DP1 Economics. Welcome Packet Textbook: Oxford IB Diploma Programme Economics Second Edition

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DP1 Economics Welcome Packet 2016-2018 Course Title: Economics Teacher: Ms.

1 DP1 Economics Welcome Packet Course Title: Economics Teacher: Ms. Noura Salama Textbook: Oxford IB Diploma Programme Economics Second Edition About the teacher: I, Noura Salama, will have the honor and pleasure of teaching Economics to DP1 students for this academic year. I am a graduate of the Faculty of Economics and Political Science majoring in Economics. This will be my eighth year teaching high school. I have also completed my Master s Degree in teaching Social Studies to high school students from The College of New Jersey from which I have acquired my teaching certification. I am specifically honored to be able to transpire my Economic passion through the International Baccalaureate which aims to develop inquiring, knowledgeable and caring young people who help to create a better and more peaceful world through intercultural understanding and respect. (Economics Guide, 2010) I am very optimistic to our coming year together and eager to see your potential unravel in such a rigorous and challenging Economic experience that is bound to leave its mark on us and hopefully prove fruitful to our society. Course Description: Economics is a dynamic social science, forming part of group 3 individuals and societies. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements. The IB Diploma Programme economics course emphasizes the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. These economic theories are not to be studied in a vacuum rather, they are to be applied to real-world issues. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability. The ethical dimensions involved in the application of economic theories and policies permeate throughout the economics course as students are required to consider and reflect on human end-goals and values.

2 The economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students awareness of their own responsibilities at a local, national and international level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasingly interdependent world. (Economics Guide, 2010) Content: The course is designed in a way which fosters equal attention to both the local and global community and thus the first two parts are dedicated to local economic concepts while the final two parts are dedicated to global economic awareness. The following is the content break down according to the Economics Guide published by the International Baccalaureate 2010 and used ever since; Section 1: Microeconomics 1.1 Competitive markets: demand and supply (some topics HL only) 1.2 Elasticity 1.3 Government intervention (some topics HL extension, plus one topic HL only) 1.4 Market failure (some topics HL only) 1.5 Theory of the firm and market structures (HL only) Section 2: Macroeconomics 2.1 The level of overall economic activity (one topic HL extension) 2.2 Aggregate demand and aggregate supply (one topic HL only) 2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only) 2.4 Fiscal policy 2.5 Monetary policy 2.6 Supply-side policies Section 3: International economics 3.1 International trade (one topic HL extension, plus one topic HL only) 3.2 Exchange rates (some topics HL extension) 3.3 The balance of payments (one topic HL extension, plus some topics HL only) 3.4 Economic integration (one topic HL extension) 3.5 Terms of trade (HL only) Section 4: Development economics 4.1 Economic development 4.2 Measuring development 4.3 The role of domestic factors 4.4 The role of international trade (one topic HL extension) 4.5 The role of foreign direct investment (FDI) 4.6 The roles of foreign aid and multilateral development assistance 4.7 The role of international debt 4.8 The balance between markets and intervention

3 Objectives: This two year experience with this group three subject is designed to reach the following aims designated by the International Baccalaureate Organization and highlighted in the Economics Guide,2010; 1. Encourage the systematic and critical study of: human experience and behaviour; physical, economic and social environments; and the history and development of social and cultural institutions. 2. Develop in the student the capacity to identify, to analyse critically and to evaluate theories, concepts and arguments about the nature and activities of the individual and society. 3. Enable the student to collect, describe and analyse data used in studies of society, to test hypotheses, and to interpret complex data and source material. 4. Promote the appreciation of the way in which learning is relevant both to the culture in which the student lives, and to the culture of other societies. 5. Develop an awareness in the student that human attitudes and beliefs are widely diverse and that the study of society requires an appreciation of such diversity. 6. Enable the student to recognize that the content and methodologies of the subjects in group 3 are contestable and that their study requires the tolerance of uncertainty. 7. Develop an understanding of microeconomic and macroeconomic theories and concepts and their real-world application. 8. Develop an appreciation of the impact on individuals and societies of economic interactions between nations. 9. Develop an awareness of development issues facing nations as they undergo the process of change. Assessment Objectives: There are four assessment objectives (AOs) for the SL and HL economics course. Having followed the economics course at SL or HL, students will be expected to do the following: 1. Demonstrate knowledge and understanding of specified content Demonstrate knowledge and understanding of the common SL/HL syllabus Demonstrate knowledge and understanding of current economic issues and data At HL only: Demonstrate knowledge and understanding of the higher level extension topics 2. Demonstrate application and analysis of knowledge and understanding Apply economic concepts and theories to real-world situations Identify and interpret economic data Demonstrate the extent to which economic information is used effectively in particular contexts At HL only: Demonstrate application and analysis of the extension topics 3. Demonstrate synthesis and evaluation Examine economic concepts and theories Use economic concepts and examples to construct and present an argument Discuss and evaluate economic information and theories At HL only: Demonstrate economic synthesis and evaluation of the extension topics

4 4. Select, use and apply a variety of appropriate skills and techniques Produce well-structured written material, using appropriate economic terminology, within specified time limits Use correctly labelled diagrams to help explain economic concepts and theories Select, interpret and analyse appropriate extracts from the news media Interpret appropriate data sets At HL only: Use quantitative techniques to identify, explain and analyse economic relationships (Economics Guide, 2010) Grades Breakdown Assessment Objectives SL/HL Paper 1 SL/HL Paper 2 SL/HL Paper 3 SL/HL Internal Assess ment Overall 1.1. Knowledge and understanding 30% 35% 30% 20% 30% (SL) 30% (HL) 1.2. Application and analysis 30% 30% 30% 35% 30% (SL) 30% (HL) 1.3. Synthesis and evaluation 20% 25% 0% 25% 25% (SL) 20% (HL) 1.4. Selection, use and application of a variety of appropriate skills and techniques 20% 10% 40% 20% 15% (SL) 20% (HL)

5 Assessment Outline SL Assessment Component External assessment (3 hours) Paper 1 (1 hour and 30 minutes) An extended response paper (50 marks) Assessment objectives 1, 2, 3, 4 Section A Syllabus content: section 1 microeconomics Students answer one question from a choice of two. (25 marks) Section B Syllabus content: section 2 macroeconomics Students answer one question from a choice of two. (25 marks) 40% Paper 2 (1 hour and 30 minutes) A data response paper (40 marks) Assessment objectives 1, 2, 3, 4 Section A Syllabus content: section 3 international economics Students answer one question from a choice of two. (20 marks) Section B Syllabus content: section 4 development economics Students answer one question from a choice of two. (20 marks) Internal assessment (20 teaching hours) This component is internally assessed by the teacher and externally moderated by the IB at the end of the course. Students produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media. Maximum 750 words x 3 (45 marks) Weighting 80% 40% 40% 20%

6 Assessment Outline HL Assessment Component External assessment (3 hours) Paper 1 (1 hour and 30 minutes) An extended response paper (50 marks) Assessment objectives 1, 2, 3, 4 Section A Syllabus content: section 1 microeconomics Students answer one question from a choice of two. (25 marks) Section B Syllabus content: section 2 macroeconomics Students answer one question from a choice of two. (25 marks) 40% Paper 2 (1 hour and 30 minutes) A data response paper (40 marks) Assessment objectives 1, 2, 3, 4 Section A Syllabus content: section 3 international economics Students answer one question from a choice of two. (20 marks) Section B Syllabus content: section 4 development economics Students answer one question from a choice of two. (20 marks) Paper 3 (1 hour) HL extension paper (50 marks) Assessment objectives 1, 2 and 4 Syllabus content, including HL extension material: sections 1 to 4 microeconomics, macroeconomics, international economics, development economics Students answer two questions from a choice of three. (25 marks per question) Internal assessment (20 teaching hours) This component is internally assessed by the teacher and externally moderated by the IB at the end of the course. Students produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media. Maximum 750 words x 3 (45 marks) Weighting 80% 30% 30% 20% 20%

7 Student Behavior and Expectations: Students are expected to come to class prepared with the textbook, binder papers, calculator and writing supplies. Quizzes will be given weekly to evaluate students understanding of covered material. Quizzes may be announced or unannounced. Tests will be given at the end of every chapter covering material discussed in class in addition to notes, quizzes and assignments. A notice of a test will be given a week in advance. These tests are different than the DP1 assigned tests on the school calendar. Cheating, including copying home work, will not be tolerated and would result in an immediate zero on the quiz/test/exam/homework. Student is required to complete daily homework assignments as they would help student in studying. All unexcused late work will receive a zero. Student is responsible for getting all missed work and assignments for the days he/she were absent. All missed work should be submitted the next day back with a written excuse authorized by the school supervisor. Eating is prohibited in class. Students are required to be in class on time, failure to do so would result in grade deductions. A ten minutes late arrival to class will require bringing in a tardy ticket signed by the office. Late arrival past ten minutes will be considered an unexcused absence for the day. Student is required to do his/her own original work. Plagiarism will result in a zero. Students are expected to communicate in class using only English. Participation in class is highly recommended and does affect one s grade. Contact Information: Students and parents can reach me at any time through my nourasalama@gpschool-eg.com. I also will be posting updates, news, reminders and resources on the IB school blog on the Economics page; Address of the blog; I,, have read and agreed to all the terms and hence forfeit my right to argue the above mentioned points with the teacher along the course of the year. Student s signature;

8 References; Economics Guide. (2010) (1st ed., p. 5). Wales. Retrieved from

Curriculum and Assessment Policy

Curriculum and Assessment Policy *Note: Much of policy heavily based on Assessment Policy of The International School Paris, an IB World School, with permission. Principles of assessment Why do we assess? How do we assess? Students not