IB Economics explores how individuals, businesses, and governments handle the fundamental problem of scarcity by looking at Microeconomics (individual markets), Macroeconomics (the broad economy), and the Global Economy (international trade). Available at both Standard Level (SL) and Higher Level (HL)—with HL requiring more math and covering advanced topics like market structures—the course focuses heavily on applying economic models to real-world issues.
4 modules • 31 submodules • 24h total length
The study of individual markets. You will learn about supply and demand, elasticity, government intervention (like taxes and subsidies), and market failure (like pollution). Higher Level (HL) students also dive deeply into the "Theory of the Firm" to study monopolies and competition.
The study of the economy as a whole. This covers major national goals like economic growth (GDP), low unemployment, and stable inflation. You will explore how governments use fiscal and monetary policies to steer the economy.
A look at international trade, exchange rates, the balance of payments, and economic integration. It also focuses heavily on Economic Development, exploring the barriers developing nations face and the strategies they can use to improve living standards.
Introduction to Economics
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IB Economics HL
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