IB Economics Tutor

Students can gain a knowledge of the complexity and interconnection of economic activity in a quickly changing world by studying economics, which is an engaging and dynamic topic.

The issue of scarcity lies at the core of economic theory. Despite the fact that the world’s population has limitless demands and wants, there aren’t enough resources to provide them. Due to this scarcity, decisions must be taken. Both in SL and HL, the Diploma economics course uses economic principles to investigate how these decisions are made:

• Manfacturers and consumers within certain markets (microeconomics)
• The national economy and political spheres (macroeconomics).
• At the worldwide level, where nations’ reliance on one another is growing due to commerce, the mobility of labour, and the investment of money (the global economy). An IB economics tutor in India from GIBM can help you to understand more explicitly!

Economic agents (consumers, producers, and governments make decisions that result in both positive and negative outcomes, and these outcomes have an impact on how well-off individuals and societies are relative to one another. As a social science, economics uses models and theories to investigate these decisions. Examining the following 6 real-world problems that are addressed as economic questions in the IBDP economics course gives students the opportunity to investigate these theories and models and apply them using empirical data. The economic questions are

• How do consumers and producers make choices in trying to meet their economic objectives?
• When are markets unable to satisfy important economic objectives—and does government intervention help?
• Why does economic activity vary over time and why does this matter?
• How do governments manage their economy and how effective are their policies?
• Who are the winners and losers of the integration of the world’s economies?
• Why is economic development uneven?

According to economic theory, the number of products and services that a society has access to determines how materially prosperous that society is. Economic expansion and improved productivity have consequently emerged as important objectives. Two crucial global economic concerns, though, are connected to these objectives and the decisions taken by economic actors. These are the environmental effects of economic activity and the problems with ensuring that everyone has access to resources, goods, and services. For DP economics students to fully comprehend these important global concerns, sustainability as well as equity become fundamental ideas.

Because of how quickly the world is changing, economic activity and the results thereof are always changing. Therefore, throughout the course, students are urged to conduct research on current, real-world concerns. Students should be able to recognise the limitations and advantages of economic principles in describing actual economic processes and performance through their own research. Students in the economics course will acquire the knowledge, skills, values, and attitudes that will motivate them to act responsibly as global citizens by focusing on the 6 real-world problems through the 9 key ideas (scarcity, efficiency, choice, equity, economic well-being, self-sufficiency, change, interdependence, and intervention).

When compared to the SL course, the economics HL course is different because it:

• Suggested amount of time for instruction (240 hrs for HL compared to 150 hrs for SL)
• The nature of the exam questions calls for more depth and breadth (HL only; extended material).
• Both SL & HL students learn numeracy skills, but HL learners will need to enhance these as necessary, in order to analyse and evaluate economic links and give sound policy advice. In HL paper 3, these competencies are specifically tested. Employ an IB economics tutor from GIBM is the best Idea!