Economics SL & HL
The syllabus of the Economics course is divided into five sections – introductory economics, microeconomics, macroeconomics, international economics, and development economics – all of which receive approximately equal weight. All sections must be studied by all candidates, and questions of all will be posed in examinations. The Diploma programme Economics course is noted for focusing more on development than any other economics course at a pre-university level, and this is all part of the IB programmes' international perspective.
The final exams consist of three papers for HL and two for SL. Paper 1 has consisted of multiple choice questions but has now been changed to an essay question chosen from six choices, Paper 2 of three short-answer questions from six choices (this paper does not exist for SL students), and Paper 3 (Paper 2 for SL) requires data response. Internal assessment includes five commentaries of current news items involving the use of economic concepts and terminology. The time allowed for each exam is a strict limit of one hour each for Paper 1 and Paper 2 (HL) and 2 hours for Paper 2 (SL) and Paper 3.
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Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)