Economics

What levels are on offer?

You can take Economics at Higher Level or at Standard Level.

How do I decide which to choose?

• Higher Level Economics is aimed at students who really enjoy economics or current affairs and those who are possibly interested in taking it at University.
• Standard Level is aimed at students who would like an academic focus for their group three choice that is highly regarded by universities, even if it is not likely to be their main degree choice. It ties in well with all maths, science and analytical subjects, or any other path of study through the IB diploma.

What will I need?

Either GCSE business studies or economics may be useful but are not essential. A reasonable grasp of mathematics will also be beneficial. Students are expected to be able to perform independent research and present their ideas either verbally, or in written form, in a logical and coherent manner. The course does require some wider reading so an interest in current economic affairs is needed.

What will I study?

Economics is concerned with the behaviour of humans as individuals, businesses, organisations and governments, and the choices they make. Behind these choices lies the economic problem – scarce resources and infinite wants. You will study the theories that attempt to explain economic behaviour and realise that there is usually more than one way of interpreting events.

You will consider issues that include

• Why some countries are less developed than others?
• Can we put a price tag on the environment?
• How can living standards be improved in different regions and countries?
• Should third world debt be cancelled?
• How can governments tackle the demographic time bomb crisis?
• Why do exchange rates change?
• Should taxes be lowered?
• How can we influence consumers’ spending patterns?

How will I be assessed?

At standard level, students sit three external exams worth 75% of the marks and at higher level there are four exams worth 80%. The remainder of the marks are assessed through a coursework portfolio commentary that is based around economic issues in the news and media.