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. Your IB Economics commentaries should be based on all 3 parts of your economics coursework, i.e. Does Shelby's point negate Carmelo's? Chapter 1 - Introduction to Economics & The Core Concepts 9 Lectures - 01hr 49mins FREE . This would make clear what the job would involve. Fighting Against Sugary Drinks With Information. Use tab to navigate through the menu items. The following are key concepts/big ideas in economics: Scarcity results in choices with opportunity costs Values influence economic choices Markets provide incentives and ration scarce resources Perfectly competitive markets are efficient Market failure may require government intervention The benefits of market activities may not be equitable He was going to advertise for a shop assistant. In addition, students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. Bill remembered from his previous job, working for a large retail chain, that it was important to make clear the tasks and responsibilities of employees. IB Economics focuses heavily on application. These should be covered throughout the course and integrated where appropriate in relation to the To access the entire contents of this site, you need to log in or subscribe to it. Legal every transaction that affects NX also affects NCO by the same amount, When workers are allowed to focus on a particular task in which they are well suited, this is refered to as. We see these around us and in the news on a daily basis. Explain scarcity. Objectives: Demonstrate . We appreciate your ongoing support and invite you to connect with us onLinkedIn,Twitter, Instagram and now YouTube! With a shift towards more inquiry-based learning in the new curriculum, the site includes suggestions for inquiry, based on a user-friendly framework. This involves skills such as connecting news articles to relevent theories and explaining the key assumptions that emerge. Economics is a two year IB course designed to give students an understanding of economic concepts, theories, principles, practices and skills. | It challenges the assumption that actors will always make rational choices with the aim of maximizing utility. You are going to submit three Economics commentaries by the end of your IB diploma/certificate. 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. Since then, Toni has worked in international schools in Europe and Asia, teaching DP economics, Geography and TOK. \text{To be responsible for ordering all goods from suppliers}\\ To what extent can governments sustain large debts? One key change is the greater emphasis on using real world contexts to explore the content. 3. Home. In addition, nine key concepts that are central to the course have been identified: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. \text{Shop Assistant}\\ Unit 1: Introduction to Economics10 Hours for SL and 10 Hours for HL 1.1 What Is Economics? Many teachers recognize that these key concepts have always been there but, for students, this is less obvious unless we address them directly. (HL and SL). 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. . IB Economics.online 2022 Syllabus, Notes and Videos. The IB interviews, Toni Hewett, one of the developers of the new DP economics course. The problem of choice: Explain that land, labour, capital and entrepreneurship are the factors of production. \text{To open the shop in the morning}\\ nine key concepts that are central to the course have been identified: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. So instead of writing "money" write "consumption" or "expenditure" or "spending." This will help to convince the reader you are familiar with the subject. | EconIBsts has been envisioned as a resource specifically designed for the new IB Economics course - first teaching in 2020 and first assessment in 2022. Try doing all the exercises and think about the reflective questions. The IB interviews, Toni Hewett, one of the developers of the new DP economics course. IB Economics: stress-free teaching, engaged and successful students, Asymmetric information and monopoly power. What are the gains, and risks, of increased international economic integration. Explain. IB Economics is a stimulating and interactive, online teaching and learning resource that offers comprehensive coverage of the Economics syllabus for the International Baccalaureate Diploma Programme, including Standard (SL) and Higher (HL) Level topics. Much of the content will be familiar to teachers, though there are some additions, such as the introduction of behavioural economics. Each IA has to use a theory or theories from one of the three units: Microeconomics, Macroeconomics, and International Trade. Concept of fairness when it comes to opportunities, distribution of income Ability of present generation to meet its needs without compromising the ability of later generations to do so. New York Post: NYC pol pushes to extend sugary-drink warnings at local chains Article published: 13 September, 2022 IB Economics syllabus: Microeconomics (market failure, negative consumption externality, demerit good) Provision of information This is a great article that shows taxes are not the . 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 economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. Together, these components help students to acquire a holistic and integrated understanding of economics as a discipline. The resource is meant to be a one-stop shop for IB students and teachers. The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. Filter Search Post Type . This section of the IB Economics course examines the three main types of government intervention in the market: indirect taxes, subsidies and price controls. 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. Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. 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. InThinking Subject Sites for teachers & their classes, Only teachers can take out free trials or subscriptions to our subject sites at It also helps them to synthesize information and evaluate arguments. It is divided into 5 sections, outlined below. \text{Four weeks' holiday - by negotiation, but not at same time as the manager}\\ However, EconIBsts is not affiliated or endorsed by the IB. Study with Quizlet and memorize flashcards containing terms like Well-being, Interdependence, Scarcity and more. IB Economics Assessment Paper 1 (SL/HL) - With a time allotment of 1 hour and 15 minutes, students will choose one out of three questions to answer. This IB Economics study guide is organized according to the IB Economics HL syllabus and IB Economics SL syllabus. No two commentaries can be from the same . This is a type of economic research that includes elements of psychology to traditional models aimed at analyzing decision-making by economic actors. Micro, Macro or International Trade. Engage with this resource, spend time on it. Bill wrote out the following job description. Concepts only applicable to HL is noted in italics . There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Conceptual understandings: Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic well-being, influenced and enabled by their values and their natural surroundings. "By focusing on the the Nine Key Concepts and the Six Real-World Issues, IB Economics students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens." - IB Economics Subject Guide - The Six Real World Issues - Some teachers have asked about the addition of the key concepts and how they will be assessed. 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.. 2022 IB Exam Changes Due to COVID-19 Because of the ongoing COVID-19 (coronavirus) pandemic, the IB has decided to extend the adaptations which were put in place for 2021 to 2022. IBDeconomics .com is the world's only dedicated IB Economics resource available online. These concepts are recurring themes throughout the course, connecting discrete topics. which are specifically designed for self study and revision. Your web companion for the new IB Economics course '20. He thought carefully about what work he would want the assistant to perform. 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 . These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. 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. Obviously, the movie theater doesn't charge more when demand for the movie is higher than when it is lower." $$ The site includes question sets with IB-style questionslinked to the specific assessment objectives in the syllabus. 1.2 How Do Economists Approach the World? How is total revenue related to elasticity of demand? Make a list of the important tasks and responsibilities Bill still has to perform himself. Rather than think about these as additional content, it is preferable to view these as helping to make the conceptual threads that are woven throughout the course more explicit. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. \begin{matrix} What are the causes and impacts of a decline in economic activity? IB Economics HL. 9 Key Concepts of IB Economics Concept Definition Example Scarcity the state of being scarce or in short supply; shortage. Definitions for IHS IB SL Economics (2013) These should serve as a good review tool for your assessments. Be conscious of the language that you use. If you are a student and wish to access these resources, ask your school to subscribe. The resource is entirely based on the IB economics curriculum. Click to download Worksheet 1. They will not be under the misconception that there are easy, single ways of approaching these. Microeconomics This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. www.thinkib.net. Macroeconomics. In addition to this, HL students study theory of the firm. Carmelo says, "A movie theater charges the same price for a popular movie as it does for an unpopular movie. You have to make economic choices as to how to allocate limited resources. \text{Main tasks: }\\ Economics, as a discipline, is jargon-heavy. Fundamentally, economics uses models and theories to examine the choices made by society at different levels, and that remains a constant. 45 teaching hours for SL, 65 hours for HL where you'll study the benefits of international trade, protectionism, exchange rates . The resource is entirely based on the IB economics curriculum. Bill thought this would have two main advantages. 21st Century Economics Blog IB Key Concepts Intervention The Beer Game Posted onJune 17, 2021.byHenny. Explain that the problem of limited resources being . It includes: present and future financial security the ability to meet basic needs the ability to make economic choices permitting achievement of personal satisfaction 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. However, EconIBsts is not affiliated or endorsed by the IB. Exposure to multiple perspectives will encourage reflection and open-mindedness. 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. 20% of your overall IB Economics grade depends on your Economics IA. Toni Hewett is one of the developers for the new DP economics course, now in its first teaching this year. Facebook The focus on inquiry will mean that students learn to ask questions, construct knowledge and develop the skills of independent learners. 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. At the top of each unit you will find a short 5-7 minute video review of each topic. You can also request a Free trial or check the blog (which is also free), document.write(new Date().getFullYear()) InThinking 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. Bill was exhausted. What kinds of government intervention might be effective in supporting firms or the unemployed? Contact, Twitter Unit 1 Introduction. 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 The focus on the key concepts is important in helping students make connections across topics, enhancing overall understanding and making the subject more meaningful. Assume there is an improvement in productivity and consumers expect lower income. . 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. I have been participating in a group that was reading Complexity: A Guided Tour, by Melanie Mitchell. He had decided during the day that he could no longer do all of the work of running the store by himself. Download IB Past Papers Economics HL 2019: Group 2-Individuals and societies past papers and markscheme for various languages are available here . \text{Five days a week}\\ However, you'll at least touch on a large majority of the topics they discuss. The course addresses many of the key issues and challenges facing individuals and societies today. \text{Working conditions:}\\ \text{To arrange all shelf displays}\\ Alternatively, sign up to our sites at www.studyib.net We hope this will serve as a directory of our Economics resources for IB Economics students in Year 1 and Year 2. \end{matrix} Market versus government intervention. IB Economics IA examples. How would you summarize the results for equilibrium price and equilibrium quantity? China steel - what exactly is the problem? 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. Economic well-being is a multidimensional concept relating to the level of prosperity and quality of living standards enjoyed by members of an economy. 40 teaching hours for SL, 70 hours for HL where you'll study measures of economic activity, macroeconomic objectives, demand-side policies, and supply-side policies. 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". Unit 4: Exam style questions global economics, Real-world examples (for paper one enrichment), Demand, supply, PED and barriers to entry, The market for a demerit good and government policy, Signalling and incentive functions of price and maximum price, The signalling, incentive and rationing functions of price, Asymmetric information and monopolistic competition, Elasticity, barriers to entry and oligopoly, Inflation, economic development and currency depreciation, The benefits of free trade and comparative advantage, Sustainable economic development and the circular economy, Barriers to economic development, inflation, market failure and exchange rates (HL and SL), Demand and supply, markets, resource allocation and market failure (HL and SL), Economic growth, recession, demand and supply, FDI(HL and SL), Economic well-being, equality, equity, progressive taxation and government spending (HL and SL), Demand, utility, PED and the price mechanism (HL), Merit goods, elasticity, production possibility curves (HL and SL), Resource allocation, demand and supply, market equilibrium and market failure (HL and SL), Economic growth, consumption, investment, aggregate demand and measuring quality of life (HL and SL), Changes in AD, markets, market failure and economic development (HL and SL), Sustainability, investment, the multiplier, PED and market failure (HL and SL), Measuring national income, fiscal and monetary policy, demand theory and subsidies (HL and SL), Demand and supply theory, resource allocation, economic growth, aggregate demand and aggregate supply (HL and SL), Measuring economic growth, AD and AS, demand and resource allocation (HL and SL), Inflation, exchange rates, development and externalities(HL and SL), Market failure, equality, trade and development (HL and SL), Economic growth, unemployment, market failure and exchange rates. Which elasticity of demand is the steeper slope and is less responsive to the quantity demanded is to a change in the prevailing price. 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. 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. 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. How to interpret the new assessment criteria? Even though most students have a firm grasp of the economic concepts, they may still find it challenging to write an Economics essay under timed conditions.
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