ECONOMICS
ECONOMICS
GROUP THREE
Economists occupy an important position in society , advising political , social and business leaders on how best to achieve their goals . Whatever the challenge in today ’ s working world – in fields as varied as sport and diplomacy – having an economist ’ s toolkit seems to be a prerequisite . Economics examines decision-making under scarcity by scrutinising the links between everyday human activities ( the work we do , the things we buy ) and national and global economic forces . By studying economics , you will learn to develop models of behaviour to predict how people will act , and then to deploy those models in real world situations . You will also develop an appreciation of the impact on individuals and societies of economic interactions between nations , and an awareness of development issues facing nations as they undergo the process of change .
Approximately 130 students study Economics in each year of the Sixth Form and we have a well-established department with a deep pool of resources . There is no presumption of prior knowledge and no requirement for students to have studied economics before . The Economics course covers Microeconomics , Macroeconomics and the Global Economy ; these are studied as an integrated whole rather than as discrete topics . macroeconomic indicators you might read about in the newspapers ( growth , unemployment , inflation and trade ) and the ways in which governments can influence these indicators .
The Global Economy examines trade policies , exchange rates and the extent of economic integration between different countries . The Global Economy also covers Development Economics and gives students an appreciation for the specific challenges faced by less developed countries as they pursue greater prosperity : how they can measure their development and how – through their own domestic actions and by the intervention of foreign countries and NGOs – this process can be influenced . The widely reported acceleration of global inequality makes this final topic very engaging . Throughout the course two key questions are posed : is this the most efficient way of doing things , and is this the fairest way of doing things ? To develop their appreciation of the subtleties of these questions , students will take an active interest in current affairs and have the chance to participate in external competitions and extension classes .
Microeconomics examines economic decisionmaking from the bottom up by looking at the incentives and puzzles faced by individuals , firms and governments : how they can accrue and deploy scarce resources , what makes them choose to operate in one market rather than another ; and what governments might do when free markets let us down . Macroeconomics looks at the economy top-down by examining how whole economies operate , in particular by looking at the main
18 THE IB AT SEVENOAKS | GROUP THREE