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Teacher(s)
Course part
and topic
Subject group and course
Unit 1: Introduction to economics
SL or HL/Year 1 or 2
Individuals and societies: Economics
SL/HL
Dates
1.1 What is economics?
Unit description and texts
DP assessment(s) for unit
Students will be introduced to the central economic concepts via an
active simulation where they must plan production for the well-being
of a small society.
Potential for paper 1: Extended response part (a)
INQUIRY: establishing the purpose of the unit
Transfer goals
List here one to three big, overarching, long-term goals for this unit. Transfer goals are the major goals that ask students to “transfer” or apply, their
knowledge, skills, and concepts at the end of the unit under new/different circumstances, and on their own without scaffolding from the teacher.
Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic wellbeing, influenced and enabled by their values and their natural surroundings.
Economic decision-making impacts the relative economic well-being of individuals and societies.
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ACTION: teaching and learning through inquiry
Content/skills/concepts—essential understandings
Learning process
Check the boxes for any pedagogical approaches used during
the unit. Aim for a variety of approaches to help facilitate
learning.
Students will learn the following content (see subject guide for content details).
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The scope and social nature of economics.
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The problem of scarcity and sustainability.
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Opportunity cost: the cost of choice.
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The basic economic questions: what/how much to produce, how to produce
and for whom to produce?
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Means of answering the economic questions: economic systems: free market
economy, planned economy and mixed economy.
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Positive versus normative economics in decision making.
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Modelling the economy: the circular flow of income model.
Learning experiences and strategies/planning for selfsupporting learning
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Details
Planning simulation
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Students will develop the following skills.
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Knowledge and understanding of specified content.
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Engage with economic reasoning.
Lecture/Discussion
Socratic seminar
Small group/pair work
PowerPoint lecture/notes
Individual presentations
Group presentations
Student lecture/leading
Interdisciplinary learning
At various junctures during the simulation, the key
concepts should be highlighted where and when they
become relevant. For instance, once the students
realize that they will not be able to produce everything
they need, the concepts of scarcity and choice can be
introduced.
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Students will grasp the following nine central concepts:
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scarcity
choice
efficiency
equity
economic well-being
sustainability
change
interdependence
intervention.
Formative assessment
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Observation of engagement throughout the small group
work.
Participation in whole class discussion/de-brief.
Summative assessment
Potential for paper 1: Extended response part (a).
Approaches to learning (ATL)
Students will engage with skills in the following ATL categories: thinking, and social.
EE connections
TOK connections
CAS connections
What balance between positive and normative
approaches to economic analysis are acceptable in
academic research?
Do you think the distinction between positive
and normative statements exists in other
academic disciplines?
How can an individual make a difference in the
well-being of themselves and others?
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Resources
List and attach (if applicable) any resources used in this unit
Potential resources
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Kay, J. 2004. Geography still matters. Everlasting Light Bulbs. Pp 68–70. London, UK. The Erasmus Press.
Kay, J. 2004. It is cool to be rich. Everlasting Light Bulbs. Pp 61–63. London, UK. The Erasmus Press.
Kay, J. 2004. Rational economic man. Everlasting Light Bulbs. Pp 78–81. London, UK. The Erasmus Press.
Facts and Values are Entangled: Deal with It. 2 December 2015. https://ftp.ineteconomics.org/.
Optimizing things in the Soviet Union. May 2016. https://chris-said.io/2016/05/11/optimizing-things-in-the-ussr/.
How a performance metric can lead to a giant nail. 7 August 2015. https://econlife.com/.
REFLECTION: considering the planning, process and impact of the inquiry
What worked well
What didn’t work well
Notes/changes/suggestions:
List the portions of the unit (content, assessment,
planning) that were successful
List the portions of the unit (content, assessment,
planning) that were not as successful as hoped
List any notes, suggestions, or considerations for
the future teaching of this unit
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