Economics is a very exciting and dynamic subject that allows students to develop an understanding of the complexities of the economic activities that are happening all around the world. The root of all the economic problems is scarcity. Scarcity in a wider context of words means a shortage of resources. The world has a population of 7 Billion. The population has unlimited needs and wants. Whereas, the resources are limited to satisfy these needs and wants.
There are many institutions all across the country that have various courses lined up in the field of economics but the IB Ace Academy at Chennai is one of the leading institutes across the country. There are two types of levels, the Standard level, and the higher level. The expert faculty at the academy equips students in such a way that they get to know the crude tools of business and economy and various factors encompassing them. They give comprehensive training to the students of the extensive curriculum.
One should be passionate about the subject and have determined as the students compete with the IB students worldwide. The IB tutors know all about the differences in the syllabus and will guide the students properly. There is a paper-wise as well as a level-wise breakdown of the syllabus. Economics is a science that culminates academic study with the acquisition of practical and investigational skills. Getting to know about the economics of the country will work in one’s favor as one’s perspective is widened. It also helps students develop a keen sense of understanding.
The IB Economics course help students navigate various models and theories and apply them using empirical data.
Structure
In these following sections we will explore the paper wise breakdown of the subject with two different levels of HL and SL. The IB Economics Tutors in Chennai by the IB Ace Academy will teach you paper wise strategies for the same
| Paper Number | HL | SL |
| Paper 1 | Extended response paper based on all units of the syllabus Time Limit = 1 hour 15 mins Weightage = 20% | Extended response paper based on all units of the syllabus Time limit = I hour 15 minutes Weightage = 30% |
| Paper 2 | Data response paper based on all units of the syllabus Time Limit = 1 hour 45 minutes Weightage = 30% | Data response paper based on all units of the syllabus Time Limit = 1 hour 45 mins Weightage = 40% |
| Paper 3 | Policy paper based on all units of the syllabus. Time Limit = 1 hour 45 minutes Weightage = 30% | NA |
Syllabus
The IB Economics Ace Academy experts are very informed about the syllabus and are updated about time to time changing about the syllabus. The IB Economics Tutors at the Ace Academy will help you plan your course throughout the two years very easily.
The core syllabus as well as the additional higher level syllabus is given below in red :-
| Syllabus Components | Recommended Teaching Hours |
| Unit 1: Introduction to economics 1.1 What is economics? 1.2 How do economists approach the world? | 10 for HL and SL |
| Unit 2: Microeconomics 2.1 Demand 2.2 Supply 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behaviour of consumers and producers 2.5 Elasticity of demand 2.6 Elasticity of supply 2.7 Role of government in microeconomics 2.8 Market failure—externalities and common pool or common access resources 2.9 Market failure—public goods 2.10 Market failure—asymmetric information 2.11 Market failure—market power 2.12 The market’s inability to achieve equity | 35 for SL 70 for HL |
| Unit 3: Macroeconomics 3.1 Measuring economic activity and illustrating its variations 3.2 Variations in economic activity— aggregate demand and aggregate supply 3.3 Macroeconomic objectives 3.4 Economics of inequality and poverty 3.5 Demand management (demand-side policies)—monetary policy 3.6 Demand management—fiscal policy 3.7 Supply-side policies There are HL extensions for each chapter. | 40 for SL 75 for HL |
| Unit 4: The Global Economy 4.1 Benefits of international trade 4.2 Types of trade protection 4.3 Arguments for and against trade control/ protection 4.4 Economic integration 4.5 Exchange rates 4.6 Balance of payments 4.7 Sustainable development 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies There are HL extensions for each chapter. | 45 for SL 65 for HL |
The IB Tutors help students in the following ways
Keeping up with the issues the world is grappling with
The conscious choices which are made by the economic agents that are consumers, producers and governments generate positive as well as negative outcomes. These outcomes affect the well-being of society. These postulates are drawn with the help of many theories. One should have a bird’s eye on all the issues the world is currently grappling with. Having a bird’s eye on all these problems will make a person aware and it will help him forge his path. It will compel him to think differently. Thus, the student gets acquainted with all the issues and he doesn’t have difficulty studying for the IB Economic examination as he develops a keen interest in the subject. The IB tutors help the students with all the mandatory sessions. It takes them only two tuition sessions per week to complete the curriculum. They follow a quintessential approach when it comes to teaching the students about this subject.
- Learn about the market policies
The market policies are changing every day. There are different petitions which are being passed and various laws that are being imposed. Economic growth and increased efficiency are two prominent goals. The intervention of the government is an extremely significant concept that appears in the course. The IB tutors encourage the students to critically evaluate the balance between the forces of the market in the private sector. The expert faculty also keeps a separate Q&A session for the students wherein there are asked about their opinions and perceptions regarding various policies. The students are encouraged throughout the session to do detailed research about the current real-world issues.
The external assessments have two examinations for the standard level and three examinations at the higher level.
- Going through the previous question papers
It is a known fact that the IB board of examination follows a tailor-made approach for the exams. There is no repetition of a single question. They follow a tailor-made approach for setting the question paper. The weightage for each question and topic is mentioned in the curriculum. The paper pattern is the same and doesn’t change. The IB Chennai tutors also monitor the areas where the students are lagging and prepare them accordingly. A separate session is conducted for these students who are facing extreme difficulties regarding any topic or concept. The expert faculty also conducts a one-on-one session based on the student’s request.
The IB tutors have formulated all the strategies for the examination. One just needs to follow the path. It is the path that is not less traversed and there are various testimonials of success.
- Practicing through textbooks
The E-books are the key to understanding various topics. Many publications offer high-quality IB syllabus. They help the students get a good grasp of the subject.
It often happens that the handbook you refer to in your school is outdated and doesn’t have the latest syllabus. You don’t need to worry about it as Ace Academy has got everything covered for you!
They have an entire database dedicated to all the study material for IB Economics. This data booklet helps you tread the path for the examination.
If you want a free trial class, contact us!
These are the schools that we currently help with their IA, EE, TOK and all their Economics enquiry
| Aditya Birla World Academy |
| Ahmedabad International School |
| Akshar Árbol International School |
| American Embassy School |
| American International School-Chennai |
| American School of Bombay |
| Amity Global School |
| Apeejay School International , South |
| Ascend International School |
| B.D. Somani International School |
| Bangalore International School |
| Bombay International School |
| Bunts Sanghas S M Shetty Intl School and Junior College |
| C P GOENKA INTERNATIONAL SCHOOL |
| Calcutta International School |
| Calorx Olive International School |
| Cambridge International Foundation School |
| Canadian International School |
| Candor International School |
| CHATRABHUJ NARSEE SCHOOL |
| Chinmaya International Residential School |
| CHIREC International |
| Choithram International |
| Christ Church School |
| Christ Junior College |
| Christ Junior College – Residential |
| CPS Global School |
| D Y Patil International School |
| D Y Patil International School |
| D Y Patil International School, Nerul |
| DPS Ghaziabad |
| Dhirubhai Ambani International School |
| Don Bosco International School |
| DPS International |
| Dr. Pillai Global Academy |
| Dr. Pillai Global Academy, New Panvel |
| DSB International School |
| Eastern Public School |
| Ebenezer International School Bangalore |
| Ecole Mondiale World School |
| Edubridge International School |
| Elpro International School |
| Excelsior American School |
| Fountainhead School |
| Garodia International Centre for Learning, Mumbai |
| Gateway International School |
| GD Goenka World School |
| Genesis Global School |
| Goldcrest International |
| Good Shepherd International School |
| GPS Brookes Kochi |
| Greenwood High |
| HFS International |
| Hill Spring International School |
| Hiranandani Upscale School (HUS) |
| India International School |
| Indus International School Hyderabad |
| Indus International School, Bangalore |
| Indus International School, Pune |
| International School of Hyderabad |
| Jain International Residential School |
| Jamnabai Narsee International School |
| Jayshree Periwal International School |
| JBCN International School, Oshiwara |
| DRS International School |
| JBCN International School, Parel |
| JG International School |
| Johnson Grammar School ICSE |
| KC High |
| KiiT International School |
| Kodaikanal International School |
| Kohinoor American School |
| Lalaji Memorial Omega International School |
| Lancers International School |
| Legacy School |
| M.Ct.M.Chidambaram Chettyar International School |
| Mahindra International School |
| Billabong High International School Thane |
| Mahindra United World College |
| Mainadevi Bajaj International School |
| Manchester International School – Coimbatore |
| Modern High School for Girls |
| Mody International School |
| Mount Litera School International |
| Mussoorie International School |
| Nahar International School |
| Navrachana International School,Vadodara |
| Neerja Modi School |
| Neev Academy |
| NES International School Mumbai |
| NEXT School |
| Oakridge International School |
| Oakridge International School |
| Oakridge International School, Bangalore |
| Oakridge International School, Visakhapatnam |
| Oberoi International School |
| Oberoi International School – JVLR Campus |
| Pathways School Gurgaon (NCR South) |
| Pathways School Noida |
| Pathways World School |
| Podar International School |
| Podar ORT International School, Worli |
| RBK International Academy |
| Prometheus School |
| Redbridge international Academy |
| Rockwell International School |
| Rungta International School |
| Sangam School of Excellence |
| Sanjay Ghodawat International School |
| Sanskar School |
| SARALA BIRLA ACADEMY |
| Scottish High International School |
| Seedling International Academy |
| Sharanya Narayani International School |
| SHIV NADAR SCHOOL GURUGRAM |
| Shiv Nadar School Noida |
| Singapore International School |
| Silver Oaks International School Bangalore |
| Smt. Sulochanadevi Singhania School |
| Sreenidhi International School |
| Step by Step School |
| Stonehill International School |
| Strawberry Fields High School |
| Suncity School |
| SVKM International School |
| Symbiosis International School |
| The Aga Khan Academy Hyderabad |
| The British School |
| The Cathedral and John Connon School |
| The Cathedral Vidya School, Lonavala |
| The Doon School |
| The Galaxy School |
| The Gaudium School |
| The Heritage School |
| The Heritage School |
| The Indian Public School – Chennai |
| The Indian Public School-Coimbatore |
| The International School Bangalore |
| The Shri Ram School |
| The Universal School |
| The White School International |
| TRIO World Academy |
| Trivandrum International School |
| Victorious Kidss Educares |
| Vidsan Charterhouse |
| Vishwashanti Gurukul |
| Wockhardt Global School |
| Woodstock School |
