Economics is a dynamic social science, forming part of group 3—individuals and societies. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements.
The IB Diploma Programme economics course emphasizes the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. The course explores real-world issues, such as fluctuations in economic activity, international trade, economic development and environmental sustainability. The ethical dimensions require students to reflect on human end-goals and values when exploring economic theories and policies.
The economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasingly interdependent world.
Students who wish to study Diploma Economics at SL and HL should have demonstrated at least an MYP Grade 5 in Year 10 Humanities and have an interest in the subject.
- Units of Study
- Introduction to Economics
- International economics
- Development Economics