![]() ![]() Many people assume we have a shared body of knowledge, such as a topographical understanding of Earth. In order to understand these issues, we have to stand back and look at the larger picture, at the world as a whole. Neither of these can be tackled by one nation alone. This year, we will focus on four global issues: poverty, global warming, racism and discrimination. If there are words you don’t know, look them up in a dictionary and keep a record of their definitions in your copybook. Make sure you understand the concepts carefully. They will show up constantly as you explore “global issues”. understand what is expected in the IB interactive oral activity and how you can best prepare for it.explore speech writing, looking at a sample and its use of rhetorical devices.understand the problem of global warming and explore solutions to this.learn more about efforts to end poverty in the world.This is because the economic relationship between countries are, in some respects, different to that of economic relationships within a country.Today, we will start exploring the first Unit of the year, which is “Global Issues” (a core topic of the English B: Standard Level Programme).Īs we explore sub-topics of this unit, you will: Although building on the principle of microeconomics and macroeconomics, new theories, models and tools are developed. Content covered in units 2 and 3 of the IB Economics course is referred to extensively in Section 4. Much in this section of the course builds on what has come before it in the IB Economics course – many microeconomic and macroeconomic principles form the foundation of Global Economics. In IB Economics, we will see that international economic relations must often be considered in government economic policy development and implementation. Are there policies a government can implement to rectify these imbalances?Įvents in domestic and international economies are strongly interconnected, and because of such interconnectedness, often countries cannot attempt to correct a domestic economic problem by implementing economic policies without considering the effects this may have on other countries. Problems arise when there are large and persistent imbalances in these flows, such as Germany’s large trade surpluses, and Venezuela’s trade deficits with the rest of the world. Global Economics in IB Economics examines the flows of international payments, and determine how countries can and do measure these payment flows. The consequences of barriers to trade that restrict trade are examined in this section. Why do countries trade with each other? How is trade beneficial? International trade policies are examined, and the reasons why many countries use policies to attempt to inhibit, restrict and block the flow of international trade. In IB Economics trade theory some important questions are explored. Global Economics in the IB Economics course concerns itself with these international economic linkages. In today’s world these international economic links are strong and growing stronger every time a trade deal is signed, a business begins exporting or another Pakistani begins working in Dubai, an emirate where an astonishing 85 percent of its population are immigrants. These linkages concern flows of exported and imported goods and services, resources such as labour and capital, and payment flows between households (a Romanian farm worker in the UK and his remittances back home), households and businesses (a UK shopper purchasing from Amazon in the US), and business to business (Toyota being supplied with components by a Taiwanese firm). All countries have economic ties and links with other countries. However, we live in the real world, and even the ‘Hermit Kingdom’ – North Korea – has substantial interact with its neighbours. ![]() So far, the IB Economics course has been focused on economies that are ‘closed’ and don’t have any economic transactions with the rest of the world. ![]()
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