IB Microeconomics HL

IB Microeconomics HL is a full-year junior year class held four times a week. In this course, students will begin by developing an understanding of economics as a social science and then move on to introductory concepts such as scarcity, choice, the Production Possibilities Frontier, and rationing systems. The majority of the time in this course will be spent on microeconomic theory: markets, supply and demand, equilibrium price and quantity, price controls, elasticities, theory of the firm and market failure. Students will apply economic theory to current events and demonstrate their ability to evaluate current events using economic models.