Structure of the Blog

Outline
General Information regarding the IB syllabus.

Section 1 : Introduction to Economics
In this section the basic terminology and concepts of economics will be explored. It introduces the concept of modeling of real world situations using economic diagrams. This section of the course is integral, without a firm grasp of this knowledge a student would not be able to comprehend the following sections.

Section 2 : Microeconomics
Microeconomics is the study of the importance of markets, the price mechanism and the interaction of demand and supply. [HL: Students would also need to understand how different markets and firms work, this is known as the Theory of the Firm]

Section 3 : Macroeconomics
Macroeconomics is the study of an economy on a much larger scale. The IB requires students to study topics such as the demand side and supply side policies, inflation, unemployment and taxation.

Section 4 : International Economics
International Economics deals with the study of reasons why countries trade. Comparative and absolute advantage, free trade and barriers to free trade, exchange rates and terms of trade are some of the more important topics that the IB syllabus decides to focus on.

Section 5 : Development Economics
Development Economics allows the student to explore the concept of development in countries. There is not a substantial amount of new material to be learnt in this section. Correct application of relevant material is crucial. The problems that developed countries, developing countries (NICs) and less economically developed countries face are also studied. [note the IB suggests that the new correct terminology is developed, developing and newly industrialisaed countries]