IB Economics Higher and Standard Level

Economics is a wide ranging subject which touches on every aspect of commercial life. As a result, study of Economics will broaden your understanding of the business world and encourage you to evaluate some of the consequences of business and government decisions. Study of Economics is useful to those intending to enter the business or commercial world, since it is included as a core subject in the examinations of all the professional bodies.

Economics is a difficult subject to summarise in a few lines and is probably unlike many of the subjects which you will have studied at school. It is an academic subject which provides a good link between science and arts subjects. It is scientific in its investigative nature and requires good logical and analytical skills together with the ability to produce convincing written argument.

During the Economics course you will consider issues such as:

• What are the effects of taxation policy?
• Why do exchange rates change and does a trade deficit matter?
• Is it possible to reduce regional differences in unemployment?
• What influences the purchasing patterns of consumers and can a business predict these?
• Can a future government afford to pay pensions and should it put a price tag on the environment?
• What are the arguments for the cancellation of developing countries debt?
• What is the impact on the Eurozone in light of the economic difficulties faced by some member states?
• The causes and consequences of globalisation.

If you study Economics you will discover, as with any subject concerned with human behaviour, that there is often more than one way of interpreting the observed facts. You will study the theories which try to explain economic behaviour, and will be free to weigh up the alternative arguments and draw your own conclusions.

At Higher Level the final examinations represent 80% of your final grade, at Standard Level 75%. A variety of assessment techniques are involved including short answer, data response and long essay examination papers.

The coursework portfolio consists of a commentary on media items and represents 20% of the final grade at Higher Level and 25% at Standard Level.

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