Exposure to multiple perspectives will encourage reflection and open-mindedness. The course will be taught through 9 key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. The IB interviews, Toni Hewett, one of the developers of the new DP economics course. The resource is meant to be a one-stop shop for IB students and teachers. Also include your definition of your key concept here. 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. People applying for the job could see if they were suitable for the work expected of them. 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). 9 Key Concepts of IB Economics Concept Definition Example Scarcity the state of being scarce or in short supply; shortage. UK inflation tests BoE as it jumps to highest . The resource is constantly being developed with new topics going live on a weekly basis. Chapter 1 - Introduction to Economics & The Core Concepts 9 Lectures - 01hr 49mins FREE . 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.. In one of our last sessions we set the book aside and explored the complexity of the supply chain. Download IB Past Papers Economics HL 2019: Group 2-Individuals and societies past papers and markscheme for various languages are available here . Cognac And French Wine Sales Are Set To Suffer From A New Round Of Trump-Imposed Tariffs (the global economy) Govt looks to boost potato exports with transport subsidy (Micro) (34/45) Brazil Online Tax (micro) || Falling Employment (macro) || European Union Duties (intl.) Outline the central concepts of IB Economics: scarcity, choice, well-being, efficiency, change, interdependence, intervention, equity, and economic sustainability. \begin{matrix} In addition, time for extended responses was increased to allow students more opportunity to demonstrate a greater depth of understanding and argument. 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. Shelby counters by saying, "Movie theaters often call the more popular movies 'special engagements' and do not accept any discount tickets for them." With a shift towards more inquiry-based learning in the new curriculum, the site includes suggestions for inquiry, based on a user-friendly framework. The resource is designed to encourage you to think critically like an economist. | 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. Try doing all the exercises and think about the reflective questions. Market versus government intervention. \text{To open the shop in the morning}\\ However, EconIBsts is not affiliated or endorsed by the IB. Carmelo says, "A movie theater charges the same price for a popular movie as it does for an unpopular movie. Which elasticity of demand is the steeper slope and is less responsive to the quantity demanded is to a change in the prevailing price. Following on from this, it made sense that assessment components were holistic, as real world issues cannot be boxed into certain units or topics. (HL and SL). HL ONLY - Market Failure & Intervention In Monopolistic . Toni was invited to join the DP economics curriculum review in its first year and worked with the team throughout the process. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. Unit 1: Introduction to Economics10 Hours for SL and 10 Hours for HL 1.1 What Is Economics? Assume there is an improvement in productivity and consumers expect lower income. . . The focus on inquiry will mean that students learn to ask questions, construct knowledge and develop the skills of independent learners. 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. At the top of each unit you will find a short 5-7 minute video review of each topic. \text{Job description}\\ He had decided during the day that he could no longer do all of the work of running the store by himself. In addition, students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. We hope this will serve as a directory of our Economics resources for IB Economics students in Year 1 and Year 2. Obviously, the movie theater doesn't charge more when demand for the movie is higher than when it is lower." He thought carefully about what work he would want the assistant to perform. 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. 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. Fighting Against Sugary Drinks With Information. Microeconomics This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. How would you summarize the results for equilibrium price and equilibrium quantity? 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. I assume that most probably, the new Economics Syllabus for first teaching in August 2020 and first assessment in May 2022, will be out very soon. If you are a student and wish to access these resources, ask your school to subscribe. The IB interviews, Toni Hewett, one of the developers of the new DP economics course. 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. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. \text{To be responsible for ordering all goods from suppliers}\\ Many teachers recognize that these key concepts have always been there but, for students, this is less obvious unless we address them directly. Students will learn to apply economic thinking to real word issues and will understand the complexity of these issues.. Similarly, assessment components have more focus on application to real world contexts and are holistic in nature. EconIBsts has been envisioned as a resource specifically designed for the new IB Economics course - first teaching in 2020 and first assessment in 2022. IB Economics Notes & Questions. China steel - what exactly is the problem? Legal . 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. Definitions for IHS IB SL Economics (2013) These should serve as a good review tool for your assessments. 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. Filter Search Post Type 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. The Global Economy. How is total revenue related to elasticity of demand? 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. Click to download Worksheet 1. 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. Fundamentally, economics uses models and theories to examine the choices made by society at different levels, and that remains a constant. Objectives: Demonstrate . \text{To assist the manager in other ways directed by him}\\ What are the gains, and risks, of increased international economic integration. "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 - \text{To arrange all shelf displays}\\ Bill wrote out the following job description. www.thinkib.net. 3. I assume that most probably, the new Economics Syllabus for first teaching in August 2020 and first assessment in May 2022, will be out very soon. 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. Their work should therefore help Bill, not just repeat what he was doing. What kinds of government intervention might be effective in supporting firms or the unemployed? IB Economics is a stimulating and interactive, online teaching and learning resource that offers comprehensive coverage of the latest Economics curriculum for the International Baccalaureate Diploma Programme, including Standard (SL) and Higher (HL) Level topics. The course addresses many of the key issues and challenges facing individuals and societies today. 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. I have been participating in a group that was reading Complexity: A Guided Tour, by Melanie Mitchell. Economics, as a discipline, is jargon-heavy. These concepts are recurring themes throughout the course . Make a list of the important tasks and responsibilities Bill still has to perform himself. Bill thought this would have two main advantages. Unit 1.2: How do economists approach the world? IB Economics: stress-free teaching, engaged and successful students, Asymmetric information and monopoly power. 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. The resource is entirely based on the IB economics curriculum. 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. In addition to this, HL students study theory of the firm. 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. Explain an example of a government revenue source that is not a tax. 1.2 How Do Economists Approach the World? There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. $$ He decided to write out a job description (see below) which he would give to all the people who applied for the job. Includeslinks to real-life examples, current articles, data sets and videos. The site includes question sets with IB-style questionslinked to the specific assessment objectives in the syllabus. Bill was exhausted. InThinking Subject Sites for teachers & their classes, Only teachers can take out free trials or subscriptions to our subject sites at Pay attention to the visuals as they capture a lot of the content in a succinct way. Home. By learning the skills essential for economics students can apply more easily various economic theories, models, ideas and tools to real world examples. Economic systems: free market economy, planned economy and mixed economy . The resource is meant to be a one-stop shop for IB students and teachers. \text{Shop Assistant}\\ IB Economics focuses heavily on application. 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. Section 0 - Introduction Economics as a social science: It is concerned with human beings and the social systems by which they organize their activities to satisfy basic material needs (e.g., education, knowledge, food, golf and shelter) 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". Concepts only applicable to HL is noted in italics . . Use tab to navigate through the menu items. In line with the IB Learner Profile, "Act with integrity and honesty". The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. You can also request a Free trial or check the blog (which is also free), document.write(new Date().getFullYear()) InThinking 20% of your overall IB Economics grade depends on your Economics IA. 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. 45 teaching hours for SL, 65 hours for HL where you'll study the benefits of international trade, protectionism, exchange rates . About us \text{Five days a week}\\ 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 IB Economics IA examples. Micro, Macro or International Trade. Economics concepts Page 13 of the new economics guide highlights the role that economic skills play in the "study of DP economics . reflecting the subject's distinctive approach". 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. However, EconIBsts is not affiliated or endorsed by the IB. We appreciate your ongoing support and invite you to connect with us onLinkedIn,Twitter, Instagram and now YouTube! Unit 1 Introduction. Listen to this talk by Kate Raworth on Doughnut Economics Key definitions for unit 1.2 . | Together, these components help students to acquire a holistic and integrated understanding of economics as a discipline. No two commentaries can be from the same . Economics is a two year IB course designed to give students an understanding of economic concepts, theories, principles, practices and skills. nine key concepts that are central to the course have been identified: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. In recent years, she has also served as a DP Coordinator, in addition to her former roles with the IB as an examiner, workshop leader, school visitor and consultant. All the key terms and their definitions appear in bold on the following pages. 2 Draw the Diagram (0 Words) The diagram (and it's titles, etc) do not count in your word count. The focus on the key concepts is important in helping students make connections across topics, enhancing overall understanding and making the subject more meaningful. However, you'll at least touch on a large majority of the topics they discuss. Does Shelby's point negate Carmelo's? Explain that the problem of limited resources being . 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. They will not be under the misconception that there are easy, single ways of approaching these. These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. \text{Working conditions:}\\ There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Be conscious of the language that you use. We see these around us and in the news on a daily basis. Explain scarcity. Explain. This exercise will allow students to review their understanding of the nine key concepts of the course. It is divided into 5 sections, outlined below. Limited availability of resources relative to society's unlimited demand for goods and services. 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 . \text{Eight hours a day}\\ Your web companion for the new IB Economics course '20. 4. To what extent can governments sustain large debts? IBDeconomics .com is the world's only dedicated IB Economics resource available online. Since then, Toni has worked in international schools in Europe and Asia, teaching DP economics, Geography and TOK. This is a type of economic research that includes elements of psychology to traditional models aimed at analyzing decision-making by economic actors. It also helps them to synthesize information and evaluate arguments. You are going to submit three Economics commentaries by the end of your IB diploma/certificate. 21st Century Economics Blog IB Key Concepts Intervention The Beer Game Posted onJune 17, 2021.byHenny. 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. 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