Economics IB

ECON Study Guide

Economics Overview

Econ Aims and Objectives IBDP

Group 3 Subject Aims IB DP

History students (and all Group 3 Individuals and Societies students) will:

engage in the systematic and critical study of the human experience and human behaviour; physical, economic and social environments; the history and development of social and cultural institutions
develop a capacity to identify, analyse critically and evaluate theories, concepts and arguments about the nature and activities of the individual and society
enable the student to collect, describe and analyse data used in studies of society, to test hypotheses and interpret complex data and source material
appreciate the way in which learning is relevant to various cultures and societies
develop an appreciation of diversity
recognise that the content and methodologies of subjects are contestable and that study involves an appreciation of uncertainty

Economics Subject Aims IB DP

Students studying Economics (SL and HL) will develop an:

understanding of microeconomic and macroeconomic theories and concepts and their real-world application
appreciation of the impact on individuals and societies of economic interactions between nations
awareness of development issues facing nations as they undergo the process of change

Economics Assessment Objectives IB DP

Economics students (SL or HL) will do the following:

1. Demonstrate knowledge and understanding of specified content

Demonstrate knowledge and understanding of the common SL/HL syllabus
Demonstrate knowledge and understanding of current economic issues and data
At HL only: Demonstrate knowledge and understanding of the higher level extension topics

Assessment weight: 30% (SL) and 30% (HL)

2. Demonstrate application and analysis of knowledge and understanding

Apply economic concepts and theories to real-world situations
Identify and interpret economic data
Demonstrate the extent to which economic information is used effectively in particular contexts
At HL only: Demonstrate application and analysis of the extension topics

Assessment weight: 30% (SL) and 30% (HL)

3. Demonstrate synthesis and evaluation

Examine economic concepts and theories
Use economic concepts and examples to construct and present an argument
Discuss and evaluate economic information and theories
At HL only: Demonstrate economic synthesis and evaluation of the extension topics

Assessment weight: 25% (SL) and 20% (HL)

4. Select, use and apply a variety of appropriate skills and techniques

Produce well-structured written material, using appropriate economic terminology, within specified time limits
Use correctly labelled diagrams to help explain economic concepts and theories
Select, interpret and analyse appropriate extracts from the news media
Interpret appropriate data sets
At HL only: Use quantitative techniques to identify, explain and analyse economic relationships

Assessment weight: 15% (SL) and 20% (HL)

IB DP Economics Syllabus

Section 1: Microeconomics ~ SL 35hrs HL 95hrs

1.1 Competitive markets: demand and supply (some topics HL only)
1.2 Elasticity
1.3 Government intervention (some topics HL extension, plus one topic
1.4 Market failure (some topics HL only)
1.5 Theory of the firm and market structures (HL only)

Section 2: Macroeconomics ~ SL 40hrs HL 50hrs
2.1 The level of overall economic activity (one topic HL extension)
2.2 Aggregate demand and aggregate supply (one topic HL only)
2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only)
2.4 Fiscal policy
2.5 Monetary policy
2.6 Supply-side policies

Section 3: International Economics ~ SL 25hrs HL 45hrs

3.1 International trade (one topic HL extension, plus one topic HL only)
3.2 Exchange rates (some topics HL extension)
3.3 The balance of payments (one topic HL extension, plus some topics HL only)
3.4 Economic integration (one topic HL extension)
3.5 Terms of trade (HL only)

Section 4: Development Economics ~ SL 30hrs HL 30hrs
4.1 Economic development
4.2 Measuring development
4.3 The role of domestic factors
4.4 The role of international trade (one topic HL extension)
4.5 The role of foreign direct investment (FDI)
4.6 The roles of foreign aid and multilateral development assistance
4.7 The role of international debt
4.8 The balance between markets and intervention

Internal Assessment ~ SL 20hrs HL 20hrs

Portfolio of Three Commentaries

Assessment Outline Economics IB

SL Ecom Assessment

Paper 1
Duration: 1 hour 30 minutes
Weighting: 40%

Paper 2
Duration: 1 hour 30 minutes
Weighting: 40%

Internal Assessment

Portfolio

Duration: 20 hours

Weighting: 20%

HL Ecom Assessment
Paper 1
Duration: 1 hour 30 minutes
Weighting: 30%

Paper 2
Duration: 1 hour 30 minutes
Weighting: 30%

Paper 3
Duration: 1 hour
Weighting: 20%

Internal Assessment
Portfolio
Duration: 20 hours
Weighting: 20%

Command Terms in ECON

Students need to have a good understanding of the command terms for success in your IB exams. Here is a list of IB Command Terms for Economics.

Assessment Objective 1 IB Economics Exam Command Terms [2 marks]

Describe ~ Give a detailed account.
Define ~ Give the precise meaning of a word, phrase, concept or physical quantity.
List ~ Give a sequence of brief answers with no explanation.
Outline ~ Give a brief account or summary.
State ~ Give a specific name, value or other brief answer without explanation or calculation.

Assessment Objective 2 IB Economics Exam Command Terms [2-4 marks]

Analyse ~ Break down in order to bring out the essential elements or structure.
Apply ~ Use an idea, equation, principle, theory or law in relation to a given problem or issue.
Distinguish ~ Make clear the differences between two or more concepts or items.
Comment ~ Give a judgment based on a given statement or result of a calculation.
Suggest ~ Propose a solution, hypothesis or other possible answer.
Explain ~ Give a detailed account including reasons or causes.

Assessment Objective 3 IB Economics Exam Command Terms [4-6 marks]

Compare ~ Give an account of the similarities between two (or more) items or situations, referring to both (all) of them throughout.
Compare and contrast ~ Give an account of similarities and differences between two (or more) items or situations, referring to both (all) of them throughout.
Contrast ~ Give an account of the differences between two (or more) items or situations, referring to both (all) of them throughout.
Discuss ~ Offer a considered and balanced review that includes a range of arguments, factors or hypotheses.
To what extent ~ Consider the merits or otherwise of an argument or concept. Opinions and conclusions should be presented clearly and supported with appropriate evidence and sound argument.
Evaluate ~ Make an appraisal by weighing up the strengths and limitations.
Examine ~ Consider an argument or concept in a way that uncovers the assumptions and interrelationships of the issue.
Justify ~ Give valid reasons or evidence to support an answer or conclusion.

Assessment Objective 4 IB Economics Exam Command Terms [8 marks]

Draw ~ Represent by means of a labelled, accurate diagram or graph, using a pencil.
Identify ~ Provide an answer from a number of possibilities.
Label ~ Add labels to a diagram.
Measure ~ Obtain a value for a quantity.
Plot ~ Mark the position of points on a diagram.
Show ~ Give the steps in a calculation or derivation.
Show that ~ Obtain the required result (possibly using information given) without the formality of proof. “Show that” questions do not generally require the use of a calculator.
Sketch ~ Represent by means of a diagram or graph (labelled as appropriate). The sketch should give a general idea of the required shape or relationship, and should include relevant features.
Solve ~ Obtain the answer(s) using algebraic and/or numerical and/or graphical methods.
Construct ~ Display information in a diagrammatic or logical form.
Derive ~ Manipulate a mathematical relationship to give a new equation or relationship.
Calculate ~ Obtain a numerical answer showing the relevant stages in the working.
Determine ~ Obtain the only possible answer.

Resources

2013 IB Economics Guidebook from the IB https://goo.gl/DseBhp
For further information on the IB Diploma Programme, visit: www.ibo.org/en/programmes/diploma-programme/
Tarabukina Econ Guide http://gymg1306.mskobr.ru/files/IB%20DP%20Economics%20syllabus.pdf