What is Economics in DP?
Economics is a fascinating and dynamic subject that helps students understand the complexities and connections between different economic activities in a constantly changing world. The core idea in economics is the problem of scarcity. This means that while people have endless needs and wants, there are only limited resources available to meet them. Because of this scarcity, decisions must be made about how to use those resources. The DP course, at both Standard Level (SL) and Higher Level (HL), explores how these decisions are made using various economic theories.
What is Microeconomics?
Basically, microeconomics is the branch of economics that studies the behaviour of individual decision-makers within the economy, like people, households, and businesses of all types.
What is the difference between Microeconomics and Macroeconomics?
Microeconomics focuses on the decisions made by individuals and businesses and how they interact in specific markets, while macroeconomics examines the broader economy, exploring large-scale economic factors like inflation, unemployment, and national income to understand how entire economies function and grow.