​Welcome to HIGH SCHOOL economics

Economics pre-ib course of learning (you will need to download the file in order to hear the audio explanations.)

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Economics is a dynamic social science, forming part of group 3—individuals and societies. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements.
The IB Diploma Programme economics course emphasizes the economic theories of microeconomics, which deal with economic variables affecting individuals, firms and markets, and the economic theories of macroeconomics, which deal with economic variables affecting countries, governments and societies. These economic theories are not to be studied in a vacuum—rather, they are to be applied to real-world issues. Prominent among these issues are fluctuations in economic activity, international trade, economic development and environmental sustainability.
The ethical dimensions involved in the application of economic theories and policies permeate throughout the economics course as students are required to consider and reflect on human end-goals and values.
The economics course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. The course also seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasingly interdependent world. 

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Story of the week...
International Baccalaureate (IB)
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What does 'no-deal' Australia-style Brexit mean?

Remember how this time last year we were talking about a no-deal Brexit? Well, it's back. It is not exactly the same thing, because the UK left the European Union (EU) on 31 January. The UK is now in a transition period with the EU until the end of the year, which means it is still following EU rules and trade stays the same.

Covid-19: Chinese trade grows as others struggle amid pandemic

In the year up to the end of September, China's combined imports and exports with other nations reached 23.12 trillion yuan ($3.4tn, £2.6tn), up 0.7% and reversing the hit the country took in the early days of the coronavirus pandemic.

Time to look over US third-quarter growth. Headline: Yes, US growth is slowing...but still pretty healthy compared to everywhere else...
Pearson iGCSE 

Coronavirus spread hits Chinese manufacturing

Factory activity in China fell at a record rate in February, as manufacturers closed their operations to contain the spread of coronavirus. The country's official measure of manufacturing activity - the Purchasing Manager's Index (PMI) - dropped to 35.7 from 50 in January.

Unilever promises to halve new plastic use

Unilever, which owns brands like Surf, PG Tips and Walls, has said it plans to halve the amount of new plastic it uses over the next five years. The firm is responsible for producing 700,000 tonnes of new plastic a year.

STORY OF THE WEEK archive...

Coronavirus drives shop closures to new record

A record number of shops closed on UK high streets during the first half of this year as the coronavirus lockdown hit many stores hard, data shows. Some 11,120 chain store outlets shut between January and June, according to research by the Local Data Company and accountancy firm PwC.

Popcorn farmers are sitting on mountains of unsold popcorn, in part due to closed movie theaters

The popcorn market may have popped. With movie theaters shut down, people are obviously eating less movie theater snacks. This has left the farmers who supply theaters (and other venues) with a massive surplus of unsold food. Popcorn farmers who typically sell to movie theaters and other venues (bars, concert halls, sporting events, etc.)

Coronavirus and oil: Why crude has been hit hard

The world's biggest oil producers could be about to slash output as they grapple with the fallout of the coronavirus. Representatives of OPEC and its allies are expected to meet this week as calls grow for action to support oil prices. Brent crude has hit its lowest level in a year after falling 20% since its peak in September.

Greta Thunberg told to study economics by US treasury secretary

Donald Trump's treasury secretary has dismissed Greta Thunberg's call for immediate fossil fuel divestment, saying that the 17-year-old activist should go to college and study economics. In a withering slapdown on the climate emergency movement, Steven Mnuchin pretended not to know who Thunberg was, before dismissing her concerns as ill-informed.

The engineering grad who cleans shoes for a living

Chekole Menberu, now 27, had high hopes when he graduated with a degree in chemical engineering two years ago in Ethiopia. It was a moment to savour, considering the years of toil and the difficulties he had gone through to reach this moment.

Iran issues warning to petrol protesters

Iran's Interior Minister has warned security officials will step up action against protesters taking to the streets over a new petrol policy. Protests have erupted across Iran after the government unexpectedly announced it was rationing petrol and increasing its price. At least one person has been killed and others injured in the violence.

US economic growth slowest this year

US economic growth slowed in the third quarter, but beat some economists' expectations of a bigger contraction. The Commerce Department data put GDP growth at 1.9% during the three months, ahead of the 1.6% predicted. Consumer spending held up better than expected, offsetting a fall in business investment and lower public spending.

Who will win the media wars?

A MERICA HAS seen some spectacular investment booms: think of the railways in the 1860s, Detroit's car industry in the 1940s or the fracking frenzy in this century. Today the latest bonanza is in full swing, but instead of steel and sand it involves scripts, sounds, screens and celebrities.

America is preparing to hit $7.5bn-worth of European imports with tariffs

M OST MUSEUM exhibits are beautiful-or at least old. But an exhibition in 2015 at the World Trade Organisation ( WTO) included 60 cardboard boxes of documents. The point was to give a sense of the scale of two of the body's longest and largest legal disputes, over American and European subsidies for aircraft manufacturers.

How China became the world's 'economic miracle'

It took China less than 70 years to emerge from isolation and become one of the world's greatest economic powers. As the country celebrates the anniversary of the founding of the People's Republic of China, we look back on how its transformation spread unprecedented wealth - and deepened inequality - across the Asian giant.

Democrats clamour again for rent control

A MERICAN CITIES took up rent control in a moment of crisis during the second world war, when workers migrated en masse to factories just as the building of new housing was sharply restricted to conserve materials. In response the federal government froze prices on 80% of the country's rental stock.

Three more die on Everest amid overcrowding

Three more climbers have died on Mount Everest, taking the death toll to seven in a week - more than the total for the whole of last year. The three died of exhaustion while descending on Thursday. It comes amid traffic jams near the summit as record numbers make the ascent, despite calls to limit the number of climbing permits.
Mount Everest: To what extent does Mount Everest fulfill the description of a Common Access Resource? What next for Mount Everest?

Riding alone in a car is a luxury-an increasingly unaffordable one

UBER'S INITIAL public offering, due after The Economist went to press, will be one of the largest in tech history. The hoopla cannot drown out uncertainty about the firm's future. Ride-hailing platforms have grown hugely in recent years, changing the face of urban transport. They have also been virtuosic losers of money (see article).

Not just balloons. Helium shortage may deflate MRIs, airbags and research

CLOSE A global helium shortage could burst the bubble for all the businesses that rely on the gas to lift weather balloons, large blimps, and, yes, the balloons at your kid's birthday bash that make your voice sound like a chipmunk. But the shortage is potentially deflating for a whole range of other purposes.
Does a 4 day week make sense in the UK given falling worker productivity and automation?

World economy faces 'delicate moment'

The global economy is at what the International Monetary Fund's chief economist calls a "delicate moment". Gita Gopinath says that while she does not predict a global recession, "there are are many downside risks". The IMF has released its regular assessment of the World Economic Outlook, which forecasts global growth of 3.3% this year and 3.6% in 2020.

Reality Check: What is an economic forecast?

The government will set out its official economic analysis of the impact of its Brexit deal later today. The analysis is expected to forecast how the UK economy might perform under the government's Brexit deal, compared with a range of other scenarios. Separately, the Bank of England is also due to publish its Brexit assessment at 1630 GMT.

US growth rate beats expectations

The US economy grew much faster than expected in the first quarter of the year, helped by a jump in exports and by firms building up stocks of goods. The economy expanded at an annualised pace of 3.2% in the January-to-March period, well above analysts' forecasts.

Why are 1.8 million people getting a pay rise?

The UK's lowest-paid workers are about to get a pay rise - the result of an increase in the minimum wage on Monday. Since it was introduced in 1999, the minimum wage has risen much faster than average pay. The government is considering what to do after 2020 and further rises are possible.

China's current-account surplus has vanished

I N A CONTROL room at the headquarters of Ctrip, China's largest online travel agency, dozens of fluorescent lines flash every second across a big digital map of the world. Each line represents an international flight sold on Ctrip's platform. The top destinations on the morning of March 11th, when your correspondent visited, were Seoul, Bangkok and Manila.

Venezuela: A country in freefall

Venezuela's economy is in freefall. Hyperinflation, power cuts and shortages of food and medicine are driving millions of Venezuelans out of the country. And yet the man many blame for the dire state of the nation, Nicolás Maduro, is about to be sworn in as president for another six years.

Why Americans and Britons work such long hours

THE YEAR ahead will, like every year, consist of just under 8,800 hours. Most people will spend about a third of that time sleeping, and another third or so arguing on social media. Much of the remainder will be spent at work.
First story of the week...what economic ideas and concepts arise from this article?
The Economic Implications of the Brexit Deal Discussed? Will it or Won't it be Passed into law by UK parliament?

Macron in crisis talks after Paris riots

French President Emmanuel Macron has held an urgent security meeting following a day of riots by thousands of anti-government protesters. Ministers said that while no options had been ruled out, imposing a state of emergency had not been discussed during the talks - despite earlier reports.

Mauricio Macri hopes for a recovery in time for the next presidential election

ARGENTINA IS FAMED as much for its financial crashes as for its juicy steaks and nifty footballers. But even compared with its usual performance, 2018 was a particularly miserable year for the economy. The worst drought in 50 years wrecked the corn and soyabean harvests, knocking 2% off GDP.

Why a global manufacturing slump is a recurring threat

THE GLOBAL economy had an inauspicious start to 2019. Markets went into a tailspin and America's government was locked in a seemingly interminable shutdown. But matters have not played out as dismally as they might have. The government in Washington is open again.
The impact of a global manufacturing slump?

Brexit: A really simple guide

Feeling a little lost on Brexit? Never really got your head around it in the first place? Let us walk you through it. Brexit is short for "British exit" - and is the word people use to talk about the United Kingdom's decision to leave the EU (European Union).

Buying nuclear fuel is back in fashion

ON DECEMBER 3RD McIntyre Partnerships, a hedge fund in New York that normally buys equity and debt securities, told investors it was buying a commodity: uranium. This "slight anomaly" was justified by the metal's impressive recovery, said its founder, Chris McIntyre.

The lives of the parties

THE NOTION that China's economy, though nominally communist, resembles that of the Soviet Union seems on its face absurd. The fall of the Iron Curtain revealed a rusted shell of a country, incapable of manufacturing goods the West might want. China is the world's biggest exporter; its cities are jammed with gleaming skyscrapers.
Development Economics Article on the resource curse...
A theory of the firm article this week: what will be the consequences for allocative and productive efficiency?
Getting ready for development economics...

US economy grows faster than expected

The US economy grew at an annualised rate of 3.5% in the third quarter of the year, official figures have shown. The US Commerce Department said strong consumer and government spending helped to bolster the economy. But lower exports weighed on growth, after a surge earlier in the year as firms rushed shipments to beat tariffs.

Capitalism is becoming less competitive

In this two-part series, our correspondents explore the debates about market power, concentration and monopoly. On Wednesday we look at America, Mexico and Britain. On Friday we turn our attention to China and Japan. Competition in America: Where capitalism has become far less healthy Get our daily newsletter AMERICA'S airlines used to be famous for two things: terrible service and worse finances.

Sears shares fall below $1 as key debt deadline nears

Shares of Sears Holdings fell below $1 for the first time on Friday morning, hitting an all-time low as the department store chain is running out of time to stay afloat. The tumble follows a proposal earlier this week from CEO Eddie Lampert's hedge fund, ESL Investments, to restructure the company in order to avoid bankruptcy.

Extreme poverty is growing rarer

HANS ROSLING, a Swedish academic who died in 2017, became famous for telling people that the world was faring better than they believed. One of his favourite examples was the rapid decline in extreme poverty. Sadly, just as Rosling's elegant charts and YouTube talks drilled that story into people's minds, the facts began to change.

Economics best of the web

The Economist Login: [email protected].                  Password: 2203Westgreen

Economics

The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them.

Economics class: teaching ideas

Recommended FT articles and tasks picked by our panel of teacher advisers to help improve exam and interview success, with suggestions on questions for class activities and discussion.

Economy News - Wall Street Journal

Get the latest economic news and analysis on the U.S. and global economy from The Wall Street Journal, including news on economic policy, trade, financial developments and investment.

Global Economy

Venezuela stops paying $1bn debt to Canadian gold miner

Economy - BBC News

The latest Economy News from the BBC: breaking news on the global and UK economy and international investments including audio and video coverage.

best economics blogs

Economics

Articles on economics

The Dangerous Economist

This was a commercial back in 1986. It paints a bleak picture of America in the future, presumably caused by the growing national debt ($2 trillion then, about $21 trillion now-adjusted for inflation the 1986 figure would be about $4.4-4.5 trillion now, so we have still risen quite a bit).

Mises Institute

Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. Contributions are tax-deductible to the full extent the law allows. Tax ID# 52-1263436

Marginal Revolution

Here is the video, a bit short of an hour, you may recall this was my abstract: What happens when a simulated system becomes more real than the system itself? Will the internet become "more real" than the world of ideas it is mirroring? Do we academics live in a simulacra?

Paul Krugman

Paul Krugman, a New York Times Op-Ed columnist, writes about macroeconomics, trade, health care, social policy and politics. In 2008, he received the Nobel Prize in Economics.

Economics - FiveThirtyEight

Nate Silver's FiveThirtyEight guides readers through a thicket of economic data, clarifying what politicians and policy wonks often make obscure.

Worthwhile Canadian Initiative

My crappy little Twitter poll isn't conclusive of course, but it mostly agrees with my priors based on anecdotal evidence, so I think it's probably mostly right. I think this points to a problem, in two senses: Finding profs willing and able to teach Intro well is not easy.

The Dismal Science * r/Economics

Reddit gives you the best of the internet in one place. Get a constantly updating feed of breaking news, fun stories, pics, memes, and videos just for you. Passionate about something niche? Reddit has thousands of vibrant communities with people that share your interests. Alternatively, find out what's trending across all of Reddit on r/popular.

Freakonomics - The hidden side of everything

The hidden side of everything

The Grumpy Economist

Reaction to the Washington Post oped ( blog post, pdf) on debt has been sure and swift. We suspected we might get criticized by Republicans for complaining about deficits are a problem. Instead, the attack came from the left. Justin Fox hit first, followed by a joint oped by Martin Baily, Jason Furman, Alan Krueger, Laura Tyson and Janet Yellen.

Greg Mankiw's Blog

A student from abroad emails the following question: Do you have some hints for me, how to become a good economist? Here is some advice for, say, an undergraduate considering a career as an economist. is a list of recommended readings. 5. Follow economics news. The best weekly is The Economist.

THEORY OF KNOWLEDGE

Economists focus too little on what people really care about

A CYNIC, says one of Oscar Wilde's characters, is a man who knows the price of everything and the value of nothing. But, as philosophers have long known, assigning values to things or situations is fraught. Like the cynic, economists often assume that prices are all anyone needs to know.

Policymakers around the world are embracing behavioural science

IN 2013 thousands of school pupils in England received a letter from a student named Ben at the University of Bristol. The recipients had just gained good marks in their GCSEs, exams normally taken at age 16. But they attended schools where few pupils progressed to university at age 18, and those that did were likely to go to their nearest one.

Of rules and order

"NO MATTER what the topic, it's four to one against me," laments Peter Bofinger, one of the five members of Germany's Council of Economic Experts, which advises the government. The other four, he says, consider deficits and debt bad, oppose the European Central Bank's quantitative easing as "monetary meddling" and believe austerity is the answer to the euro crisis.

Smith's word

ADAM SMITH is known as the father of economics. Most people think of him as the archetypal free-marketeer. But Smith is often misquoted. This post will give a few examples of how people have misinterpreted Smith's ideas-and show what he really meant. Smith sowed the seeds of his own problems.

THE ECONOMICS TOK PAGE

Mr Bish Analyses the news of the week... like a good ib student

Buying nuclear fuel is back in fashion

ON DECEMBER 3RD McIntyre Partnerships, a hedge fund in New York that normally buys equity and debt securities, told investors it was buying a commodity: uranium. This "slight anomaly" was justified by the metal's impressive recovery, said its founder, Chris McIntyre.
As a result of events (Fukyshima), the taste for nuclear energy has reduced marginal benefits, MB; France and Germany recently closed several plants. Consumer preferences led to a decline in the price as consumers are demanding less Uranium. To counter further price falls 3 Major Uranium producers have cut their Uranium production in order to increase the market price to allow them to cover marginal costs, MC. The price mechanism signals through lower prices for uranium producers to allocate less resources to its production; lower prices provide less incentives for producers as profits fall and MC for some producers are higher than the market price and so they stop production and quantity supplied falls.

Producer surplus falls for all producers as economic profit and incentives fall. The demand for Uranium ore from energy producers is very inelastic (value =0-1) as it is a necessity in the production of (Uranium 235), it also is a small percentage of the total cost of energy production and there are no substitutes. As supply falls and demand remains constant there will be an increase in price and there will be scarcity for some consumers as MC>MB. The rationing mechanism of price is fulfilled. A new market Equilibrium is achieved with a new Price and Quantity and allocative efficiency is achieved at the point MB=MC.

Unit overviews