. It challenges the assumption that actors will always make rational choices with the aim of maximizing utility. It was the end of another long day. He had decided during the day that he could no longer do all of the work of running the store by himself. The resource is meant to be a one-stop shop for IB students and teachers. The resource is constantly being developed with new topics going live on a weekly basis. People applying for the job could see if they were suitable for the work expected of them. Some teachers have asked about the addition of the key concepts and how they will be assessed. \text{Shop Assistant}\\ LinkedIn, IBDP Maths: Applications & Interpretation, Giving students access to the Inthinking site, How to use this site to help you teach the course, Cross elasticity of demand (old syllabus), Terms of trade (HL only) old syllabus unit 3.5, Suggested pathways for the new curriculum, Textbook approach to the new IB Economics examination specification. Each IA has to use a theory or theories from one of the three units: Microeconomics, Macroeconomics, and International Trade. Government Intervention This section of the IB Economics course examines the three main types of government intervention in the market: indirect taxes, subsidies and price controls. How to interpret the new assessment criteria? The resource is entirely based on the IB economics curriculum. We hope this will serve as a directory of our Economics resources for IB Economics students in Year 1 and Year 2. Government intervention is regulatory action taken by government that seek to change the decisions made by individuals, groups and organisations about social and economic matters.Government intervention is any action carried out by the government that affects the market with the objective of changing the free market equilibrium / outcome. . Filter Search Post Type These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. . This IB Economics study guide is organized according to the IB Economics HL syllabus and IB Economics SL syllabus. Originally from the UK, she joined her first international school in Mexico City in 1996, where she began teaching the IB Diploma Programme. In addition, students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. Limited availability of resources relative to society's unlimited demand for goods and services. \text{To arrange all shelf displays}\\ Each of the six Real World Issues in the guide begins with statements of conceptual understanding to help teachers and students appreciate the big ideas. Finally teachers are encouraged to employ an inquiry approach to teaching and learning. \text{To be responsible for ordering all goods from suppliers}\\ The Economics IA is a portfolio of three commentaries of a firm or nation's decisions from extracts of published news media by applying existing knowledge on economic theories. Economics is a two year IB course designed to give students an understanding of economic concepts, theories, principles, practices and skills. You are going to submit three Economics commentaries by the end of your IB diploma/certificate. At the top of each unit you will find a short 5-7 minute video review of each topic. So instead of writing "money" write "consumption" or "expenditure" or "spending." This will help to convince the reader you are familiar with the subject. The correct answers for the worksheet are as follows: Scarcity Choices Scarcity Sustainability Scarcity Efficiency Equity Economic well-being Intervention Equity Economic well-being Intervention Interdependence He was going to advertise for a shop assistant. If you enjoyed this story, consider reading more below: approaches to learning, Diploma Programme, International Baccalaureate Organization, A Thank You letter to my Spanish and Chinese language teachers, From Transoceanic to Transcontinental: Moving to New Places, Sight Unseen, Creating the next generation of world leaders. IB Economics.online 2022 Syllabus, Notes and Videos. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. Fundamentally, economics uses models and theories to examine the choices made by society at different levels, and that remains a constant. Since then, Toni has worked in international schools in Europe and Asia, teaching DP economics, Geography and TOK. Similarly, assessment components have more focus on application to real world contexts and are holistic in nature. In addition, time for extended responses was increased to allow students more opportunity to demonstrate a greater depth of understanding and argument. Definitions for IHS IB SL Economics (2013) These should serve as a good review tool for your assessments. 1.2 How Do Economists Approach the World? Toni was invited to join the DP economics curriculum review in its first year and worked with the team throughout the process. \text{Five days a week}\\ Unit 1: Introduction to Economics10 Hours for SL and 10 Hours for HL 1.1 What Is Economics? These concepts are recurring themes throughout the course, connecting discrete topics. The course will be taught through 9 key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. IB economics revolves around the nine carefully chosen key concepts that helps in developing the complexities that nations of the world face in economic activities. We have summarised the Economic concepts from the IB Economics syllabus, and linked our IB Economics notes and questions to key topics on this page. Objectives: Demonstrate . Explain. The recent COVID-19 (Coronavirus) pandemic highlights many of the types of issues covered in the course: Students will learn to apply economic thinking to real word issues and will understand the complexity of these issues. How does society make choices about how to allocate vital goods and services such as masks, ventilators and vaccines? Exposure to multiple perspectives will encourage reflection and open-mindedness. Home. The resource is entirely based on the IB economics curriculum. UK inflation tests BoE as it jumps to highest . 2 Draw the Diagram (0 Words) The diagram (and it's titles, etc) do not count in your word count. We see these around us and in the news on a daily basis. Unit 2.5(1): Price elasticity of demand (PED), Unit 2.5(2): Income elasticity of demand (YED), Unit 2.6: Price elasticity of supply (PES), Unit 2.7(1): Governments in markets - tax and subsidy, Unit 2.7(2): Governments in markets - price controls, Unit 2.8(1): Market Failure Externalities, Unit 2.8(2): Market failure - merit goods and demerit goods, Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods, Unit 2.8(4): Common access (pool) resources, Unit 2.11(1) Market power - Theory of production and costs (HL), Unit 2.11(2) Market power - Perfect competition(HL), Unit 2.11(4) Market power - Monopolistic competition(HL), Unit 2.11(5) Market power - Oligopoly(HL), Economics real world examples and extension material, Unit 3.1(1): Measuring the level of economic activity, Unit 3.1(2): Measuring Economic Development, Unit 3.2(1): Variations in economic activity - aggregate demand (AD), Unit 3.2(2): Variations in economic activity - aggregate supply(AS), Unit 3.3(1) Macroeconomic objectives: economic growth, Unit 3.3(2) Macroeconomic objectives: unemployment, Unit 3.3(3) Macroeconomic objectives: inflation and deflation, Unit 3.4(1) Economics of inequality and poverty, Unit 3.4(2) Policies to improve equality, equity and poverty, Unit 3.5 Government management of the economy monetary policy, Unit 3.6 Government management of the economy fiscal policy, Unit 3.7(1) Market based supply-side policies, Unit 3.7(2) Interventionist supply-side policies, Unit 4.9 Barriers to economic development, Unit 4.10: Economic growth and economic development strategies, Unit 1.1: Scarcity, choice and opportunity cost, Unit 2.1-2.3: Competitive markets - demand and supply, Unit 2.4: Consumer and producer behaviour (HL only), Behavioural economics: Consumer biases / nudge theory (HL only), Unit 2.5: Income elasticity of demand (YED), Unit 2.7: The role of government in microeconomics, Unit 2.7: Indirect tax and subsidy review terms, Unit 2.9: Economics of the environment and public goods, Unit 2.10: Asymmetric information (HL only), Unit 2.8-2.10: Market failure review sheet, Unit 2.8-2.10: Market failure review terms, Unit 2.7-2.10 Government failure revision quiz, Revision exercise on cost and revenue (HL only), Unit 2.11: Costs, revenue and profit review sheet (HL only), Unit 2.11: Multiple choice quiz (SL units), Unit 2.11: Market structures review sheet (HL only), Unit 2.11: Multiple choice quiz (HL only), Unit 2.12: The markets inability to achieve equity (HL only), Units 1+2 Microeconomics quiz (SL units only), Unit 3.1: Measuring economic activity and illustrating its variations, GDP / GNI as a measure of living standards, Unit 3.2: Variations in economic activityaggregate demand and aggregate supply, Equilibrium in macroeconomics (neo-classical perspective), Equilibrium in macroeconomics (keynesian perspective), Unit 3.2: Aggregate demand and supply review sheet, Unit 3.5 and 3.6: Demand management - fiscal and monetary policy, Market based and interventionist supply side policies, Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz, Unemployment v inflation trade off (HL only), Unit 3.3: Macroeconomic indicators revision quiz, Unit 3.4: Economics of inequality and poverty, The role of spending and taxation on inequality, Economic growth and inequality review sheet, Unit 3: Macroeconomics multiple choice quiz, Unit 3: Multiple choice revision questions, Unit 4.1: Benefits of international trade, Absolute and comparative advantage (HL only), Barriers to trade (calculations are HL only), Jo Biden likely to steer the USA to re-join TPP, Fixed / managed exchange rate systems (some HL tasks), The Marshall-Lerner condition / J curve (HL only), Unit 4.1-4.6: International trade crossword, Barriers to development in International trade, Unit 4.10: Economic growth and/or economic development strategies, The role of international trade and development, The role of foreign direct investment (FDI), The balance between markets and intervention, Unit 4.7 - 4.10: Development multiple choice quiz. Unit 1.2: How do economists approach the world? Much of the content will be familiar to teachers, though there are some additions, such as the introduction of behavioural economics. | This involves skills such as connecting news articles to relevent theories and explaining the key assumptions that emerge. Listen to this talk by Kate Raworth on Doughnut Economics Key definitions for unit 1.2 . However, EconIBsts is not affiliated or endorsed by the IB. Economic systems: free market economy, planned economy and mixed economy . The economic world is dynamic in nature and constantly subject to change. Anything underlined will take you to a presentation or additional information like a list of key words or a quick quiz plus other external links. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Find resources which includes Sample Papers, Sample IAs, Samples EEs Distributed Among 128+ files which will act as your secret weapon to ace your IB Economics HL exam. Fighting Against Sugary Drinks With Information. Specifically designed for the new IB Economics curriculum rather than being revised for it, Based on the IB philosophyin terms of content, toneand philosophy, Dynamic with constant revisions, updated forthe integration of real world issues and inquiries, Developed by an IB educator with twenty five years' experience ofteaching and leading atinternationalschools in India, Uzbekistan, Romania and Hungary, Suitable for independent learning and group activities, Ideal for distance learning and during partial opening of schools, Readily accessible on your devices avoiding the need to carry textbooks, Activitiesgeared towards the Internal Assessment interwoven throughout. Microeconomics This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Contact, Twitter Alternatively, sign up to our sites at www.studyib.net Gasoline shortage in the 1970's. Choice It is the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options A fruit and vegetable business choosing to sell their products to consumers, and buyers . To what extent can governments sustain large debts? which are specifically designed for self study and revision. Order a copy here on Amazon You can also request a Free trial or check the blog (which is also free), document.write(new Date().getFullYear()) InThinking We appreciate your ongoing support and invite you to connect with us onLinkedIn,Twitter, Instagram and now YouTube! How would you summarize the results for equilibrium price and equilibrium quantity? By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. If you are an IB World School or an IB student and you wish to share your story with us, please write to us at communications@ibo.org. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. For example, improving living standards whilst ensuring environmental sustainability, debates over the appropriate level of government intervention in the economy, growing inequalities and the impact of increasing globalization and interdependence. Your IB Economics commentaries should be based on all 3 parts of your economics coursework, i.e. Outline the central concepts of IB Economics: scarcity, choice, well-being, efficiency, change, interdependence, intervention, equity, and economic sustainability. Once in the job, the new employee would know exactly what their duties and responsibilities were. Obviously, the movie theater doesn't charge more when demand for the movie is higher than when it is lower." The key concepts in the IB economics guide are: Scarcity Choice Efficiency Equity Economic well-being Sustainability Change Interdependence Intervention Example of the use of the key concept in the textbook Thinking about a key concept - Sustainability The theory of negative externalities can be closely related to sustainability. In line with the IB Learner Profile, "Act with integrity and honesty". Click to download Worksheet 1. Which elasticity of demand is the steeper slope and is less responsive to the quantity demanded is to a change in the prevailing price. Concepts only applicable to HL is noted in italics . The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. . However, EconIBsts is not affiliated or endorsed by the IB. We wanted to develop a course that would be engaging for students and allow them to develop an understanding of complex world issues, regardless of whether they continue to study economics beyond school. How is total revenue related to elasticity of demand? Page 13 of the new economics guide highlights the role that economic skills play in the "study of DP economics .. reflecting the subjects distinctive approach". economics for the ib diploma: teacher's resource Brief review of Chapter 1 Chapter 1 is an introduction to the subject and method of economics. Economic well-being is a multidimensional concept relating to the level of prosperity and quality of living standards enjoyed by members of an economy. Breaking the cycle of poverty in Ethiopia, Development and market failure (HL and SL), Paper 2 guidance on writing the data response paper, Paper 3 question on market equilibrium (HL only), Paper 3 question on revenue, profits, PED and price controls, Paper 3 question: Demand and supply elasticity, Paper 3 question on indirect taxation (HL only), Paper 3 question on government intervention (HL only), Paper 3 question: USA's new tax regime (HL only), Paper 3 sample question on positive externalities, income elasticity of demand, the Engel curve and common-pool resources, Paper 3 question on subsidy and taxes (HL only), Paper 3 question on utility, demand theory and market failure (HL only), Paper 3 question on revenue and costs (HL only), Paper 3 question market structures (HL only), Paper 3 question on perfect competition, revenues, costs, profits and positive externalities, Paper 3 question on demand theory, PED, revenue, oligopoly and market power (HL only), Paper 3 question on calculating national income (HL only), Paper 3 question economic activity (HL only), Paper 3 question: Measuring national income, inflation, YED and positive externalities, Paper 3 question on unemployment, deflationary gaps and the multiplier, Paper 3 question on GDP, economic growth, the multiplier and supply side policies, Paper 3 question: Measuring real GDP, measuring economic growth, business cycle, maximum prices and housing market policies, Paper 3 style question macroeconomics (HL only), Paper 3 question on inflation, price indices, exchange rates and policies to deal with inflation, Paper 3 question: Subsidies, macroeconomic indicators and equity, Paper 3 type question on tariffs and quotas, Paper 3question on exchange rates (HL only), Paper 3 question on balance of payments (HL only), Paper 3 question on balance of payments and exchange rates (HL only), Paper 3 question on trade creation and diversion, Paper 3 question: Trade agreements, tariffs, balance of payments current accounts and supply policies, Paper 3 question on development (HL only), Paper 3 question on economic development (HL only), Paper 3 question on economic recovery in LEDCs (HL only), Paper 1: Extended response paper HL and SL (g), Paper 1: Extended response paper HL and SL (h), Paper 1: Extended response paper HL and SL (i), Paper 1: Extended response paper SL and HL (j), Paper 2: Economic development HL and SL (a), Paper 2 Extended response paper: Trade barriers (c), Paper 2 Extended response paper: Development (d), Paper 3: Subsidies, macroeconomic indicators and equity HL, The impact of deteriorating TOT for LEDCs (HL only).