We are economic players for most of our waking lives.   We play as consumers and or producers in a wealthy Western economy where few, if any, people die because our economy cannot deliver them enough food  (We have doubled our real standard of living in the last forty years).  Others will live in places where the economic system works so feebly that they have no access to health care, education, a roof, food…..perhaps the jargon doesn’t work so well here;  these are economic “players” who aren’t involved in a game.

Economics deals with some of the most important systems and events that affect peoples lives and this course will deal with all its fundamental principles, concepts and problems.

My opening paragraph is not meant to suggest that we in the UK should not be concerned with the way our economy works, merely to set that concern within an international context;  to put it into perspective.   This international context has always been the hallmark of the IB and today we see increasingly how important this is…..economists now talk about the globalisation of the economy as a very real force.   Big business is prepared to close down a factory in one country and expand instead a factory on the other side of the world;  when we buy and sell images and services does it matter where they are generated…..was your air ticket out of Heathrow processed in London or Bangalore?   Who do these things matter to?

In fact we have many things to be concerned about…….as I write this the newspapers are full of speculation about whether the housing market is going to crash;  whether oil price rises will kill off world growth;  whether the US recovery is going to stall.   Economists have more questions than answers – perhaps this is why the subject matter is so interesting.

It should be obvious from what I have written that the study of Economics is not aimed at couch potatoes…..if you have a lively open mind, are not convinced that there are simple answers to our problems and interested in what is happening around you and want to be able to think about issues in a logical and systematic way then you might find it will be a subject which will come to fascinate you as much as it has me.

Assessment

Paper 1 – 1 hour – 25%

This paper consists of four extended response questions based on all five sections of the syllabus. Each question is divided into two parts and may relate to more than one part of the syllabus.

Paper 2 – 2 hours – 50%

A data response question paper based on all five sections of the syllabus. There are 5 structured questions, and candidates select three.

Internal assessment – 25%

Candidates produce a portfolio of four commentaries.