IB Prospectus 2026_paperturn_2 - Flipbook - Page 33
Economics (available at HL and SL)
Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and
interdependence of economic activities in a rapidly changing world.
At the heart of economic theory is the problem of scarcity and choice. Much of what we study in economics is about problem
solving and decision making. While the world’s population has unlimited needs and wants, there are limited resources to satisfy
these needs and wants. As a result of this scarcity, choices have to be made. Many of the issues we look at in economics are
controversial, for example, the extent to which we want to provide for our needs and wants through state intervention or through
the market system. We also look at markets that fail, and how these problems can be recti昀椀ed. We look at di昀昀erent approaches to
development and reducing inequality.
At both levels, the course uses economic theories to examine the ways in
which these choices are made:
l at the level of producers and consumers in individual markets
(microeconomics)
l at the level of the government and the national economy
(macroeconomics)
l at an international level where countries are becoming increasingly
interdependent through international trade and the movement of
labour and capital (the global economy).
You will produce three IAs over the course of the two years, in the past
students have looked at issues such as:
l the impact and causes of the energy crisis
l the impact of climate change.
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