IB Group 3 – Economics

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IB Group 3 – Economics 2019-04-02T07:32:51+07:00


The central problem of Economics, the allocation of scarce resources, is relevant to both the developed and the underdeveloped world. In the IB much emphasis is placed on the issue of development in the belief that the study of Economics is part of the solution to this problem. Among the challenges common to all societies is the search for acceptable levels of economic wellbeing.

Individuals, firms and governments must constantly make choices about the allocation of scarce resources. How are such choices made and on what basis are their consequences to be analysed? The questions of ‘What?’, ‘How’, and ‘For whom?’ are central to the field of Economics. The first two questions are closely linked to the problems of sustainable development, the environment and the impact of technology; the third, to the issue of income distribution at all levels.


The aims of the Economics programme are to develop in the candidate:

  • Disciplined skills of economic reasoning.
  • An ability to apply the tools of economic analysis to past and contemporary situations and data, and to explain the findings clearly.
  • An understanding of how individuals, organisations, societies and regions organise themselves in the pursuit of economic objectives
  • An ability to evaluate economic theories, concepts, situations and data in a rational and unbiased way.
  • International perspectives which feature a respect for and understanding of the interdependence and diversity of economic realities in which individuals, organisations and societies function.

The course provides pupils with the precise knowledge of the basic tools of economic reasoning,  offering an understanding of contemporary economic problems while encouraging pupils to employ  economic analysis in different contexts. It is sometimes necessary to examine in detail certain  relatively complicated theories.


All students follow a common core but Higher Level students are required to learn additional material to provide them with more in-depth knowledge.

The syllabus is divided into four sections:

  • Microeconomics
  • Macroeconomics
  • International Economics
  • Development Economics

All students are assessed on the various sections in two written exams and Higher Level students then sit a third paper to cover their material, which has a greater emphasis on quantitative  elements.

As part of their Internal Assessment, candidates produce a portfolio of three commentaries where they need to provide commentaries discussing economic theory according to newspaper articles. Commentaries are written at the conclusion of a section of theory, so is spread out during the two years.

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    Covid-19 Update 😷

    Covid-19: Tutorial Procedures

    Just recently the Covid-19 situation has become increasingly worse once again and obviously worrying for all of us. Schools are closed or likely to be closed and will be offering online learning to supplement and replace all classroom teaching, homework assignments, examination preparation and project work. We here at GK Consultants will continue to work with students on their learning, school assignments and try to support each of them in terms of organisation, time management and other guidance as needed. Intensive support for IGCSE, A Level, SAT, ACT, AP and IB examinations will continue as we approach crucial dates during these next few months. Homeschooling programmes will continue as before.


    GK Consultants will continue to operate as follows:


    • Students can have their tutorials delivered either in person or by an online learning interface such as Skype or Zoom. Remote methods of teaching and learning work well, and we have used online teaching and learning techniques for many years. Online tutorials are scheduled at the same time as their face-to-face counterparts or can be rescheduled if an alternative time is convenient for the student and the tutor.


    At GK Consultants we are always here to discuss all matters relating to your son’s or your daughter’s education. Just because we are dealing with a health crisis does not mean that education is interrupted – you child’s future is as important today as it ever was.

    We look forward to hearing from you if you have any questions and let us all hope that the situation improves soon and we will be able to look back on this current pandemic in terms such as, “Do you remember when……...”

    Best wishes to you all: I, my academic team and administrative team wish you and your family a happy, healthy, safe, and successful 2021.


    Gary King


    Contact Us tel:+66985857426