Each questions part (b) is worth 10 marks. IB Economics is offered at Higher Level (HL) and Standard Level (SL). 2 Draw the Diagram (0 Words) The diagram (and it's titles, etc) do not count in your word count. Economics is an extremely broad subject; as a result, IB economics aims to provide a good breadth of knowledge of economics as a whole. Lets say you read an article that discusses the effects of Covid-19 on global economies as well as the governments policy/policies to handle it. 2.5 Elasticity of demand. One must consider the timing, occasion and context to assess whether the policy is appropriate. You should connect the key concept that you have identified to the context of your IA. In addition, the Economics Internal Assessment (Econ IA) is a very important component in IB Economics, since it constitutes 20% of the overall grade. At the heart of economic theory is the problem of scarcity. Quick reference: Market equilibrium. Im a Year 2 IB Student from Hyderabad, India. To give a brief overview, microeconomics delves into how businesses and individuals work within an economy. There are 3 marks for reaching rubric requirements. The syllabus includes sustainable development, sustainable developmental goals, and the relation between sustainability and poverty, etc. The success of the smokers tax depends upon price elasticity. 100% of our ad-revenue funds our website costs, ensuring all IB students have access to our resources forever, for free. Or they can choose the article based on the SL topic? According to the IB guidelines, the student will lose three marks if two commentaries use the same key concept and six marks if all of the three commentaries use the same key concept.. This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. Have you effectively reproduced and explained the economics concepts you learnt in class, while applying it to this new case study? One question on 1-2 specific policies is ideal. Definition is not a requirement in the new IA grading matrix. Monetary policy: The process of money creation and the tools of monetary policy. Realistically, a good EE research question/ topic should be appropriately designed so that you would be able to 1) gather meaningful primary and/or secondary data if needed and 2) be able to scope things like the interpretation of the data, analysis and evaluation of the data / events within the 4,000-word limit. Feel free to reach out to me at @rohit.thunga on Instagram!View all posts by Rohit Thunga, Hi, According to the IB guidelines, extracts should be contemporaneous with the course, but they may include material collected up to one year before the commentary is written. Most schools recommend that students choose articles written in the past year, and we recommend that students choose newspaper articles for their credibility and easy access. Make sure to connect the economic theory to the evidence provided in the article. Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic well-being, influenced and enabled by their values and their natural surroundings. Interview Coaching (including Oxbridge, medicine, and others), the London School of Economics (LSE) website, To what extent does the market structure of Jardine Crescent contributes to its nature of competition, A study on how market structure of the Hong Kong primary housing market contributed to the high house price in Hong Kong, To what extent does the first registration tax for electric vehicles impacted the market for private vehicles in Hong Kong. Nearly 26,000 students took the International Baccalaureate Economics exam in May 2021, making it the second-most popular "Individuals and Societies . The IA is out of 45 marks, with 14 marks for each of the three commentaries. Criterion D: Key concept (3 marks): This criteria concerns whether students were able to identify the key concept and be able to link it to the article. However, as you start to get the hang of the course, you start to realise how applicable this course is towards our real-world issues and your own future, whether you decided to do an economics-related course in the future or not. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. A new addition to the course, key concepts are meant to help students build conceptual knowledge about economics. the course will be taught through 9 key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Choosing the article and the key concept to focus on completely depends on the student's interest. Flash cards of the 9 Economics key concepts for the 2020 new syllabus. Many HL students end up choosing articles based on the SL topics for all parts of economics (micro, macro, or global) in their IA, and SL students can do the same with HL topics (although this is less common). To earn 3 marks, according to the IB grading matrix: Judgments are made that are supported by effective and balanced reasoning.. Calculators are permitted for this paper. Meanwhile, if you are a person who enjoys graphical models and understanding concepts and theories, IB Economics could be your choice. As such, I highly recommend choosing this subject as your Group 3 selection if your school offers this course! Economics: Concerned with the production of goods and services, and the consumption of theses goods and services. The article describes that smoking has increased the cost of healthcare, and stops there. Quick reference: Price elasticity of demand (PED) Does the theory you have used match the reasoning in the article? Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world. Therefore, students are encouraged, throughout the course, to research current real-world issues. Remember: Writing a commentary differs from writing a theoretical economics paper. The percentage distribution for students receiving Level 5 and Level 6, however, were similar. How about the differences between carbon taxes and trading schemes? But when discussing systems thinking with interested others I often find that it is such a huge concept. Key concepts can function like related . Quick reference: The role of the price mechanism. Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world. International economics looks into how economic governments interact with one another on a global scale, while developmental economics looks into the economies of developing countries, such as Haiti and Bangladesh, and tries to find ways of improving such economies. We alsouse our proprietary study guides and workbooks, co-edited with senior IB examiners, alongside past exam questions sorted by topics to enhance your ability to achieve top grades. Be sure to also check out the official IB Economics Guide to learn more about this subject! This government intervention is a significant concept that appears throughout the course and students are expected to critically evaluate the balance between the market forces of the private sector and intervention by governments. Can you please clarify this doubt. at an international level where countries are becoming increasingly interdependent through international trade and the movement of labour and capital (the global economy). Here at CANA Elite, we truly believe that every student is unique and has the potential to reach their goals with the right guidance. In the new syllabus, the structure of the development unit is split into two main chapters, including the discussion of barriers to economic growth and development, as well as the economic growth and development strategies. The topic of the theory of the firm is shortened. [449 KB]. Sure, it might seem boring, but remember that you only have a maximum of 800 words! If we return to the previous example of a smokers tax, we can ask ourselves what the success of the tax is dependent upon. (causation, consequence, continuity, change, significance and . However, if you are considering studying Business Management, Human Resources, Marketing, Finance, Languages, or Humanities at university, choosing between IB Business and IB Economics will not make a significant difference. Therefore this article has a good, focused scope. When exploring these significant global issues, sustainability and equity become key concepts for DP economic students to understand. Meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. They are informative, funny, entertaining!\" - IB Student Member\"As a NEW IB Economics teacher, Brad's workshops \u0026 resources saved me!\" - IB Teacher Member\"Brad's IB Teacher Workshops are the best in the market place!\" - IB Workshop Attendee 2021STUDENT MEMBERSHIPS | IB ECONOMICSClass of 2022: https://www.bradcartwright.com/bundles/student-subscription-class-of-2022Class of 2023: https://www.bradcartwright.com/bundles/student-subscription-class-of-2023TEACHER WORKSHOPS, MEMBERSHIPS, AND RESOURCES | IB ECONOMICSTeacher Memberships: https://www.bradcartwright.com/bundles/teacher-monthly-subscriptionTeacher Workshops: https://www.bradcartwright.com/pages/teacher-workshopsTeacher Resource eBooks: https://www.bradcartwright.com/pages/ib-economics-teacher-resource-ebooksTeacher Mentoring Program: https://www.bradcartwright.com/courses/teacher-mentoring-programYearly School Membership: https://www.bradcartwright.com/bundles/school-membership-ib-economicsIB TEACHER WORKSHOPS:Check the latest: https://www.bradcartwright.com/pages/teacher-workshopsIB COORDINATOR WORKSHOPS:Check the latest: https://www.bradcartwright.com/pages/teacher-workshopsYEARLY SCHOOL MEMBERSHIP | IB ECONOMICSSchool Membership: https://www.bradcartwright.com/bundles/school-membership-ib-economicsON-SITE AND ZOOM PROFESSIONAL DEVELOPMENT WORKSHOPSContact Information: brad@bradcartwright.comTHE WORLD IS OUR CLASSROOM!Stay safe out there,Brad----------------------------Facebook: https://www.facebook.com/bradleyocartwright/Instagram: https://www.instagram.com/bradleyocartwright/---------------------------- * Learn more about standard level (SL) economics. [446 KB], Learn more about higher level (HL) economics. There are also some HL only topics within microeconomics that are related to market failure. Lets briefly go through the differences between IB Business and IB Economics, as well as their pros and cons, so that you can make a well-informed decision. Income method Measures the value of all incomes earned in the economy (wages + rent + interest + profit) Nominal value Microeconomics. If people have a low elasticity of demand even when the price of cigarettes rises - perhaps because their addictions are too strong - then the policy might be less effective, ceteris paribus. Read more about cookies, IB Global University Admissions Conference 2023, Information technology in a global society, at the level of producers and consumers in individual markets (microeconomics), at the level of the government and the national economy (macroeconomics). Most students find the component of Evaluation the hardest to fulfil in an Economics IA, and it tends to be the area in which students lose marks. After all, being able to define the terms doesnt mean that the terms are used appropriately throughout the commentary. LSE lists Business Studies under non-preferred subjects and Economics under traditional/preferred subjects. While the main difference lies in the fact that HL students must do an extra paper (Paper 3), many topics will have HL extensions that HL students only need to know such as calculations and graphs. To earn all 3 marks, according to the IB grading matrix: Relevant, accurate and correctly labelled diagrams(s) are included, with a full explanation. Terms in this set (9) Scarcity The central concept in economics, scarcity refers to the limited availability of economic resources relative to society's unlimited demand for goods and services. If you answered yes to any of these questions, IB Economics might just be the subject for you! Since the curriculum revolves around realistic situations and case studies in daily life and within organisations, students may find it easier to draw comparisons and contextualise what they learnt in class. The concept of sustainability is focused largely on the new IB Economics paper. Criterion B: Terminology (2 marks): Are the words youre using technical enough? All in all, if students practice the old syllabus past papers to prepare for the new syllabus exams, they would be able to do so. You may need this subject if you plan on studying economics, international relations, finance, business management and similar majors in university. The economics course will be changing for first assessment in 2022. Thank you in advance. This makes up for 30% of your IB Economics grade for HL and 40% of your IB Economics grade for SL. These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. The IA is a portfolio that contains three commentaries based on three units of the economics course: microeconomics, macroeconomics, and the global economy. FILLING THE GAP between what the IB EXPECTS you to do and how to ACTUALLY DO IT in the IB ECONOMICS classroom! the syllabus is to be explored through real world examples, with a credit given to . Which country is this policy being implemented in? Is consumer confidence good at the time? They help the student connect what they have learnt in economics class to large-scale economic issues. - Study Notes - Vocabulary Lists - Key Terms and Concepts - Review Questions - IB Exam Review Questions\"This website saved my IB Diploma! into outputs. https://www.bradcartwright.com. This leads to an overall weaker investigation. For each commentary, students choose a news article related to the unit the commentary is based upon and analyse it. IB Economics is a stimulating and interactive, online teaching and learning resource that offers comprehensive coverage of the latest Economics curriculum for the International Baccalaureate Diploma Programme, including Standard (SL) and Higher (HL) Level topics. Purpose of Internal Assessment Portfolio - DP. Lets say you come across an article on smoking again. Alternatively, if you come across an article on smoking and the article provides a laundry list of solutions, for example, how the government will tax cigarettes, promote anti-smoking campaigns to educate the public on its health consequences, ban smoking below 18, and impose a law to ban indoor smoking, etc. Even though most students have a firm grasp of the economic concepts, they may still find it challenging to write an Economics essay under timed conditions. Are you able to make a good argument? Indirect tax is a type of government intervention. Students often ask for research question ideas on their EE (Extended Essay). Interdependence Besdies teaching the fundamental Economics concepts,our coursesfocus heavily on teaching essay writing techniques, comprehension and application of Economics theories using news articles, as well as analyzing and practicing different types of mathematical questions necessary for HL students. Lets go through them. Join this channel to get access to perks:https://www.youtube.com/channel/UClklmr6wtUDEpBTwWO8MTRQ/joinLooking for online IB Economics tutoring, go to: https:. The Basics of Economics IA 20% of your overall IB Economics grade depends on your Economics IA. A government goods and services supplied by businesses and may 'run a budget deficit' in order to increase the government, including both consumer aggregate demand (AD) in the economy. IB economics revolves around the nine carefully chosen key concepts that helps in developing the complexities that nations of the world face in economic activities. This article goes through the IB Economics SL/HL course for the May 2022 cohort and beyond. This makes up for 20% of your IB Economics grade for HL and 30% of your IB Economics grade for SL. This involves skills such as connecting news articlesto relevent theoriesand explaining the key assumptions that emerge. Why is the course structure changing? Questions can be asked on all 4 units of the syllabus and include both quantitative and qualitative questions. 2013 IB HL Economics syllabus change introduced Paper 3, an essentially calculations-based assessment. Key Concepts Of The New Pattern Every change that occurs is based on some underlying foundations, ideas, concepts, and motive. In the old syllabus, the structure of the development unit is split into various subchapters. A few topics have been removed from the syllabus, such as cross product elasticity in microeconomics. IB Economics focuses heavily on application. While these key concepts arent explicitly assessed on the external assessment, the IA requires the students in their commentary to connect the article towards a key concept. precast concrete drywell; floating tiki bar st pete; Newsletters; wolfgang puck pressure cooker; cervical medullary junction; fort lauderdale airport taxi In terms of IB final results, the statistical bulletin released by the IBO reveals some differences between Economics and Business. Even though most students have a firm grasp of the economic concepts, theymay still find it challenging to write an Economics essay under timed conditions. ( 4 units for EYP) A concept is a big idea- a principle or conception, that is enduring, the significance of which goes beyond aspects such as subject matter or place in time . Change is constantly happening, whether it be in consumer tastes, fashion, technology, culture, globalization, the external economic and social environments and the competition. on Overview: IB Economics HL/SL (First Assessment 2022), My Experience with IB Course Selection (From a Pre-IB Student), Overview: IB Economics HL/SL (First Assessment 2022). FILLING THE GAP between what the IB EXPECTS you to do and how to ACTUALLY DO IT in the IB ECONOMICS classroom! Here are some sample Economics EE research questions: The contents between the old IB Economics syllabus (first assessment in 2013) and the new IB Economics syllabus (first assessment in 2022) are fairly similar. To earn high marks in this paper, its important to provide case studies related to the question instead of solely including the theory. Are the curves drawn accurately and shifted correctly to match your data or theory? By continuing to use this website, you consent to our use of these cookies. Students will learn primarily through case studies, with an emphasis on gaining practical rather than theoretical knowledge. Although in previous years SL students didnt have to do any economic calculations within their examinations, calculations for a select number of topics in Economics have been included in the syllabus. Overall, IB Business focuses on the big picture and the practical, which may be more appealing to some students. In addition, a key concept like intervention can be identified and linked to the article. Named after the location of the first miracle in the Bible, we hope CANA elite can be the place of miracles for all our students, allowing them to achieve their dreams. The topic of cross elasticity of demand is removed in the new syllabus. Although the previous syllabus had Paper 1 questions based only on microeconomics and macroeconomics, the questions for Paper 1 can be on any of the 4 units. Thus, in the short run the only way to change output is to change the variable inputs (e.g. I assume that most probably, the new Economics Syllabus for first teaching in August 2020 and first assessment in May 2022, will be out very soon. For example, lets say you are assessing the effectiveness of a governments monetary policy to see if it will work or not. One important note though - remember that a different key concept has to be applied to each article. There are various factors you must look at. Unlike the previous syllabus where questions mainly centred around international and developmental economics, this new syllabus includes all the 4 units. Is the minimum mandatory wage effective in achieving its objectives in the foreign domestic workers market in Hong Kong? STUDENT AND . While the worlds population has unlimited needs and wants, there are limited resources to satisfy these needs and wants. The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. Evaluation requires students to think out of the box and showcase their knowledge and application. - Builds revision skills through a range of strategies and detailed expert advice - . These teaching and learning resources include assessments (exams and topic tests), classroom games, PowerPoints, video tutorials with clear explanations recorded of the more challenging topics, HL and SL summary notes, videos, articles, interactive flash cards, quizzes, IB Economics exam practice questions and review questions to check understanding and student assignments and assessments (including mock exams), and ALL EMBEDDED HERE, with answers. Or lets say that the government is assessing whether to give a boost to the demand side of the economy by the use of expansionary monetary policy. Are they allowed to search the micro IA based only on the HL topic ? IB Expectations: A key concept is identified and the link to the article is fully explained. 2.4 Critique of the maximizing behavior of consumers and producers. Course Key Concepts * Change. However, other topics have been included into the syllabus as a result. Our Econ IA guidance is second to none. Remember, this criterion is concerned with the use of appropriate and relevant terminology throughout the commentary, not the giving of definitions. Flash cards. 3 Things to Know About IB Economics Changes. Over the course of your IB, you'll be asked to write three commentaries of 800 words each. Production is the process a firm uses to transform inputs (e.g. and refer to the appropriate diagrams in the explanation. A famous adage in business is that if a business does not adapt to the changing external environment, then it will die. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. Follow these three tips, and you should be well on your way to writing a good IB Economics IA. If you consider yourself to be a Languages or Humanities person, or if you find it difficult to study graphical and mathematical models, IB Business may be more suitable for you. The grading matrix for the IB Economics IA is made up of 5 criteria for a maximum of 14 points total. The remaining 15 marks are to a long response question, requiring the student to use the extract in the question with the case studies theyve learnt separately to write a good answer. In each question, two snippets of news articles are given, and the subsequent sub-questions ask the student to apply economic theory towards each question. Admissions officers at renowned UK universities tend to prefer Economics students over Business students, because they are better able to show their strength in graphical and mathematical skills. You cant be too ambitious. How strongly is the policy imposed? IB Economics focuses heavily on application. Scarcity - Choice - Efficiency - Equity - Economic Well-Being - Sustainability - Change - Interdependence - Intervention "By focusing on the the Nine Key Concepts and the Six Real-World Issues, IB Economics students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens." budget surplus A situation that exists when allocative efficiency Occurs where the marginal planned government revenue exceeds . Also, remember to indicate which product you are referring to in the title(s) of the microeconomics diagrams. "The concepts that drive the PYP are timeless (factual examples change, but not the core understanding), universal (so students can apply understandings across cultures, situations and disciplines) and . Submit questions about how to become an IB World School or enquire about our professional development opportunities. Now that you know the grading matrix, make sure that your 800 words include all of the criterion areas, otherwise you might lose out on some easy marks! Criterion A: Diagrams (max 3 marks): Are your graphs correct and appropriate for the assignment? Typically, students only get 1-2 marks during evaluation, perhaps because they dont understand what evaluation really is. Hey Mohammed, sorry for the delay! The IB PYP now has 7 key concepts that are designed as the lens or the "big picture"of which we look at our lines of inquiry within each of our six units of inquiry. Also include your definition of your key concept here. In all areas of economic activity, the economic agents can be divided up into the private sector (consumers and producers) and the public sector (governments). It is possible to earn full marks for one relevant diagram that is drawn and labelled correctly and explained well. The IB Economics syllabus covers the following units: In contrast to IB Business, IB Economics requires the skilled application of graphical understanding and analysis. Theres no suggested intervention in the article, limiting the scope of analysis and evaluation. In Economics, students learn to see relationships in the economic world in detail, step by step. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Checklist (to get full marks): The government wants to respond by implementing a tax on smoking to reduce the number of smokers. The key concepts are: Scarcity Choice Efficiency Equity Economic Well-Being Sustainability Change Interdependence Intervention Each article chosen must be published no more than one year before the writing of the commentary. On the other hand, part (b) is an extended response where the students need to suggest a policy towards the economic dilemma in question. THis development challenged teachers and The DP economics course allows students to explore these models and theories, and apply them, using empirical data, through the examination of six real-world issues. Are they labeled correctly on the axis? Concepts, themes and categories play an important role in the IB History course. What counts as a bad article? The IA in IBDP Economics is an integral part of the course for both SL and HL students and it enables students to demonstrate the application of their skills and knowledge, and to pursue their personal interests, without the time limitations and other constraints that are associated with written . Longer notes: Elasticities. D: Key concept (3 marks) IB Explanation: This criterion assesses the extent to which the student can explain and develop appropriate economic theories and/or concepts in the context of the article. The economic world is dynamic in nature and constantly subject to change. The International Baccalaureate Primary Years Program (PYP) is driven by eight key concepts which give the inquiries direction and meaning. Click to download Worksheet 1. Paper 3 is out of 60 marks, with the two questions both having a part (a) and a part (b). Your IA may not be able to talk about the effects of these policies in depth, given your word limit. The development syllabus has been revamped.
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