The subject involves the formulation and understanding of theoretical concepts, but the theories are applied to real-world examples to give it a much more applied flavour. Economics is not a discrete subject, since it incorporates elements of Geography, History, Psychology, Sociology, Political Studies and many other related fields of study.
Over 60% of the Sixth Form choose to study Economics at either Higher or Standard Level.
Economics is a dynamic social science, forming part of the study of Individuals and Society, and is essentially about the concept of scarcity and the problem of resource allocation. Economics is offered at both Higher and Standard Level. It is a well-established and popular subject in the Sixth Form with approximately 120 students currently in each year of the course. All students, whether promoted from the Middle School or new to the school, start the subject from scratch with no presumption of prior knowledge.
The Economics course covers microeconomics, including a consideration of such basic concepts as scarcity, choice and the operation of simple markets, and how firms operate in markets that are either competitive or monopolistic. Macroeconomics covers economy-wide issues such as economic growth, unemployment, inflation and international trade. The role of the government is a central theme and the IB course has a strong emphasis on international issues and development economics.