IB Economics Syllabus (2025) - Course Structure and Outline
The International Baccalaureate (IB) Economics course, part of the Diploma Programme, is a dynamic and intellectually stimulating subject that helps students understand the complexities of global economic activity. Designed for students aged 16-19, it develops analytical, critical thinking, and decision-making skills essential for responsible global citizenship.
The course introduces students to economic models, theories, and tools used to explain and evaluate real-world issues. Through empirical data and inquiry-based learning, students explore key economic concepts including scarcity, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention.
Students study three main units:
Microeconomics - focusing on individual markets, consumer and producer behavior, and market structures.
Macroeconomics - examining national income, inflation, unemployment, and fiscal and monetary policy.
The Global Economy - analyzing trade, development, and international interdependence.
The IB Economics syllabus emphasizes understanding both theoretical and practical aspects of economics. It encourages students to evaluate government policies, understand global economic trends, and apply quantitative analysis to solve complex real-world problems.
By the end of the course, learners gain a deep appreciation for how economic choices impact individuals, societies, and nations - preparing them for university studies and active participation in an interconnected global economy.
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IB Economics Syllabus Content
| Component | Recommended teaching hours |
|---|---|
|
Unit 1: Introduction to Economics 1.1 What is economics? 1.2 How do economists approach the world? |
10 |
|
Unit 2: Microeconomics 2.1 Demand 2.2 Supply 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behaviour of consumers and producers (HL only) 2.5 Elasticity of demand 2.6 Elasticity of supply 2.7 Role of government in microeconomics 2.8 Market failure - externalities and common pool or common access resources 2.9 Market failure - public goods 2.10 Market failure (HL only) 2.11 Market failure - market power (HL only) 2.12 The market's ability to achieve equity (HL only) |
35 |
|
Unit 3: Macroeconomics 3.1 Measuring economic activity and illustrating its variations 3.2 Variations in economic activity - aggregate demand and aggregate supply 3.3 Macroeconomic objectives 3.4 Economics of inequality and poverty 3.5 Demand management (demand-side policies) - monetary policy 3.6 Demand management - fiscal policy 3.7 Supply-side policies |
40 |
|
Unit 4: The global economy 4.1 Benefits of international trade 4.2 Types of trade protection 4.3 Arguments for and against trade control/protection 4.4 Economic integration 4.5 Exchange rates 4.6 Balance of payments 4.7 Sustainable development 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies |
45 |
|
Internal assessment Portfolio of three commentaries |
20 |
