IB Economics SL/HL
The IB Economics SL (Standard Level) and HL (Higher Level) courses aim to develop students’ understanding of core economic principles, real-world issues, and policy responses. The course blends theoretical models with real-life applications, encouraging students to think critically about how economies function locally and globally.
Core Topics (SL and HL)
Introduction to Economics
Basic economic concepts: scarcity, opportunity cost, choice
Resource allocation and economic systems
The role of economic models and assumptions
Microeconomics
Demand and supply analysis
Elasticities (price, income, cross)
Market failure and government intervention
Efficiency and equity in resource allocation
Macroeconomics
Measuring economic performance: GDP, inflation, unemployment
Aggregate demand and supply
Government policies: fiscal, monetary, and supply-side
Economic growth and business cycles
The Global Economy
International trade and protectionism
Exchange rates and balance of payments
Economic integration and trade blocs
Economic development: sustainability, poverty, inequality
HL Extension: Theory of the Firm
(Exclusive to HL students)
Revenues, costs, and profits
Market structures: perfect competition, monopoly, monopolistic competition, oligopoly
Price discrimination and efficiency analysis