Group 3 - Economics
IB Diploma Economics - recommended summer work
It is highly recommended that students who have never studied economics before make notes on the following topics using the embedded video links. Previous students who are new to economics have found this very beneficial with helping them to catch up on existing knowledge that IGCSE students hold.
The economic problem:
- Scarcity, opportunity cost and the PPC:
- Demand and the demand curve:
- Supply and the supply curve:
- Circular flow of income:
- Economic systems:
Other Resources
These OPTIONAL resources & tasks are intended for all students who are studying IB Diploma Economics. They are designed to stimulate your interest in economic issues and get you thinking about how economic CONCEPTS (see model below) can be applied to the real world examples (CONTEXT), using economic models & theories (CONTENT).
You don't need to have completed IGCSE Economics to access and understand these resources.
Concepts: Scarcity & Choice
Two of the most important concepts in economics are scarcity and choice- everything that we want and need is scarce therefore decisions has to be made on who should get what is available. This problem is particularly prevalent in the case of ventilators in hospitals. As a result of the current Covid-19 pandemic, the demand for ventilators is much greater than the number of ventilators available.
Therefore choices have to be made. Who should have priority in the use of the ventilator:
- The most sick?
- The least ill of the sick as they have a better chance of survival?
- The over 70s?
- Those in the medical profession?
- Those who can afford to pay for it?
Listen to this podcast which discusses this very problem and form your own opinion:
Concepts: Change & Sustainability
For many years the human race, has been living beyond its means. We have been using resources to make all the stuff that we want at a faster rate than they can ever be replenished. This is unsustainable.
The Covid-19 pandemic has caused us to consume less and businesses to produce less, slowing down the rate at which we use resources and pollute the atmosphere. Now might be the time to change how we live and consume. The doughnut economics model provides a framework of how we could live within our means; how economic growth and mass consumerism may no longer be championed as the number one objective for economies, politicians and society.
Oxford economist, Kate Raworth, describes an alternative model to economic growth through the doughnut economics model:
Concepts: Equity & Intervention
Making similarities to the Doughnut economics model above, French economist, Thomas Piketty, has recently published a book that explores how the global pandemic has created a unique opportunity for governments to intervene and make societies fairer, or more equitable.
Further resources for IB Diploma Economics
The following list of resources provide you with the opportunity to explore economic theories and models further. Be aware that some Youtube channels, blogs and suggested readings may not be relevant to the syllabus, but all will offer something relevant to the field of economics in general.
Youtube channels
Blogs
Podcasts