So you can see that there are a lot more than just the literally meaning of the definition that you can unpack. How does the government decide between the pros and cons of intervention and believe that intervention is ‘worth it’ compared to not doing anything? What does the govenrment prioritise when making such decisions? Finally, as with most things in economics, there comes trade offs. When does the government decide that they should be independent of the market and when do they intervene? There is also the debate of the degree of intervention and how much is sufficient to achieve the societal goals that the government is hoping for. This also raises the question on whether intervention is necessary. Additionally, intervention is often not self-interested – as in, private firms likely wouldn’t care about the government intervening but governments would because they ensure the welfare of society. Intervention is often done to achieve a certain goal for society, or for the economy because the free market won’t do it by itself. While intervention in economics is likely to mean governments influencing markets, we can think deeper about the why and how of intervention. As an example, let’s deconstruct the concept of Intervention. You should define your key concept clearly and elaborate on not only the literal meaning of the concept but also the issues surrounding the concept. How can you properly deconstruct the key concept? This starts with how you define the concept. You must be able to synthesis the implications of the key concept and be just as analytical and evaluative of the key concept as you are with the economic theory and issues presented in your chosen article. That’s why just mentioning the key concept isn’t enough. Don’t tack the key concept on to your IA like an afterthought, but rather, much like how you are writing the analysis and evaluation of the IA, integrate it throughout and consider how it applies to the article specifically. It reflects how the IB wants you to think about the key concept. This is the same amount of marks that are allocated to Analysis and Evaluation, making it a core component of the Economics IA. So today, I will share what it really means to USE the key concept in your IA and how to do it well.įirst of all, why is the key concept important? Well, it makes up 3 marks in your IA criteria. There are obvious links that can be made between each of the key concepts and the content you learn throughout IB Economics but according to feedback from IB Examiners for the IA in the new Economics syllabus, many have noted that the use of the key concept is insufficient and that students don’t really have a good understanding of the key concept. These are scarcity, choice, economic well-being, efficiency, change, interdependence, intervention, equity, and sustainability. Compared to the previous IB Economics syllabus, students are now expected to write each of their three IAs based on a different key concept intergrated throughout the course. In order to succeed in Economics HL, we recommend students set aside seven to ten hours a week.The Key Concept is a new addition to the Economics Syllabus for first examination in 2022. We also provide traditional activities such as essay writing to prepare them for the exams.Īssessment will be both formative and summative and in accordance with IB criteria. Students are assessed through the use of quizzes and tests. Throughout the Economics HL course, students engage in online discussions, debates, article analysis and group research projects. The emphasis is on learning actively together and activities include live online discussions, creating presentations, learning from videos and interactive exercises. Standards and expectations will be just as high as in a face to face classroom.
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