While the worlds population has unlimited needs and wants, there are limited resources to satisfy these needs and wants. The syllabus includes sustainable development, sustainable developmental goals, and the relation between sustainability and poverty, etc. Make sure to connect the economic theory to the evidence provided in the article. How strongly is the policy imposed? It is not possible to vary fixed inputs (e.g. 3 Things to Know About IB Economics Changes - WTOP News - Builds revision skills through a range of strategies and detailed expert advice - . at an international level where countries are becoming increasingly interdependent through international trade and the movement of labour and capital (the global economy). Meeting The Economics IA Rubric Requirements - IBMastery Checklist (to get full marks): There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Therefore, students are encouraged, throughout the course, to research current real-world issues. However, if you are considering studying Business Management, Human Resources, Marketing, Finance, Languages, or Humanities at university, choosing between IB Business and IB Economics will not make a significant difference. As a social science, economics examines these choices using models and theories. Sustainability - 21st Century Economics Or maybe you want to know why countries trade with either other. One important note though - remember that a different key concept has to be applied to each article. Students now only need to answer one out of the two questions in this paper. Are they allowed to search the micro IA based only on the HL topic ? Are the curves drawn accurately and shifted correctly to match your data or theory? It is possible to earn full marks for one relevant diagram that is drawn and labelled correctly and explained well. Longer notes: Elasticities. We discuss the newspaper articles selected and why they are suitable, the structure of the IA itself, and offer reviews of the work to make sure that the grading criteria are met. Besdies teaching the fundamental Economics concepts,our coursesfocus heavily on teaching essay writing techniques, comprehension and application of Economics theories using news articles, as well as analyzing and practicing different types of mathematical questions necessary for HL students. After all, two different countries might have different levels of consumer confidence that will lead to different responses to the same policy. Thank you in advance. If people have a low elasticity of demand even when the price of cigarettes rises - perhaps because their addictions are too strong - then the policy might be less effective, ceteris paribus. 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 DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. This might not be a good article because the given scope is too narrow. In a nutshell, when we ask will an economic policy be effective?, we are really asking you if this economic policy is to be effective, what is that success dependent upon?. The concept of sustainability is focused largely on the new IB Economics paper. The government wants to respond by implementing a tax on smoking to reduce the number of smokers. Alternatively, if you come across an article on smoking and the article provides a laundry list of solutions, for example, how the government will tax cigarettes, promote anti-smoking campaigns to educate the public on its health consequences, ban smoking below 18, and impose a law to ban indoor smoking, etc. Every country whether rich or poor has to make choices and is confronted with the key economic problem of scarcity. Interdependence Lets say you read an article that discusses the effects of Covid-19 on global economies as well as the governments policy/policies to handle it. IB economics revolves around the nine carefully chosen key concepts that helps in developing the complexities that nations of the world face in economic activities. - Study Notes - Vocabulary Lists - Key Terms and Concepts - Review Questions - IB Exam Review Questions\"This website saved my IB Diploma! Definition is not a requirement in the new IA grading matrix. (See p.16 of the statistical bulletin for further information.) IB Economics (and, not only): The new IB Economics Syllabus Although the previous syllabus had Paper 1 questions based only on microeconomics and macroeconomics, the questions for Paper 1 can be on any of the 4 units. Criterion C: Application and Analysis (3 marks): This criteria concerns the relationship between the articles content and your resulting commentary. Criterion A: Diagrams (max 3 marks): Are your graphs correct and appropriate for the assignment? You should connect the key concept that you have identified to the context of your IA. International economics looks into how economic governments interact with one another on a global scale, while developmental economics looks into the economies of developing countries, such as Haiti and Bangladesh, and tries to find ways of improving such economies. By continuing to use this website, you consent to our use of these cookies. Revision Tips for Economics Paper 1 and 2. Hey! One must consider the timing, occasion and context to assess whether the policy is appropriate. Hey Mohammed, sorry for the delay! the syllabus is to be explored through real world examples, with a credit given to . THis development challenged teachers and Criterion B: Terminology (2 marks): Are the words youre using technical enough? Students often ask for research question ideas on their EE (Extended Essay). Related concepts can have different levels of abstraction and disciplinary specificity (Erickson 2008). Scarcity - Choice - Efficiency - Equity - Economic Well-Being - Sustainability - Change - Interdependence - Intervention "By focusing on the the Nine Key Concepts and the Six Real-World Issues, IB Economics students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens." Are you interested in finding out how governments alleviate poverty? If you answered yes to any of these questions, IB Economics might just be the subject for you! Purpose of Internal Assessment Portfolio - DP. 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. Join this channel to get access to perks:https://www.youtube.com/channel/UClklmr6wtUDEpBTwWO8MTRQ/joinLooking for online IB Economics tutoring, go to: https:. IB Economics tutorial: CANA Elite tutors To earn 2 marks, according to the IB grading matrix: Economic terminology relevant to the article is used appropriately throughout the commentary.. IB Business - The Key Concepts | The Gringonomics Blog "The concepts that drive the PYP are timeless (factual examples change, but not the core understanding), universal (so students can apply understandings across cultures, situations and disciplines) and . This makes up for 20% of your IB Economics grade(HL) and 30% of your IB Economics grade(SL). In this blog, we discuss our favourite way to structure your IB Economics IA, making sure you pick up all the marks you deserve! The IB PYP now has 7 key concepts that are designed as the lens or the "big picture"of which we look at our lines of inquiry within each of our six units of inquiry. Ch. 7 Key Concepts and Summary - Principles of Economics 2e | OpenStax Learn more about economics in a DP workshop for teachers. You are going to submit three Economics commentaries by the end of your IB diploma/certificate. Here are some sample Economics EE research questions: The contents between the old IB Economics syllabus (first assessment in 2013) and the new IB Economics syllabus (first assessment in 2022) are fairly similar. You may need this subject if you plan on studying economics, international relations, finance, business management and similar majors in university. LSE lists Business Studies under non-preferred subjects and Economics under traditional/preferred subjects. Why is the course structure changing? Quick reference: The role of the price mechanism. An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. What does the IB Business syllabus include? the central themes of economics are no longer included in the syllabus. Even though most students have a firm grasp of the economic concepts, theymay still find it challenging to write an Economics essay under timed conditions. This is another good article with a suitable scope because it discusses one clearly outlined problem and examines possible solutions, for example, the use of monetary policy. 9 Key Concepts of IB Economics Concept Definition Example Scarcity the state of being scarce or in short supply; shortage. Economics is an extremely broad subject; as a result, IB economics aims to provide a good breadth of knowledge of economics as a whole. Most importantly, the scope and range of the article should be focused on a certain idea and key concept, allowing students to fully analyse and evaluate the articles within 800 words. The focus leans towards theoretical and conceptual understanding of models, so it will involve more calculations. Most students find the component of Evaluation the hardest to fulfil in an Economics IA, and it tends to be the area in which students lose marks. The Basics of Economics IA 20% of your overall IB Economics grade depends on your Economics IA. labor). STUDENT AND . Named after the location of the first miracle in the Bible, we hope CANA elite can be the place of miracles for all our students, allowing them to achieve their dreams. How about the differences between carbon taxes and trading schemes? 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