Part of the IB subject group 3 individuals and societies, Economics SL is the study of economic theory and its applications in the world today. Students interpret economic data and statistics, apply relevant theory, and demonstrate this knowledge using written prose, diagrams and economic terminology.
What is different in taking Economics SL online?
Students will have the opportunity to:
- access source material in a variety of media
- learn at their own pace and in a location of their choice
- study alongside students from around the world
- gain experience of using the latest online learning tools
- regularly communicate with teachers and fellow students
Some things won’t be different though. Standards and expectations will be just as high as in a face to face classroom.
Themes covered through the course
Economics SL is divided into four sections:
- microeconomics which covers competitive markets, elasticity, government intervention, and market failure
- macroeconomics which looks at the level of overall economic activity, aggregate demand and aggregate supply, macroeconomic objectives, fiscal, monetary and supply-side policies
- international economics which involves learning about international trade, exchange rate, the balance of payments and economic integration
- development economics which looks at economic development and how it is measured, the role of domestic factors, international trade, foreign direct investment (FDI), foreign aid and multilateral development assistance and international debt, and finally the balance between markets and intervention
Activities and assessment
The emphasis is on learning actively together and activities include live online discussions, creating presentations, learning from videos and interactive exercises. Throughout the Economics SL course, students engage in online discussions, debates, article analysis, blogs and wiki activities and group research projects.
Students are assessed through the use of quizzes and tests. We also provide traditional activities such as essay writing to prepare them for the exams.
Assessment will be both formative and summative and in accordance with IB criteria.
Advice from our teachers
In order to succeed in Economics SL, we recommend students set aside five to six hours a week.
Benefits to students
Taking Economics SL online will enable students to:
- learn real world applications of economic theory
- understand how macro- and micro-economies work
- meet and study with students and teachers from around the world.
- become experienced in a wide range of technical and social tools
- develop 21st century skills like time management, communication and digital literacy which are much in demand by employers
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