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Group 3

Individuals and Societies


Economics is the social science that studies the behaviour of individuals, households, and organizations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends.

Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more resource-controlling players to attain the best possible outcome under bound rational conditions. In other words, resource-controlling agents maximize value subject to the constraints imposed by the information the agents have, their cognitive limitations, and the finite amount of time they have to make and execute a decision.

Economics SL and HL

Curricular Objectives

Critical and systematic study of human experience and behaviour; physical, economical and social environment and history and the development of social and cultural institutions

Develop in the student, the capability to identify, to analyse critically and to evaluate theories, concepts and arguments about the nature and activities of the individual and societies.

Enable the students to collect, describe and analyse data used in studies of society, to test hypotheses and to interpret complex data and source material.

Develop awareness in the student that human attitudes and beliefs are widely diverse and that the study of the society requires an appreciation of such diversity.

Promote the appreciation of the way in which learning is relevant both to the culture in which the student lives, and to the culture of other societies.

Learning Outcome

Develop an understanding of micro economic and macro-economic theories and concepts and their real world application.

Develop an appreciation of the impact on individuals and societies of economic interactions between nations.

Develop an awareness of development issues facing nations as they undergo the process of change.



There is a paradigm shift from teacher centered learning to student centered learning in economics teaching. Teaching methodologies are designed to reward evidence of independent student thinking and enabling them to be responsible for their learning. To this end, diverse teaching strategies like group discussions, debates, presentations, commentaries, etc. are devised. This in turn will develop

in the students the power of reflection, self confidence and self-awareness, ability to communicate ideas without fear and a willingness to take risks and be open minded.

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