Global IB Mentors


Economics Courses

Studying economics, a fascinating and dynamic subject, can help students understand the complexity and interconnection of economic activity in a world that is changing quickly.

  • The central concern of economic theory is scarcity. There aren’t enough resources in the world to meet all of the demands and wants of the growing population. Because of this scarcity, choices need to be made. The Diploma in Economics course in both SL and HL examines how these choices are made using economic principles:
  • Customers and manufacturers in specific markets (microeconomics)
  • The political and economic domains at the national level (macroeconomics).
  • Globally, as a result of trade, labor mobility, and financial investment, countries are becoming more dependent on one another (the global economy). An Global IB Mentors tutor for IB economics in India can assist you in understanding more clearly!

Economic agents—consumers, producers, and governments—make decisions that have an impact on the relative wealth of individuals and societies. These decisions can have both positive and negative effects. Economics is a social science that studies these choices using models and theories. Students will have the chance to explore these theories and models and apply them with empirical data by looking at the following six real-world issues that are covered as economic questions in the IBDP economics course. What are the economic queries?

  • How do producers and consumers decide what to buy in order to achieve their financial goals?
  • When are markets unable to meet significant economic goals, and is government intervention beneficial in these situations?
  • Why is it important that economic activity varies over time?
  • What economic policies do governments implement, and how successful are they?
  • Who benefits and who loses from the global economic integration?
  • Why does uneven economic development occur?

Economic theory states that a society’s material prosperity is based on the quantity of goods and services it can obtain. As a result, increasing productivity and economic growth have become crucial goals. However, these goals and the choices made by economic actors are linked to two significant global economic concerns. These are the issues with guaranteeing that everyone has access to resources, goods, and services, as well as the environmental effects of economic activity. Sustainability and equity must become core concepts for DP economics students to fully understand these significant global issues.

Economic activity and its outcomes are always changing due to how swiftly the world is changing. As a result, students are encouraged to do research on contemporary, pressing issues during the course. Through independent study, students should be able to identify the benefits and drawbacks of using economic principles to explain real-world economic processes and outcomes. In the economics course, students will focus on six real-world problems through the nine key ideas (scarcity, efficiency, choice, equity, economic well-being, self-sufficiency, change, interdependence, and intervention) in order to acquire the knowledge, skills, values, and attitudes that will inspire them to act responsibly as global citizens.

The economics HL course is distinct from the SL course in that it

  • The recommended duration of instruction is 150 hours for SL and 240 hours for HL.
  • More breadth and depth are required due to the nature of the exam questions (HL only; extended material).
  • Both SL and HL students acquire numeracy skills; however, HL students will need to improve these as needed in order to analyze and assess economic relationships and provide wise policy recommendations. These competencies are specifically tested in HL paper 3. The best option is to hire an IB economics tutor from Global IB Mentors!

IBDP Economics and International-Mindedness: What Is It?

With a curriculum that allows for the study of economics from a decidedly global perspective, the economics course promotes global awareness. To make the main topic of the course come to life, teachers are free to choose from a wide range of local and global examples, case studies, and inquiries that are most relevant to their student groups. This flexibility allows the IB course to quickly adapt to the rapidly changing global context.

Even though theory is the foundation of economics, the course places a strong emphasis on applying economic theory to contemporary issues. Students gain the ability to explore economic issues with policy interventions at local, national, and international levels, utilizing their knowledge and comprehension of economics to find solutions to issues that are important to them. Economics students acquire the analytical abilities needed to have a comprehensive understanding of the major global challenges pertaining to sustainability, inequality, the concentration of economic power, and increasing interconnectedness.

The globally-minded economics student actively engages with the material and demonstrates a high degree of agency when learning about the economic issues that people in various countries face.

What Is The DP Economics Teaching and Learning Approach?

The economics course emphasizes inquiry-based learning and provides students with guidance from an IB economics tutor in India. Students can use real-world examples to research economic concepts or global issues. Thus, real-world examples and an approach focused on real-world issues should be utilized to support economics education. It might be required for you to base your response on an argument based on real-world examples in certain evaluations.Instead of just providing a theoretical answer, the student’s grasp of economics should be demonstrated in this debate by using a real-world example. By doing this, the students will be ready to answer theoretically rather than just “saying” an example.

The nine core concepts—scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention—are integrated into the conceptual understandings of each unit to ensure that a conceptual thread runs throughout the entire course.

In order to help students prepare for the working world of the future, the DP Economics course places a strong emphasis on the development of excellent verbal, written, and diagrammatic communication skills as well as sophisticated and critical thinking and ethical issues. Because the IB student profile characteristics are transferable to the entire CP, they consequently support and elevate the student’s learning.

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