Economics SL is a dynamic social science, forming part of the study of individuals and societies. The study of economics has many facets, and this is reflected in the broad scope of the course. At its core, economics is concerned with the concept of scarcity and problems of resource allocation. Students will study how markets function. They will look at the ways in which government policies influence unemployment, inflation and economic growth. They will also consider how economic theory can be applied in an international context.

The scientific approach characterises the standard methodology of economics. This methodology can be summarised as a progression from problem identification, through hypothesis formulation and testing, arriving finally at a conclusion. Alongside the empirical observations of positive economics, students will be asked to formulate normative questions. Encouraging students to explore such questions is an important focus of the course.

Students taking Economics SL online live and study in different economic environments, bringing their unique perspectives to online discussions and using “voice threads” to conduct lively debates. Blogs allow students to share and express their opinions on current news articles addressing issues of economic policy. Various Web 2.0 tools are used for collaborative projects and presentations in the course, and students will find themselves working closely with classmates from around the world. While learning about the world of economics, students will be developing online skills which will benefit them in their future educational and career endeavours.

Aims of the Economics course at both Standard and Higher Levels