The IB Economics SL curriculum is a demanding program that seeks to instill in students a comprehensive grasp of economic theories and principles, as well as their relevance to actual economic issues. The curriculum is divided into two parts: Standard Level (SL) and Higher Level (HL). This blog post will delve into the IB Economics SL syllabus, which is crafted to impart a foundational understanding of economic ideas and theories. The program encompasses a variety of topics such as scarcity and choice, supply and demand, market structures, and international trade.
Part 1: Microeconomics
The first part of the IB Economics SL syllabus covers microeconomics, which is the study of individual economic units, such as households and firms. Topics covered in this section include an introduction to economics, competitive markets, elasticities, government intervention, and market failure. This section aims to provide students with an understanding of how individual economic units make decisions and how these decisions affect the economy as a whole.
Part 2: Macroeconomics
The second part of the IB Economics SL syllabus covers the macroeconomics study of the economy as a whole. These subsections cover the level of overall economic activity, aggregate demand and aggregate supply, macroeconomic objectives, fiscal policy, monetary policy, supply-side policies, and the role of international trade. This part is introduced to students with the knowledge of how the whole economy works and how government policies affect economic growth.
Part 3: International Economics
The third part of the IB Economics SL syllabus is international economics – this is the study of economic ties between countries. In this chapter, topics such as international trade, exchange rates, and payments balance are covered. In this section, we describe trade and its impact on economic growth and development.
Part 4: Development Economics
The final part of the four units of the IB Economics SL syllabus deals with development economics, which is defined as the examination of economic growth and development in low-income countries. Some issues discussed here are economic development, measurement of development, domestic factors, involvement of international trade, and international aid. This section will develop students' knowledge about the difficulties encountered by poor nations and explain how the economic principles contribute to economic growth and development.
Internal Assessment
The Internal assessment is an individual study exercise that accounts for 20% of the final score. Research is required to be designed and carried out; data collection should be part of the plan, and conclusions should be drawn while using economic concepts and theories. The internal assessment aims at furnishing students with an endeavor to undertake independent research and use the economics knowledge to solve practical economic issues.
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