IB Economics Standard Level (SL) is a two-year social science course within the International Baccalaureate (IB) Diploma Programme. It explores how individuals and societies manage scarce resources through the lens of economic theories and real-world issues.
Core Syllabus Units
The course is divided into four primary sections:
Introduction to Economics: Foundational concepts including scarcity, choice, opportunity cost, and the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention).
Microeconomics: Market mechanisms (demand and supply), elasticities, market failure, and government intervention.
Macroeconomics: National income, economic growth, unemployment, inflation, and government policies (fiscal, monetary, and supply-side).
The Global Economy: International trade, exchange rates, balance of payments, and economic development.
Assessment Structure (2026)
The final grade is determined by a combination of external exams and a teacher-assessed portfolio.
External Assessment (70%):
Paper 1 (30%): An extended response (essay) paper focusing on microeconomics and macroeconomics.
Paper 2 (40%): A data response paper covering all areas of the syllabus, including quantitative questions.
Internal Assessment (30%):
IA Portfolio: A collection of three economic commentaries (up to 800 words each). Each commentary analyzes a current news extract using a different key concept as a lens.