IB Economics SL (renovations soon)

• In IB economics, there are 9 central concepts:

  • (Economic) Well-being
  • Interdependence
  • Scarcity
  • Efficiency
  • Choices
  • Intervention
  • Change
  • Equity
  • Sustainability

  Together they form the acronym: WISE ChoICES
• Microeconomics

  The study of the behavior of individuals and firms in making decisions about scarce resources.
• Macroeconomics

  The study of economy on a national level and its performance as a whole
• Global economy

  The study of economic systems, actions, and policies between nations