Commack School District
IB Economics - General Curriculum OutlineIntroduction to economicsStudents will be introduced to the basic vocabulary and concepts of economics. Students, also, will begin to explain real world economic situations through the use of a variety of economic models. Economic termsScarcityOpportunity CostProduction Possibility FrontiersBasic Economic Questions1. MicroeconomicsThe importance of markets and price determination are emphasized in this section. The role of consumers, manufacturers, and government in various markets are examined as they relate to supply and demand.MarketsSupply and DemandPrice ControlsElasticitiesMarket failure & Market Structure2. MacroeconomicsStudents will examine in detail major macroeconomic issues facing nations such as economic growth and development, unemployment, inflation, and income distribution. Different economic strategies employed by governments are introduced and evaluated.Measuring national incomeMacroeconomic modelsDemand side and supply side policiesUnemployment and inflationDistribution of income3. International EconomicsStudents will learn why trade is so valuable to a nation’s economic well being. International trade theory and exchange rates will be examined in this section.Reasons for tradeFree trade and protectionismEconomic integrationWorld Trade Organization (WTO)Balance of payments problemsTerms of trade4. Development economicsStudents will develop an understanding of the problems faced by developing countries and possible solutions to these problems. The basic distinction between economic growth and economic development is emphasized in this section. Students will learn about the different categories of development along the economic spectrum which include developed, developing, newly industrialized countries (NICs) and transition economies. They will learn the differences the blurred distinction between each category. Introduction to developmentSources of economic growth and/or developmentConsequences of growthBarriers to economic growth and/or developmentGrowth and development strategiesEvaluation of growth and development strategiesPartially Adapted from the Diploma Program Guide: Economics, February 2003 and Economics Guide 2013 ................
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