Nine Central Concepts
What Is Economics? Scarcity, Choice, and Economic Models
AO2
Syllabus requirement
Scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention serve as lenses for economic analysis and policy evaluation.
Assessment objectives
AO2 Application and Analysis
Summary
This topic introduces the nine central concepts (WISE ChoICES) used throughout IB Economics to organise thinking about scarcity, choice and economic models. It explains the roles of microeconomics (decisions by individuals and firms) and macroeconomics (operations of the whole economy), and shows how concept-based learning links content to real-world issues like interdependence, well-being and sustainability.
