Individuals & Society: Economics

What will you do on this course?

Economics is a dynamic social science and is essentially about the concept of scarcity and the problem of resource allocation. Although there is a body of economic theory to be covered this has to be applied to real world examples. Students must use the media coverage of national and global issues to enhance their views, knowledge and understanding of the subject.

For both Higher Level and Standard Level courses the areas studied are:

  • Microeconomics – a basic introduction to the concepts of resource allocation and scarcity, the market forces of supply and demand, market failure and government responses
  • Macroeconomics – a detailed examination of the major economic issues facing countries

e.g. economic growth, economic development, inflation, unemployment and income distribution

  • International issues – trade between countries, international trade organisations, exchange rates and balance of payments
  • Development economics – sources of growth and/ or development, consequences of growth, barriers to growth, evaluation of growth and development strategies

How will you be assessed?

Each examination paper will provide students with a choice of questions. Higher Level has three examination papers consisting of: Extended response paper: (1.5 hours - 30% of total marks) on micro and macroeconomics.

  • Data response paper: (1.5 hours - 30% of total marks) on international and development economics

  • Extension paper covering all topics: (1 hour - 20% of total marks)

Standard Level external assessment is through two papers consisting of:

  • Extended response paper: (1.5 hours - 40% of total marks) on micro and macroeconomics

  • Data response paper: (1.5 hours - 40% of total marks) on international and development economics

Will I need to do coursework?

For the internal assessment at both Higher and Standard Level students will produce a portfolio of commentaries on three topical articles illustrating different areas of the course. Each commentary is a maximum of 750 words in length, which constitutes 20% of the final mark.

What could this course lead to?

This course will provide a useful background for any careers in business and courses in Economics and Finance, Management Science, Development

Economics, Business Studies and any related courses. Studying Economics also prepares students for further courses in the subject and related areas in higher education. The transferable skills of critical analysis, investigation and analysis developed during the course are of value for a whole variety of subjects.