Economics

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How is money made at the touch of a button? Why shouldn’t you buy Christmas gifts? What harm do minimum wages do? If the global debt is more than $300 trillion, does it mean we have borrowed money from the Martians?

Economics is a vibrant and dynamic subject, which enables students to grasp the complexitiees and interconnectedness of economic activities within a swiftly evolving world. EB Economics is an optional subject, that can be studied from S4 until S7.

Teaching

The focus is on the students’ ability to apply economic theory in the real world cases. The students become familiar with reading and analysing statistics, news and official reports, as well as constructing their own knowledge. The aim is to help students to grow into global citizens who can weigh different options in the economic sphere.

In S5, we cover following topics:

Commercial and Central banks, and creation of money

Different methods of measuring national output

Different types of market failures

Pros and cons of international trade

International organisations such as EU, WTO, IMF and World bank in promoting international trade

In S6 and S7, we delve further into the topics from S5:

Microeconomics: market equilibrium, market power and externalities.

Macroeconomics: labour market ridgities, measuring economic growth and well-being, inflationary and deflationary gaps, and the government and supranational tools to stabilise the economy