Fees: DECA dues of $40; IB Exam Fee as appropriate
Learning Recommendations: No prerequisites exist. No particular background in terms of specific subjects studied for national or international qualifications is expected or required, and no prior knowledge of economics is necessary for students to undertake a course of study based on this specification. However, a familiarity with economic concepts would be an advantage.
General Description: 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 dynamic social science, economics uses scientific methodologies that include quantitative and qualitative elements.
The 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 discussion 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 economic course encourages students to develop international perspectives, foster 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.
Section 1: Microeconomics
- Competitive markets: demand and supply
- Government intervention
- Market failure
Section 2: Macroeconomics
- The level of overall economic activity
- Aggregate demand and aggregate supply
- Macroeconomic objectives
- Fiscal policy
- Monetary policy
- Supply-side policy
Section 3: International Economics
- International trade
- Exchange rates
- The balance of payments
- Economic integration
Section 4: Development Economics
- Economic development
- Measuring development
- The role of domestic factors
- The role of international trade
- The role of foreign direct investment (FDI)
- The role of international debt
- The balance between markets and intervention
Strategies: Strategies employed will include:
- Reading from various sources providing students the ability to synthesize different perspectives.
- Writing exercises, including structured answers to IB exam questions, Internal Assessments, and various ongoing assignments and projects.
- Discussing current event economic issues to solidify learning and develop an appreciation for various perspectives.
Through applying strategies such as, but not limited to, the strategies listed above, students will learn to evaluate IB command terms and apply them appropriately through either individual or group work. They will utilize resources such as text books, study guides, case studies, current event accounts, historical accounts, various media sources, and other topical sources as appropriate.
Equipment to be provided by Student: None