Tag: IB Economics Specification

Syllabus Outline Syllabus component Teaching hours SL HL Unit 1: Introduction to economics1.1 What is economics?1.2 How do economists approach the world? 10 10 Unit 2: Microeconomics2.1 Demand (includes HL only sub-topics)2.2 Supply (includes HL only sub-topics)2.3 Competitive market equilibrium2.4 Critique of the maximizing behaviour of consumers and producers2.5 Elasticity of demand (includes HL only sub-topics)2.6 Elasticity of supply (includes HL only sub-topics)2.7 Role of government in microeconomics (includes HL only calculation)2.8 Market failure—externalities and common pool or common access resources (includes HL only calculation)2.9 Market failure—public goods2.10 Market failure—asymmetric information (HL only)2.11 Market failure—market power (HL only)2.12 The market’s inability to achieve equity (HL only) 35 70 Unit 3: Macroeconomics3.1 Measuring economic activity and illustrating its variations3.2 Variations in economic activity—aggregate demand and aggregate supply3.3 Macroeconomic objectives (includes HL only calculation)3.4 Economics of inequality and poverty (includes HL only calculation)3.5 Demand management (demand side policies)—monetary policy (includes HL only sub-topics)3.6 Demand management—fiscal policy (includes HL only sub-topics)3.7 Supply-side policies 40 75 Unit 4: The global economy4.1 Benefits of international trade (includes HL only subtopics and calculation)4.2 Types of trade protection (includes HL only calculations)4.3 Arguments for and against trade control/protection4.4 Economic integration4.5 Exchange rates (includes HL only sub-topic)4.6 Balance of payments (includes HL only sub-topics)4.7 Sustainable development (includes HL only sub-topic) 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies 45 65 Internal assessmentPortfolio of three commentaries 20 20 Total teaching hours 150 240