3 - Economics HL

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.