3 - Economics SL
Course summary
Why study Economics? Economics is the study of how to allocate scarce resources in the most effective way. By answering the three questions: what to produce, how to produce, and for whom to produce so that unlimited wants are met given limited resources, Economics helps to address the sustainability issues and to ensure the improvement of living standards. By simplifying and modelling the economic reality, Economics attempts to explain what happens in the real world and predict the outcomes of the decisions of the government and the market players. The IB course focuses on the key nine concepts including scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. The recently added modules on environment, inequality and poverty reflect the society focus on these pertinent issues and link well with Geography, Environmental Science, History, Politics and Sociology. To read Economics at university, you would need mathematical skills. Economics study fits with a number of professions from law, business, banking, finance, insurance and treasury, including the public sector to vocational jobs in tax, accounting and audit. In addition, the IB Economics course equips students with the understanding of the government policies on tax and retirement, provision of health, education and other merit goods, and thus equips them with the life-skills. The IB course focuses on the key nine concepts including scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention.
Entry Requirements
Checked against your grades — every rule traces to the school's published source.
| Requirement | Rule | You |
|---|---|---|
GCSE qualifications | 5 gcse qualifications at grade 6.0 or above | — |
Mathematics | Grade 6 in Mathematics | — |
As published by the school
GCSE Grade 6 in Mathematics
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Assessment
External Assessment Paper 1 (30% of the grade) assesses the whole course and consists of an extended response paper where students are expected to demonstrate a holistic and critical understanding of how economics helps us understand real world issues with the help of theories, models, examples and inquiries from the course of study (1 hour 15 min; 10 and 15 mark essays) Paper 2 (40% of the grade) offers students the opportunity to work with new qualitative and quantitative data, by presenting students with real-world scenarios or case studies, where they are able to apply understanding from across all the syllabus areas in a more integrated way using the theories, models, ideas and tools of economics. (1 hour and 45 min). Internal Assessment (20% of the grade) Three 800 words commentaries portfolio offers students the opportunity to demonstrate their understanding and application of three different key concepts by using them as a lens through which to analyse their commentaries thereby emphasizing a demonstration of conceptual understanding.
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