Economics SL

Guide to the course

The Economics SL and Economics HL courses provide students with core knowledge of economics and incorporate elements of history, geography, psychology, sociology, political studies and other related fields of study.

Economics is a dynamic social science, forming part of the study of individuals and societies. The study of economics has many facets, and this is reflected in the broad scope of both courses. At its core, economics is concerned with the concept of scarcity and problems of resource allocation. Students will analyse how markets function and the ways in which market factors and government policies influence unemployment, inflation and economic growth. They will also consider economic theory in the contexts of microeconomics, macroeconomics, international and developmental economics. The scientific approach characterises the standard methodology of economics, featuring a progression from problem identification, through hypothesis formulation and testing, and arriving finally at a conclusion.

Differences between the Economics HL and SL courses

The Higher Level course in economics differs from the Standard Level course in terms of the hours devoted to teaching (240 hours for HL compared to 150 hours for SL) and the extra depth and breadth of study required for HL through the inclusion of "extension topics".

These courses also differ with regard to the number of external assessment components (3 examination papers for HL, 2 examination papers for SL) and the weighting of the examination questions.

Adapted from the IB Economics Guide © International Baccalaureate Organization