IB Economics

Starter : 2
Analyze this picture with any 2 economic problems and how
government intervention can be a solution
Key concepts
scarcity, choice,
efficiency, equity,
economic well-
being, sustainability,
change,
interdependence,
intervention.
 Task Questions given to
Case study Analysis discuss with the class

Based on Real life

Recent issues (A04
issues (Case studies –
requires real life
Handouts will be
examples)
given)

Present the case study using the possible questions given

(Explain the scenario, Economic concept in the case study
and the solutions in terms of government intervention to it)
Sample some economics!
Summer tasks
Task 1 (Choose any 2)
1. Watch the video clip The World According to Marx from the BBC Two Masters of Money series, by Stephanie
Flanders (www.bbc.co.uk/programmes/p00z0yb2). Watch the video and write a summary of the key points. (1 page)
2. Identify the reasons why communism in practice had major weaknesses as an economic system. (1 page)
3. Research Adam smith and ‘the invisible hand’. Explain how a fall in demand for CD music systems would lead to
fewer resources being allocated to the production of this good in a market economy. (1 page)

Task 2 (Choose any 3)

4. Create a Timeline from 2004-2010 showing the causes and the impact of The Global Financial Crisis. (1 page)
5. Make a list of countries that were least and most impacted with Covid-19. Why were these countries impacted so
heavily? (4 countries least impacted and 4 most impacted)
6. Explain one way the Government could have reduced the impact of The Global Financial Crisis on the UK Economy.
(1 page)
7. Evaluate the impact of BREXIT on the UK Economy (1 page)

Task 3 (Answer all)

8. You need to collect THREE economic news articles over the summer.
9. State the date and paper they are taken from and summarise the main points for each.
Resource List
• Course Text Book:
 Core-Econ, The Economy • Youtube Channels
https://core-econ.org/the-economy/?lang=en (Free e-book,
£42 print)  EconPlusDal
 Paj Holden

• Course Reading  Tutor2u

• Freakonomics by Steven D Levitt and Stephen J Dubner  iXL Tutors

• The Undercover Economist by Tim Harford

• 50 Economics ideas you really need to know by Edmund • Other
Conway  Sky News
•  Economist
• Radio  Financial Times
 More or less by Tim Hartford
• Textbook for IB -
https://pdf.wecabrio.com/tragakes-economics-for-the-ib-d
iploma.pdf