Previous Knowledge
Whilst this course is designed so that it can be taken without any previous knowledge, it is desirable that students who wish to study Economics at Standard Level or Higher Level have gained at least a grade C at GCSE level in English and Mathematics. Economics students should be able to write clearly and concisely in English and be able to cope with basic Mathematics. Students who have not studied Economics should seek advice from the IB Coordinator and the Subject Leader of Economics and Business Studies to assess the suitability of the course for them. (See‘Who is the IB Diploma Programme for?’)

Economics SL and HL
Economics is a dynamic social science, forming part of the study of individuals and societies. Key areas studied include scarcity and the problem of resource allocation as well as contemporary issues in the international financial world. The objectives are to provide a broad understanding of the dynamics of economics, to create an appreciation of the interdependence of countries and awareness of the global economy and its economic and cultural implications, to allow candidates to pay attention to the problems of economics development and to develop an interest in, empathy for and awareness of other cultures and their economic systems.

The aims of the course are:
To instil in the student a basic core of economic knowledge
To promote an awareness of and understanding of international perspectives
To enable students to distinguish between positive and normative economics
Students are encouraged to develop their ability to think critically, to recognise their own bias and become independent learners.

Assessment
Economics students will be assessed through written examinations assessed externally and a portfolio assessed internally.

External Assessment is by examination in May of Year 13.
SL (75%) : Two papers. Paper 1: extended response (25%); Paper 2: data response (50%)
HL (80%) : Three papers. Paper 1: extended response (20%); Paper 2: short answer (20%); Paper 3: data response (40%)

Internal Assessment comprises a portfolio of four commentaries at SL (25%) and HL (20%). These are based on published articles and aim to link economic theory to real world events.