--- title: "Economics" site: "Scotch Global Connect" url: "https://global.scotch.wa.edu.au/connect/courses/ibdp-economics" description: "Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world." published: "2023-10-02" updated: "2024-04-10" --- # Economics Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world. Path: Courses › Economics ## Economics SL and HL Group 3 – individuals and societies ## Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world. At the heart of economic theory is the problem of scarcity. Owing to scarcity, choices have to be made. The economics course, at both SL and HL, uses economic theories, models and key concepts to examine the ways in which these choices are made: at the level of producers and consumers in individual markets (microeconomics); at the level of the government and the national economy (macroeconomics); and at an international level, where countries are becoming increasingly interdependent (the global economy). The IBDP economics course allows students to explore these models, theories and key concepts, and apply them, using empirical data, through the examination of six real-world issues. Through their own inquiry, students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. ## Course aims ### [Economics](https://global.scotch.wa.edu.au/connect/schedule/aims-economics) | Develop a critical understanding of a range of economic theories, models, ideas and tools in the areas of microeconomics, macroeconomics and the global economy. | |---| | Develop a conceptual understanding of individuals’ and societies’ economic choices, interactions, challenges and consequences of economic decision-making. | | Apply economic theories, models, ideas and tools, and analyse economic data to understand and engage with real-world economic issues. | ## Assessment requirements ### [Economics](https://global.scotch.wa.edu.au/connect/schedule/assessment-economics) | **Standard level** | **Weighting** | **Type** | **Description** | |---|---|---|---| | Portfolio | 30% | Internal | Three commentaries based on different units of the syllabus (except the introductory unit) and from published extracts from the news media, analysed using different key concepts. | | Examination | 30% | External | Paper 1 Extended response paper based on all units of the syllabus. | | Examination | 40% | External | Paper 2 Data response paper based on all units of the syllabus. | | **Higher level** | **Weighting** | **Type** | **Description** | | Portfolio | 20% | Internal | Three commentaries based on different units of the syllabus (except the introductory unit) and from published extracts from the news media, analysed using different key concepts. | | Examination | 20% | External | Paper 1 Extended response paper based on all units of the syllabus. | | Examination | 30% | External | Paper 2 Data response paper based on all units of the syllabus. | | Examination | 30% | External | Paper 3 Policy paper based on all units of the syllabus. | | | | | | ## Our IBDP courses ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level ### [Year 7 English](https://global.scotch.wa.edu.au/connect/courses/year-7-english) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students listen to, read, view, interpret, evaluate and perform a range of spoken, written and multimodal texts. ### [Year 8 English](https://global.scotch.wa.edu.au/connect/courses/year-8-english) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students listen to, read, view, interpret, evaluate and perform a range of spoken, written and multimodal texts. ### [Year 7 The Arts](https://global.scotch.wa.edu.au/connect/courses/year-7-the-arts) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students have opportunities to use and apply visual art language and artistic conventions in their design and production process. ### [Year 8 The Arts](https://global.scotch.wa.edu.au/connect/courses/year-8-arts) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students have opportunities to use and apply visual art language and artistic conventions in their design and production process. ### [Year 7 Health and Physical Education](https://global.scotch.wa.edu.au/connect/courses/year-7-health-and-pe) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students learn how to take positive action to enhance their health, safety and wellbeing ### [Year 8 Health and Physical Education](https://global.scotch.wa.edu.au/connect/courses/year-8-health-and-pe) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students learn how to take positive action to enhance their health, safety and wellbeing ### [Year 7 Spanish](https://global.scotch.wa.edu.au/connect/courses/year-7-spanish) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Spanish will be our language in the Connect Year 7 programme. ### [Year 8 Spanish](https://global.scotch.wa.edu.au/connect/courses/year-8-spanish) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Spanish will be our language in the Connect Year 8 programme. ### [Year 7 Technologies](https://global.scotch.wa.edu.au/connect/courses/year-7-technologies) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students have opportunities to learn about technologies in society in a variety of contexts. ### [Year 8 Technologies](https://global.scotch.wa.edu.au/connect/courses/year-8-technologies) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students have opportunities to learn about technologies in society in a variety of contexts. ### [Year 7 Humanities](https://global.scotch.wa.edu.au/connect/courses/year-7-humanities) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students develop increasing independence in critical thinking and skill application. ### [Year 8 Humanities](https://global.scotch.wa.edu.au/connect/courses/year-8-humanities) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students develop increasing independence in critical thinking and skill application. ### [Year 7 Mathematics](https://global.scotch.wa.edu.au/connect/courses/year-7-mathematics) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students are introduced to proficiency strands: understanding, fluency, problem-solving and reasoning. ### [Year 8 Mathematics](https://global.scotch.wa.edu.au/connect/courses/year-8-mathematics) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students are introduced to proficiency strands: understanding, fluency, problem-solving and reasoning. ### [Year 7 Science](https://global.scotch.wa.edu.au/connect/courses/year-7-science) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students explore the diversity of life on Earth and continue to develop their understanding of the role of classification in ordering and organising information. ### [Year 8 Science](https://global.scotch.wa.edu.au/connect/courses/year-8-science) ### IBDP subject groups ### Group 1 ### Group 2 ### Group 3 ### Group 4 ### Group 5 ### Group 6 ### Core ### Course level ### Standard level ### Higher level Postdate: 02 Oct 2023 Students explore the diversity of life on Earth and continue to develop their understanding of the role of classification in ordering and organising information. ## Topics - Group 3 - Standard level - Higher level --- Canonical HTML version: https://global.scotch.wa.edu.au/connect/courses/ibdp-economics