IB Economics

Previous experience of Business Studies or Economics is not essential. It is anticipated that those entering the course will have achieved at least grade A for Maths and B for English at GCSE.

Economics is a dynamic social science, forming part of the study of individuals and societies. The study of Economics is essentially about the concept of scarcity and the problem of resource allocation. Although Economics involves the formulation of theory, it is not a purely theoretical subject: economic theories can be applied to real-world examples. Neither is Economics a discrete subject, since Economics incorporates elements of History, Geography, Psychology, Sociology, Political studies and many other related fields of study.

The approach is scientific and this characterises the standard methodology of Economics. This methodology can be summarised as a progression from problem identification, through hypothesis formulation and testing, arriving finally at a conclusion.

The aims of the Economics programme, both at Standard and Higher level are to:
• have an understanding and knowledge of Economic concepts and theories
• apply Economic theory to a range of circumstances and a variety of situations
• analyse information through the use of Economic concepts and theories
• evaluate concepts and theories from different Economic perspectives.

Both the Higher and Standard Level courses follow a programme that includes Micro- and Macro-economics, International Economics and Development Economics. The Higher Level course seeks to develop a deeper understanding of the elements covered in the Standard Level syllabus. Assessment for the Higher Level includes three written papers. In addition, the students are required to submit a portfolio of four commentaries that seek to apply Economic theory to real-world events. For the Standard Level, assessment is by means of two written papers and a portfolio of commentaries similar in requirement for the Higher Level students.