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IB Economics Standard & Higher Level Starting September 2008 What is Economics and why is it important? Can we prevent global warming? Can we feed an ever growing population? Is it possible to bring prosperity to all? Will there be wars fought over oil and food in the future? In a world of poverty, environmental degradation, conflict, inequality, and turmoil, it is important that we use the proper tools for examining the issues that confront us. Economics is the study of choices – how to best make them and how we can best meet our needs. In the long run, free trade benefits everyone; in the short run it is bound to produce much pain. Hobhouse, Henry It is the interest of the commercial world that wealth should be found everywhere Burke, Edmund What will you study in IB Economics? The nature of the economic problem: scarcity, choice, and cost Markets, efficiency, and market failure Economies and economic organisation Business economics: firms and market structure Macro-economics: unemployment, inflation, and growth International Trade The economics of development Who is IB Economics suitable for? It is designed to accommodate pupils who: Are interested in politics Want to understand the news Are interested in current affairs and issues Are concerned about the environment, equality and development Who want to be educated voters Who are interested in how government affects business You do not need previous experience or coursework in Economics!!!! IB Economics assumes students have no previous economic experience. Economics Syllabus Core Themes HL Extension Introduction to economics Taxes and tax incidence Microeconomics Theory of the Firm Markets Costs and profits Elasticities Perfect competition Market Failure Monopoly Macroeconomics Oligopoly National income Monopolistic competition Development Price discrimination Macroeconomic models Measuring inflation and Demand and Supply-side unemployment policies Multiplier, accelerator Unemployment Crowding out Inflation Phillips Curve Distribution of Income Measuring Distribution of Income Economics Syllabus continued Core Themes HL Extension International Economics Comparative Advantage Why Trade? Limitations of the theory Free Trade and Problems integrating Protectionism Trade creation and diversion Economic Integration Marshal-Lerner condition WTO Measurement of terms of Balance of Payments trade Exchange Rates Problems with trade surpluses and deficits Terms of Trade Economics Syllabus continued Core Themes Development Economics Sources of growth and development Consequences of development Barriers to growth and development Growth and development strategies Evaluating growth strategies Internal Assessment All students will compile a portfolio of commentaries of four news articles. Each commentary is between 650-750 words. The commentaries are based on contemporary news articles that enable the student to analyse the situation and apply the economic theories and concepts which best explain the story reported in the newspaper. The commentaries are spaced throughout the two year course. Teaching Methods Enquiry-based work Individual Research Role Plays Group work Debates Videos Online Internet lessons & Activities Presentations Possible Homework Tasks Group Work Individual / pair presentations Essays Structured Questions Analysis of the news Data Analysis tasks Questions Feel free to ask! There are 10 to the eleventh power stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers. Richard Feynman If all the economists were laid end to end, they'd never reach a conclusion. Shaw, George Bernard Ask five economists and you'll get five different answers (six if one went to Harvard) Fiedler, Edgar R While the miser is merely a capitalist gone mad, the capitalist is a rational miser. Karl Marx Money is like manure; it's not worth a thing unless it's spread around encouraging young things to grow Wilder, Thornton Niven "The Matchmaker"
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