IB Economics

Course Description

Welcome to IB Economics. You have chosen a challenging two-year journey; however, it will be an experience full of intrigue and insight. The world around you will become a little clearer as we explore events through the eyes of an economist.

This social science course follows the International Baccalaureate syllabus. The two-year program concludes with an external examination worth 75% SL/80% HL, and with an internal assessment (Economics Portfolio) worth 25% SL/20% HL that is constructed throughout the course. This course emphasizes both micro and macroeconomics; it is designed to introduce basic economic concepts and theories and develop the skills of economic reasoning, analysis, and evaluation. Other areas of focus include internationalism and development. Unique to HL, students will cover extension topics which are extra depth and breadth studies of Theory of the Firm, inflation, and exchange rates to name a few. Students are expected to read and listen to current media sources, as this will markedly enhance their ability to apply economic theories to the real world – a skill much valued in economics. All students enrolled in an IB subject must sit the external exam at the end of Year 2 except with the permission of the IB coordinator and/or the principal.

For details highlighting the areas of study, please download yourself a copy of the IB Economics syllabus from my webpage (www.mistercheung.com). Place the syllabus in your binder so you can plan ahead for what will be covered and refer back to the topics studied.

The following is the IBO's nature of the subject:

Economics is a dynamic social science, forming part of group 3 - individuals and societies. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements.

The IB Diploma Programme economics course emphasizes the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. These economic theories are not to be studied in a vacuum—rather, they are to be applied to real-world issues. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability.

The ethical dimensions involved in the application of economic theories and policies permeate throughout the economics course as students are required to consider and reflect on human end-goals and values.

The economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasingly interdependent world.

Course Objectives

According to the IBO, the aims of all subjects in group 3, individuals and societies are to:
1. encourage the systematic and critical study of: human experience and behaviour; physical, economic and social environments; and the history and development of social and cultural institutions
2. develop in the student the capacity to identify, to analyse critically and to evaluate theories, concepts and arguments about the nature and activities of the individual and society
3. enable the student to collect, describe and analyse data used in studies of society, to test hypotheses, and to interpret complex data and source material
4. promote the appreciation of the way in which learning is relevant both to the culture in which the student lives, and to the culture of other societies
5. develop an awareness in the student that human attitudes and beliefs are widely diverse and that the study of society requires an appreciation of such diversity
6. enable the student to recognize that the content and methodologies of the subjects in group 3 are contestable and that their study requires the tolerance of uncertainty.

In addition, the aims of the economics syllabus at SL and HL are to enable students to:
7. develop an understanding of microeconomic and macroeconomic theories and concepts and their real-world application
8. develop an appreciation of the impact on individuals and societies of economic interactions between nations
9. develop an awareness of development issues facing nations as they undergo the process of change.

Course Outline

Year 1
Section 1: Microeconomics
1.1 Competitive markets: demand and supply (some topics HL only)
1.2 Elasticity
1.3 Government intervention (some topics HL extension, plus one topic HL only)
1.4 Market failure (some topics HL only)
1.5 Theory of the firm and market structures (HL only)
Section 2: Macroeconomics
2.1 The level of overall economic activity (one topic HL extension)
2.2 Aggregate demand and aggregate supply (one topic HL only)
2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only)
2.4 Fiscal policy
2.5 Monetary policy
2.6 Supply-side policies

Year 2
Section 3: International economics
3.1 International trade (one topic HL extension, plus one topic HL only)
3.2 Exchange rates (some topics HL extension)
3.3 The balance of payments (one topic HL extension, plus some topics HL only)
3.4 Economic integration (one topic HL extension)
3.5 Terms of trade (HL only)
Section 4: Development economics
4.1 Economic development
4.2 Measuring development
4.3 The role of domestic factors
4.4 The role of international trade (one topic HL extension)
4.5 The role of foreign direct investment (FDI)
4.6 The roles of foreign aid and multilateral development assistance
4.7 The role of international debt
4.8 The balance between markets and intervention

Textbooks
Blink, Joycelyn and Ian Dorton. Economics: Course Companion. Second Ed. Oxford: Oxford UP, 2011.

Glanville, Alan. Economics From A Global Perspective. Second Ed. Oxford: Glanville Books, 2003.

Workbooks
Morton, John S. and Rae Jean B. Goodman. Advanced Placement Economics Microeconomics: Student Activities. Third Ed. New York: NCEE, 2005.

Morton, John S. and Rae Jean B. Goodman. Advanced Placement Economics Macroeconomics: Student Activities. Third Ed. New York: NCEE, 2005.

Supplementary Materials
Other texts or readings from Mr. Cheung’s collection, selected articles from periodicals and newspapers, and DVD/video clips

Grading:
Students will be assessed in a variety of ways, which include, but not limited to, quizzes, tests, IAs, and homework. All formal evaluations will be marked according to IB criteria for economics, and carried over into a percentage for SAS grading purposes. Please see Group 3 Grade Descriptors (separate sheet).

Students’ grades will be calculated according to the following breakdown:

• Tests (50%) Tests are given after each chapter, couple of chapters, or unit. Test dates will be announced in class usually one week prior to the test.

• Quizzes and Projects (40%) Quizzes will be given to reinforce certain concepts. Students will be notified two days prior to the quiz, for example if today is Monday, the quiz will be Wednesday. The teacher reserves the right to give pop-quizzes. Projects include, but not limited to, oral presentations, podcasts, and blog entries.

• Homework (10%) Though most of the “action” occurs in class, homework is assigned as a vital extension of the classroom. Students can expect to regularly receive homework designed to reinforce concepts and skills covered in class. Homework includes, but not limited to, readings, worksheets, writing assignments, research, and test preparation.

• NB: School policy establishes that a written exam be given at the end of each semester (first semester only for Y2 students). This exam will cover material from the entire semester and count as 20% of your overall semester grade. Thus, the above coursework will be weighted at 80% and the semester exam at 20%. There will be no semester two exam for Y2 students as you will be taking your IB exams in May. However, you will be taking mocks, which usually occur before or after Spring break. Mocks will be included as a test grade.

Late Work and Make-Ups
Late work will be penalized at 10% per day to a maximum of three days (30%). After that, a grade of zero will be earned for that particular assignment/project and will become part of the student’s evaluation for that quarter/semester. Parents will be informed of this situation.

If the due date is a Friday and the work is turned-in on a Monday, the penalty will be 20%. Any exception to this policy is at the discretion of the teacher (e.g. medical reasons).

Unexcused absences warrant a zero for missed quizzes and tests. Otherwise, all quizzes and tests will be taken prior to the excused absence, or immediately following the absence. Students are instructed not to wait for the next scheduled class to see their teacher.

Attendance, Participation and Attitude
Avoid missing class, for any reason, as each student is responsible for all material presented in class, including announcements on course procedures, examinations, etc. Unexcused absences can and will affect your grade. In the case of excused absences, they should be kept to a minimum. It is the student’s responsibility to make up for classes missed, not the teacher’s.

Prompt arrival to class is also expected. You are asked to be prepared (physically and mentally) for class discussions, possess a positive attitude, and be ready for individual and collaborative work.