Economics SL

Syllabus, prerequisites and materials

Syllabus (summary)

The IB Economics courses (both SL and HL) are constructed around five sections.

Section 1: Introduction to economics introduces students to the basic terminology and concepts of economics, providing them with an early opportunity to explain economic phenomena through the use of diagrams, data analysis and the evaluation of economic material. This section is intended to make students aware of the role of economics in real-world situations.

Section 2: Microeconomics identifies and explains the importance of markets and the role played by demand, supply, consumers, producers and the government in different market structures. The failures of market systems are identified and possible solutions are examined.

Section 3: Macroeconomics investigates the major macroeconomic issues facing countries' economic growth, development, unemployment, inflation and income distribution. This section also introduces and evaluates concepts such as income distribution and economic strategies available to governments such as demand-side policies, supply-side policies, and direct intervention.

Section 4: International economics encourages candidates to investigate real-world examples of international trade, to understand the problems involved and how these problems are addressed. Students also develop understanding of how exchange rates affect international trade.

Section 5: Development economics delves deeper into the fundamental distinction between economic growth and economic development. Students explore the problematic tendency to group countries into categories such as developed, developing, newly industrialised countries (NICs) and transition economies. Students investigate the problems faced by developing countries, and to develop an awareness of possible solutions to these problems.

For information on the differences between SL and HL courses in Economics, please see our Guide to the Course.

Prerequisites

Students do not need a background in economics for the Economics SL course, although familiarity with basic economic concepts would be an advantage.

Materials

Economics Course Companion (IB Diploma Programme) for the 2010-2012 cohort
Oxford University Press (9780199151240) (embedded in course)

Economics Course Companion (IB Diploma Programme) for the 2011-2013 cohort
Oxford University Press (9780199128600) (embedded in course)

TripleA BACCpac (embedded in course) to cover:

A-Z of Economics pack (this covers the fundamental concepts)

Microeconomics
Macroeconomics
International economics
Development economics

Additional online resources will be made available to students.

Adapted from the IB Economics Guide © International Baccalaureate Organization