Economics is an exciting, dynamic subject that allows students to develop
an understanding of the complexities and interdependence of economic
activities in a rapidly changing world. At the heart of economic theory is
the problem of scarcity. Owing to scarcity, choices have to be made. The
economics course, at both SL and HL, uses economic theories, models and
key concepts to examine the ways in which these choices are made: at the
level of producers and consumers in individual markets (microeconomics); at
the level of the government and the national economy (macroeconomics);
and at an international level, where countries are becoming increasingly
interdependent (the global economy). The DP economics course allows
students to explore these models, theories and key concepts, and apply
them, using empirical data, through the examination of six real-world
issues. Through their own inquiry, students will be able to appreciate both
the values and limitations of economic models in explaining real-world
economic behaviour and outcomes. 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.
The aims of the DP economics course are to enable students to:
z develop a critical understanding of a range of economic theories, models,
ideas and tools in the areas of microeconomics, macroeconomics and
the global economy
z apply economic theories, models, ideas and tools, and analyse economic
data to understand and engage with real-world economic issues and
problems facing individuals and societies
z develop a conceptual understanding of individuals’ and societies’
economic choices, interactions, challenges and consequences of
economic decision-making.