IB Economics Syllabus
The new IB Economics syllabus for the Diploma Program was launched in 2020 with the first assessments taking place in the summer of 2022. The course is due to last until the summer of 2029 when it will be reviewed and updated.
If you are studying IB Economics you will want to get to grips with the new framework below. It consists of four units for both standard and higher level courses. There are some differences between the individual topics and as such, Higher level courses, where difference, have been italicised.
Unit 1: Intro to Economics
1.1 What is economics?
1.2 How do economists approach the world?
Unit 2: Microeconomics
2.1 Demand
2.2 Supply
2.3 Competitive market equilibrium
2.4 Critique of the maximizing behaviour of consumers and producers
2.5 Elasticity of demand
2.6 Elasticity of supply
2.7 Role of government in microeconomics
2.8 Market failure—externalities and common pool or common access resources
2.9 Market failure—public goods
2.10 Market failure—asymmetric information (HL)
2.11 Market failure—market power (HL)
2.12 The market’s inability to achieve equity (HL)
Unit 3: Macroeconomics
3.1 Measuring economic activity and illustrating its variations
3.2 Variations in economic activity— aggregate demand and aggregate supply
3.3 Macroeconomic objectives
3.4 Economics of inequality and poverty
3.5 Demand management (demand-side policies)—monetary policy
3.6 Demand management—fiscal policy
3.7 Supply-side policies
Unit 4: The Global Economy
4.1 Benefits of international trade
4.2 Types of trade protection
4.3 Arguments for and against trade control/ protection
4.4 Economic integration
4.5 Exchange rates
4.6 Balance of payments
4.7 Sustainable development
4.8 Measuring development
4.9 Barriers to economic growth and/or economic development
4.10 Economic growth and/or economic development strategies
IB Economics Assessments
Exam 1: Extended response paper based on all units of the syllabus
Exam 2: Data response paper based on all units of the syllabus
Exam 3: Policy paper based on all units of the syllabus (HL)
Internal Assessment: Three commentaries drawn from different units.
