the guide for this subject, which is available on the subject page of the IB online curriculum centre (OCC) website (http://occ.ibo.org) and can also be purchased from the IB store (http://store.ibo.org).
© International Baccalaureate Organization 2010
Nature of the subject
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 IB Diploma Programme economics course emphasizes the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. These economic theories are not to be studied in a vacuum—rather, they are to be applied to real-world issues. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability. The ethical dimensions involved in the application of economic theories and policies permeate throughout the economics course as students are required to consider and reflect on human end-goals and values. 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...