Bill was exhausted. 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. \end{matrix} Try doing all the exercises and think about the reflective questions. Carmelo says, "A movie theater charges the same price for a popular movie as it does for an unpopular movie. 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. Originally from the UK, she joined her first international school in Mexico City in 1996, where she began teaching the IB Diploma Programme. Thus, each type of intervention will have an effect on the price of a good or service, and the quantity demanded and the quantity supplied in the market. The resource is meant to be a one-stop shop for IB students and teachers. This exercise will allow students to review their understanding of the nine key concepts of the course. 40 teaching hours for SL, 70 hours for HL where you'll study measures of economic activity, macroeconomic objectives, demand-side policies, and supply-side policies. These should be covered throughout the course and integrated where appropriate in relation to the To access the entire contents of this site, you need to log in or subscribe to it. Microeconomics This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. The focus on the key concepts is important in helping students make connections across topics, enhancing overall understanding and making the subject more meaningful. 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. \text{To open the shop in the morning}\\ This would make clear what the job would involve. Economics, as a discipline, is jargon-heavy. Listen to this talk by Kate Raworth on Doughnut Economics Key definitions for unit 1.2 . Market versus government intervention. Fundamentally, economics uses models and theories to examine the choices made by society at different levels, and that remains a constant. By learning the skills essential for economics students can apply more easily various economic theories, models, ideas and tools to real world examples. What are the gains, and risks, of increased international economic integration. People applying for the job could see if they were suitable for the work expected of them. IB Economics IA examples. We appreciate your ongoing support and invite you to connect with us onLinkedIn,Twitter, Instagram and now YouTube! EconIBsts has been envisioned as a resource specifically designed for the new IB Economics course - first teaching in 2020 and first assessment in 2022. 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. To what extent can governments sustain large debts? You have to make economic choices as to how to allocate limited resources. which are specifically designed for self study and revision. However, you'll at least touch on a large majority of the topics they discuss. UK inflation tests BoE as it jumps to highest . In addition, students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. The resource is meant to be a one-stop shop for IB students and teachers. Legal 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. Limited availability of resources relative to society's unlimited demand for goods and services. IB Economics.online 2022 Syllabus, Notes and Videos. 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. Also include your definition of your key concept here. Specifically designed for the new IB Economics curriculum rather than being revised for it, Based on the IB philosophyin terms of content, toneand philosophy, Dynamic with constant revisions, updated forthe integration of real world issues and inquiries, Developed by an IB educator with twenty five years' experience ofteaching and leading atinternationalschools in India, Uzbekistan, Romania and Hungary, Suitable for independent learning and group activities, Ideal for distance learning and during partial opening of schools, Readily accessible on your devices avoiding the need to carry textbooks, Activitiesgeared towards the Internal Assessment interwoven throughout. 21st Century Economics Blog IB Key Concepts Intervention The Beer Game Posted onJune 17, 2021.byHenny. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. \text{To be responsible for ordering all goods from suppliers}\\ 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. 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. You can also request a Free trial or check the blog (which is also free), document.write(new Date().getFullYear()) InThinking \text{Shop Assistant}\\ Continue reading as she discusses the exciting changes and ideas, while exploring the courses global relevance in society today. Concepts only applicable to HL is noted in italics . Click to download Worksheet 1. | It challenges the assumption that actors will always make rational choices with the aim of maximizing utility. nine key concepts that are central to the course have been identified: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Use tab to navigate through the menu items. How to interpret the new assessment criteria? Macroeconomics. Alternatively, sign up to our sites at www.studyib.net One key change is the greater emphasis on using real world contexts to explore the content. \text{Working conditions:}\\ 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. So instead of writing "money" write "consumption" or "expenditure" or "spending." This will help to convince the reader you are familiar with the subject. However, EconIBsts is not affiliated or endorsed by the IB. 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.. \begin{matrix} 3. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. How does society make choices about how to allocate vital goods and services such as masks, ventilators and vaccines? Micro, Macro or International Trade. The resource is entirely based on the IB economics curriculum. Each of these government interventions are modelled to show their effects on supply and demand, and the market equilibrium for a good and service. . . 2 Draw the Diagram (0 Words) The diagram (and it's titles, etc) do not count in your word count. The resource is constantly being developed with new topics going live on a weekly basis. Since then, Toni has worked in international schools in Europe and Asia, teaching DP economics, Geography and TOK. Get In Touch. IB Economics focuses heavily on application. Definitions for IHS IB SL Economics (2013) These should serve as a good review tool for your assessments. I recommend the textbook Economics for the IB Diploma by Ellie Tragakes. However, EconIBsts is not affiliated or endorsed by the IB. These concepts are recurring themes throughout the course, connecting discrete topics. How is total revenue related to elasticity of demand? The problem of choice: Explain that land, labour, capital and entrepreneurship are the factors of production. 1.2 How Do Economists Approach the World? Obviously, the movie theater doesn't charge more when demand for the movie is higher than when it is lower." Students will learn to apply economic thinking to real word issues and will understand the complexity of these issues.. Their work should therefore help Bill, not just repeat what he was doing. The economic world is dynamic in nature and constantly subject to change. \text{Four weeks' holiday - by negotiation, but not at same time as the manager}\\ We see these around us and in the news on a daily basis. 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 They will not be under the misconception that there are easy, single ways of approaching these. Explain an example of a government revenue source that is not a tax. Shelby counters by saying, "Movie theaters often call the more popular movies 'special engagements' and do not accept any discount tickets for them." This is a type of economic research that includes elements of psychology to traditional models aimed at analyzing decision-making by economic actors. Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. The Economics IA is a portfolio of three commentaries of a firm or nation's decisions from extracts of published news media by applying existing knowledge on economic theories. Contact, Twitter Toni was invited to join the DP economics curriculum review in its first year and worked with the team throughout the process. You are going to submit three Economics commentaries by the end of your IB diploma/certificate. These tables from from the old version of the IB Economics syllabus (the syllabus was updated in 2020), so they don't match perfectly. The course addresses many of the key issues and challenges facing individuals and societies today. 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