Monetary policy: The process of money creation and the tools of monetary policy. 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. 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. The economic world is in a continual state of flux and economists must be aware of this and adapt their thinking accordingly. A helpful way of looking at evaluation is the key phrase dependent upon. 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. This article contains 4-5 recommendations, and so its scope is too wide for a student to analyse within the limited word count. Economics: Concerned with the production of goods and services, and the consumption of theses goods and services. To get as close to full marks as possible, students should follow three important tips: Set yourself up for the best chances of writing a good IA by selecting a good starting article. Meanwhile, if you are a person who enjoys graphical models and understanding concepts and theories, IB Economics could be your choice. 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 syllabus includes sustainable development, sustainable developmental goals, and the relation between sustainability and poverty, etc. To give a brief overview, microeconomics delves into how businesses and individuals work within an economy. The syllabus includes sustainable development, sustainable developmental goals, and the relation between sustainability and poverty, etc. The IB Diploma Programme Economics course forms part of group 3 - individuals and societies. FILLING THE GAP between what the IB EXPECTS you to do and how to ACTUALLY DO IT in the IB ECONOMICS classroom! In addition, the Economics Internal Assessment (Econ IA) is a very important component in IB Economics, since it constitutes 20% of the overall grade. For each commentary, students choose a news article related to the unit the commentary is based upon and analyse it. IB Expectations: A key concept is identified and the link to the article is fully explained. Key concepts can function like related . One must consider the timing, occasion and context to assess whether the policy is appropriate. 2.5 Elasticity of demand. What counts as a bad article? Lastly, it is important to re-emphasize the key concept that you have identified in the conclusion. Follow these three tips, and you should be well on your way to writing a good IB Economics IA. Each questions part (a) is worth 20 marks. An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. This is another good article with a suitable scope because it discusses one clearly outlined problem and examines possible solutions, for example, the use of monetary policy. 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. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. Are you able to make a good argument? 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). This makes up for 30% of your IB Economics grade for HL. In addition, introduction to economics is a new unit to introduce the student towards economics as a subject. Revision Tips for Economics Paper 1 and 2. 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. Are they allowed to search the micro IA based only on the HL topic ? Microeconomics. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. With a time allotment of 1 hour and 15 minutes, students will choose one out of three questions to answer. Remember, it is NOT necessary for students to draw more than one diagram to earn full marks. In contrast, Business questions require some creative and subjective answers that make it difficult to earn consistent marks with certainty. Remember: Writing a commentary differs from writing a theoretical economics paper. Checklist (to get full marks): This makes up for 20% of your IB Economics grade for HL and 30% of your IB Economics grade for SL. This way you are not just stating that you have identified a key concept, you have demonstrated that the link to the article is fully explained., It bears repeating once more, but DO remember that a different key concept has to be applied to each article. For example, lets say you came across a microeconomics article that discussed the pervasive issue of smokers in your city. 100% of our ad-revenue funds our website costs, ensuring all IB students have access to our resources forever, for free. Moreover, for students applying towards Mathematics or Economics related subjects, IB Economics may be a better fit. THis development challenged teachers and 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. Moreover, the effectiveness of a policy is often dependent on when it is implemented and what situation/context it is implemented in. What does the IB Economics syllabus include? Submit questions about how to become an IB World School or enquire about our professional development opportunities. 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. Are you interested in finding out how governments alleviate poverty? 2013 IB HL Economics syllabus change introduced Paper 3, an essentially calculations-based assessment. This might not be a good article because the given scope is too narrow. Is the minimum mandatory wage effective in achieving its objectives in the foreign domestic workers market in Hong Kong? 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! Business and Economics are both offered as subjects in the IB under group 3, but students are often unaware of the differences between the two, and therefore conflicted on which subject to pursue. the syllabus is to be explored through real world examples, with a credit given to . 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. - Builds revision skills through a range of strategies and detailed expert advice - . To earn 2 marks, according to the IB grading matrix: Economic terminology relevant to the article is used appropriately throughout the commentary.. Additionally, the article should not be too long. 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. 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). It is possible to earn full marks for one relevant diagram that is drawn and labelled correctly and explained well. I have a doubt with respect to the selection of the article done by the HL students. Below is an overview of the key concepts built into the course. The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. Click to download Worksheet 1. The IA is a portfolio that contains three commentaries based on three units of the economics course: microeconomics, macroeconomics, and the global economy. As a result of this scarcity, choices have to be made. The key concepts in the IB economics guide are: Scarcity Choice Efficiency Equity Economic well-being Sustainability Change Interdependence Intervention Example of the use of the key concept in the textbook Thinking about a key concept - Sustainability The theory of negative externalities can be closely related to sustainability. In this blog, we discuss our favourite way to structure your IB Economics IA, making sure you pick up all the marks you deserve! Through their own inquiry, it is expected that students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes. So what is the difference between SL and HL? Are the curves drawn accurately and shifted correctly to match your data or theory? To earn all 3 marks, according to the IB grading matrix: Relevant, accurate and correctly labelled diagrams(s) are included, with a full explanation. It is a good idea to connect your analysis to the key concept one to two more times to establish the linkage between the key concept and the article. 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/---------------------------- * Key Concepts Of The New Pattern Every change that occurs is based on some underlying foundations, ideas, concepts, and motive. Good commentaries will show thorough understanding of terms by using them accurately and precisely. LSE lists Business Studies under non-preferred subjects and Economics under traditional/preferred subjects. IB Economics focuses heavily on application. 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. Given the rapidly changing world, economic activity and its outcomes are constantly in flux. IB Economics was definitely a challenge to me at first. Which country is this policy being implemented in? As economic growth and increased efficiency become prominent goals, two other important global economic issues related to these goals are; the ways in which economic activity impacts the environment, and the challenges facing the world in terms of fair access to resources, goods and services. Join this channel to get access to perks:https://www.youtube.com/channel/UClklmr6wtUDEpBTwWO8MTRQ/joinLooking for online IB Economics tutoring, go to: https:. 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). 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. After all, being able to define the terms doesnt mean that the terms are used appropriately throughout the commentary. You should connect the key concept that you have identified to the context of your IA. Make sure to connect the economic theory to the evidence provided in the article. For students who are only drawing one diagram in the IA, we highly recommend portraying a scenario where there is a shift of curves on the diagram. As such, I highly recommend choosing this subject as your Group 3 selection if your school offers this course! 5.2 Polar Cases of Elasticity and Constant Elasticity IB Economics consists of four units: introduction to economics, microeconomics, macroeconomics, and the global economy. The range of teaching and learning resources madeavailablehere is easily the most comprehensive range available online that has been specifically designed to cater for the Economics IB Diploma course. The grading matrix for the IB Economics IA is made up of 5 criteria for a maximum of 14 points total. We discuss the newspaper articles selected and why they are suitable, the structure of the IA itself, and offer reviews of the work to make sure that the grading criteria are met. Related concepts can have different levels of abstraction and disciplinary specificity (Erickson 2008). Have you effectively reproduced and explained the economics concepts you learnt in class, while applying it to this new case study? Economics is an extremely broad subject; as a result, IB economics aims to provide a good breadth of knowledge of economics as a whole. The effectiveness of the policy is therefore dependent upon all these factors. The IB Diploma Programme Economics course forms part of group 3 - individuals and societies. The IB is excited to welcome university representatives and career counsellors to our first ever Global University Admissions Conference. FILLING THE GAP between what the IB EXPECTS you to do and how to ACTUALLY DO IT in the IB ECONOMICS classroom! The IA is out of 45 marks, with 14 marks for each of the three commentaries. You cant be too ambitious. 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. On the other hand, part (b) is an extended response where the students need to suggest a policy towards the economic dilemma in question. That is why we provide a unique learning experience tailored to each individual student. Students now only need to answer one out of the two questions in this paper. These calculations can be asked within Paper 2 for SL. Theres actually no difference in the Economics IA between HL and SL. To earn 3 marks, according to the IB grading matrix: Judgments are made that are supported by effective and balanced reasoning.. Purpose of Internal Assessment Portfolio - DP. This guide will help you to understand the changes and introduce you to the latest Oxford resource that has been developed in cooperation with the IB to fully support you in delivering the new economics syllabus. A few topics have been removed from the syllabus, such as cross product elasticity in microeconomics. If you draw more than one diagram, label different diagrams as Diagram 1, Diagram 2 etc. The Economics IA requires students to write 3 commentaries covering different topics. Sustainability - 21st Century Economics 21st Century Economics Blog IB Key Concepts Sustainability Mental Models May 29, 2021. by Henny One of the things I find important in relation to a 21st century economics education is systems thinking. Production is the process a firm uses to transform inputs (e.g. In Economics, students learn to see relationships in the economic world in detail, step by step. Lets go through them. Change is constantly happening, whether it be in consumer tastes, fashion, technology, culture, globalization, the external economic and social environments and the competition. At the heart of economic theory is the problem of scarcity. notes, expert advice, and exam-style questions on each key topic. Lets say you come across an article on smoking again. In the old syllabus, the structure of the development unit is split into various subchapters. Typically, students only get 1-2 marks during evaluation, perhaps because they dont understand what evaluation really is. Learn more about standard level (SL) economics. ( 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 . The success of the smokers tax depends upon price elasticity. In terms of IB final results, the statistical bulletin released by the IBO reveals some differences between Economics and Business. Students can use the limited words in a focused fashion to target the question and explain the problem, and concisely evaluate how the policy can be used and whether it is effective. For example, the new curriculum includes the topic of sustainable development and its relation towards poverty in the global economy. Instead, think depends upon - it is a crucial part of evaluation, and hopefully a better way of looking at this tricky criteria! Economics questions tend to be mathematics and calculations based, which means it is easier to get answers objectively correct. This makes up for 30% of your IB Economics grade for HL and 40% of your IB Economics grade for SL. 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.. 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