In our IB Economics course, you will embark on a comprehensive journey through the core principles and complexities of economics. Here’s a deeper look into what we’ll cover:

    Key Economic Principles: Scarcity and Opportunity Cost
        Dive into the foundational concepts that underpin all of economics. Understand scarcity as the basic economic problem that arises because resources are limited while wants are unlimited. Explore how opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another. These concepts are crucial for making sense of the choices that individuals, businesses, and governments make every day.

    Basics of Microeconomics: Supply and Demand, Market Structures, Elasticity, and Consumer Behaviour
        Unpack the mechanisms of supply and demand that determine the price and quantity of goods in the market. Analyse different market structures, such as perfect competition, monopolies, oligopolies, and monopolistic competition, to understand how they affect the economy’s efficiency and fairness. Delve into elasticity to measure how quantity demanded or supplied responds to changes in price, income, or other goods. Examine consumer behaviour to understand the decision-making processes of individuals and households.

    Macroeconomic Concepts: Fiscal and Monetary Policy, GDP, Unemployment, and Inflation
        Explore the overarching themes of macroeconomics, including how governments use fiscal policy (taxing and spending) and monetary policy (controlling the money supply) to influence the economy. Learn about Gross Domestic Product (GDP) as a measure of economic activity and health. Understand the implications of unemployment and inflation, two key indicators that economists use to gauge the overall economic well-being.

    International Economics: Trade, Exchange Rates
        Delve into the principles of international trade and finance. Discover the benefits of trade between nations and understand the impact of tariffs, quotas, and trade agreements. Explore how exchange rates are determined and their effect on international trade and capital flows. Grasp the complexities of balance of payments and how countries manage their economic relationships with the rest of the world.

    Mastering Exam Strategies: Answering Past IB Economics Exam Questions Effectively
        Beyond mastering economic concepts, you’ll learn how to effectively tackle IB Economics exam questions. This includes understanding the exam format, analyzing question types, and developing strategies for structuring your answers. We’ll practice with past exam papers to build confidence and improve your exam technique, ensuring you’re well-prepared to excel in your assessments.

Throughout the course, you'll engage with these topics through a blend of direct instruction, discussion, and application exercises. By connecting economic theory to real-world examples and current events, we aim to deepen your understanding and appreciation of economics as a vital field of study. Whether you’re aiming for a high score on your IB exam or seeking a solid foundation in economics for future studies, this course is designed to equip you with the knowledge and skills you need.