Course Outline Name of the course: International Baccalaureate Economics (SL) Course description: IB Economics is a two-year Standard Level (SL) International Baccalaureate course. Students will be expected to use visual and statistical vocabulary to aid them in their study or economics. Economic thinking skills will be emphasized in this class. The aforementioned skills will appear on the IB exam at the end of your two-year course. In preparation for the exam, the course follows the IB curriculum, which divides economic concepts into the following four units: I. Microeconomics (definition of subject, markets, market failure, behaviors of individual households and firms) II. Macroeconomics (nationwide behavior, government policies, unemployment, income distribution) III. IV. International economics (trade, integration, exchange rates) Development economics (growth and development in developing and transitioning nations) Students taking the IB exam are expected to demonstrate mastery of vocabulary, models, and economic thinking skills. The exam itself is divided into several different components that add up to a composite grade. In addition to economics topics and thinking skills, this course is designed to help students build writing, research, document analysis, and media literacy skills. Content will be presented in a variety of formats from teacher-centered lecture to group work and student-centered presentations. A significant portion of content is presented outside of class through extensive readings in primary and secondary sources. Students will be expected to read and synthesize college level texts outside of class and be able to draw their own conclusions based on the complex issues presented in the materials. Students will then lead and participate in discussions, debates, and presentations.
Topics: I. Microeconomics A. What is Economics? B. Rationing Systems C. Demand & Supply D. Interaction of, application of, demand and supply E. Elasticities F. Indirect taxes, subsidies, and elasticity G. Market failure II. Macroeconomics A. Measuring national income B. Measuring economic development C. Aggregate Demand D. Aggregate Supply E. Macroeconomic equilibrium F. Inflation and deflation G. Unemployment H. The inflation unemployment trade-off debate I. Distribution of income III. International Economics A. Why do countries trade? B. Free trade and protectionism C. Economic integration D. Exchange rates E. Balance of payments F. Terms of trade IV. Development Economics A. Characteristics of developing countries B. Sources and consequences of economic growth and development C. Barriers to economic growth and economic development D. Growth and development strategies E. Aid and indebtedness
Essential Questions: Microeconomics 1. What are demand and the law of demand? 2. What are supply and the law of supply? Macroeconomics 1. What is the circular flow of income model and what purpose does it serve? 2. What are the components of Aggregate Demand and what are the determinants of those components? 3. What is the difference between the Keynesian and Neo-Classical perspectives of Long Run Aggregate Supply? International Economics 1. What are the benefits of international trade? 2. How can free trade and forms of protectionism be diagramed? Development Economics 1. What is the difference between economic growth and economic development?
2. What is the level of effectiveness of foreign aid? Assessments: External Assessments Paper One (Extended response) Paper one comprises four questions (from which the students must choose one) taken from all parts of the syllabus. The questions are set in two parts, the first part typically determining knowledge, the second part typically testing the students ability to apply this knowledge. Paper Two (Data response) Paper two comprises three questions from a choice of five. The questions are designed to test the students ability to respond to a given set of information, both in written and in statistical format Coursework (Portfolio) Students must build a portfolio of commentaries on media articles during the course. This process begins in the first year and continues into the second. Students must complete four commentaries of between 650-750 words. Each has to show that the student can absorb economic knowledge and apply their theory to a given situation. The portfolio is treated as a complete piece and although each commentary does not receive an individual grade, failure by a student to meet any of the assessment criteria in one or more of the individual articles will harm the student s overall mark. Internal Assessment As this course is still under development the internal assessments have not been completed.
Maine Learning Results: A. Application of Social Studies Processes, Knowledge, and Skills A1. a, b, c, d, e, f, g, h, i, j A2 a, b B. Civics and Government B1. e C. Economics C1. a, b, c, d, e, f, g C2. a, b D. Geography D1. d E. History Resources: Economics Course Companion, Jocelyn Blink and Ian Dorton IB Study Guide, Constantine Ziogas Freakonomics Steven Levitt and Stephen Dubner The Bottom Billion, Paul Collier The Mystery of Capital, Fernando De Soto The End of Poverty, Economic Possibilities for Our Time, Jeffery D. Sachs The White Man s Burden, Why the West s Efforts to Aid the Rest Have Done so Much Ill and So Little Good, William Easterly