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This section provides an overview of some of the core ideas in IB Economics in addition to the practice of the discipline in general. The basic issue with economics is that there's a shortage of resources and therefore decisions must be made. Because there is a limit to what we can have, every decision we make between 2 or more possibilities has a price.
Students can learn about the complexity and interconnection of economic activity in a world that is changing quickly through the engaging, dynamic subject of economics.
The scarcity issue is central to economic theory. There are not enough resources in the world to meet all the demands and wants of the population. There are trade-offs to be made as a consequence of this scarcity. In both the SL and HL versions of the IBDP economics course, the following decision-making processes are examined using economic theories:
Economic agents (consumers, producers, and governments) make decisions that have both good and negative effects on the relative well-being of both individuals and societies. Economics, a social science, analyses these decisions using theories and models. Students can examine these theories and models in the IBDP economics course and then apply them using empirical data to six real-world problems. Employ an IB economics tutor in Dubai from IBGA today!
The private sector (customer & producers) and the state service can be used to categorise economic agents in all sectors of economic activity (governments). In every economy, the public sector takes on some duty for overseeing and regulating the conduct of the private sector, albeit to varying degrees and with varying results. Learners are required to critically examine the equilibrium between the economic forces of the government and private sector involvement because this government involvement is a key idea that is covered throughout the course.
Because of how quickly the world is changing, economic activity and the results of it are always altering. Therefore, throughout the course, students are urged to conduct research on current, real-world concerns. Students should be able to recognise the advantages and shortcomings of economic systems in describing actual economic processes and performance through their own research.
Students in the DP economics course will acquire the knowledge, skills, values, and attitudes that will motivate them to behave responsibly as global citizens by focusing on the 6 real-world issues through the 9 key concepts (scarcity, selection, efficiency, equity, economic health, sustainability, change, interdependence, and intervention).
Both SL and HL candidates must construct a portfolio of 3 commentaries for the assessment task based on published news media extracts utilising the key ideas as a lens. Additionally, there are three exams at the higher level and two exams at the normal level for the external assessment.
Pupils will gain a thorough comprehending of economics and the way it appears in the actual world through the study of IB Economics. They will acquire fundamental problem-solving abilities and develop into global citizens.
Before selecting Higher Level Economics, keep in mind that Economics- Standard level includes tests that are essay-based, whereas Economics- Higher Level also has exams that are math-based. Score well with the help of an IB economics tutor in Dubai from IBGA!
It obviously depends on a variety of factors, such as what you want to study after the IB, what other subjects you want to or need to study at a higher level within the IB, whether you have serious maths difficulties, etc.
You will lose out on a lot of exciting activities if you don't study IB Economics at HL. The most crucial elements—the ones that make learning economics worthwhile—would essentially be missed. For instance, this section concentrates on interesting subjects like why your coffee could be too costly and why some pharma companies charge astronomically high rates for their products, but SL has nothing regarding market theory.
The curriculum is not at all difficult, despite the fact that there is much to learn. Yes, you would need to study some math, but generally, Paper 3 is a rather straightforward 60-minute test (only given to HL students; includes mathematical problems and some explanations). HL-specific questions may appear in the other 2 papers as well, but trust me, they are easy.
Being abide by IB’s perspective of development for the learners, a common purpose of IBGA is to guide students to employ critical thinking abilities. Our tutors do it in response to businesses' demands that universities create graduates who really can solve problems and link up the dots on complicated issues.
Our IB economics tutor in Dubai feels that separating big-think critical thinking from trivial-think critical thinking (i.e. think outside the box from thinking inside the box) is beneficial when considering how to teach critical thinking in economics. Understanding a set of tools, models, and procedures that economists have found helpful in comprehending a particular element of economics entails developing little-think critical thinking.
We focus specifically on the issue of what needs to be covered in the basic course because tutoring economics is our main concern here. In relation to big-think critical thought, how much of the initial course should focus on teaching little-think critical thought?
Economics aims to clarify the motivations behind people's actions, choices, and responses to challenges or victories. The study of economics integrates politics, sociology, psychology, and history.
When we instruct students in economics, they acquire a toolkit of abilities, strategies, and modes of reasoning that they can use to solve a variety of issues. One of the key academic fields supporting the study of business, management, and public policy is economics.
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