Your child's own
IB Economics HL tutor

Unit 1: Introduction to economics

Economics studies choices made with scarce resources and the interdependence of economic decision-makers. Topics: What is economics?, How do economists approach the world?.

Unit 2: Microeconomics

Explain demand, supply, market equilibrium and elasticity, then analyse government intervention and failures of markets to achieve efficiency, sustainability or equity. Topics: Demand, Supply, Competitive market equilibrium, Critique of the maximizing behaviour of consumers and producers, Elasticities of demand, Elasticity of supply, Role of government in microeconomics, Market failure - externalities and common pool resources, Market failure - public goods, Market failure - asymmetric information, Market failure - market power, The market’s inability to achieve equity.

Unit 3: Macroeconomics

Explain fluctuations in national output, employment and prices, and assess their effects on economic well-being and distribution. Topics: Measuring economic activity and illustrating its variations, Variations in economic activity, aggregate demand and aggregate supply, Macroeconomic objectives, Economics of inequality and poverty, Demand management, monetary policy, Demand management, fiscal policy, Supply-side policies.

Unit 4: The global economy

This unit examines the gains and conflicts created by international trade, financial flows and economic integration, then considers why development is uneven. Topics: Benefits of international trade, Types of trade protection, Arguments for and against trade control/protection, Economic integration, Exchange rates, Balance of payments, Sustainable development, Measuring development, Barriers to economic growth and/or economic development, Economic growth and/or economic development strategies.

Economics skills and assessment craft

Practise the transferable craft rewarded in economic diagrams, written arguments and data responses. Topics: Constructing and explaining economic diagrams, Paper 1 extended responses, Paper 2 data responses, HL Paper 3 policy responses, Internal assessment commentary portfolio.