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IB Business Management vs Economics
By Roxanne
•
January 17, 2025
Are you choosing your IB subjects and are wondering about the differences between IB Business Management and IB Economics? This post is here to give you a detailed breakdown of the differences between these subjects so that you can learn more about what each one has to offer!
IB Business Management vs Economics
Difficulty
IB Business Management and IB Economics can be considered moderately challenging IB subjects, with Economics being slightly easier than Business Management. Both of these subjects are more challenging at the Higher Level (HL), where students will be taught some topics in more depth than at the Standard Level (SL), as well as being taught some HL-specific topics.
Official IB exam statistics show that IB Economics is the easier of both subjects. As per the May 2024 examination data, 15.0% of HL and 14.1% of SL Economics students achieve a grade 7, compared to just 7.7% of HL and 10.7% of SL Business Management students. These statistics can however be very misleading. Just because a relatively high proportion of students achieve a perfect score does not necessarily mean that the subject is easier.
It is important to keep in mind that IB Economics is more theoretical and requires a sound knowledge of economic theory, while IB Business Management focuses more on case studies and real-world applications of the studied theory. As such, IB Economics may be "easier" as the theory can be memorized, while the real-world applications in Business Management cannot.
The decision on which subject is more difficult is subjective and depends on the strengths of each student. Some students say that IB Economics is more difficult while others say it is IB Business Management. If you are good at memorization then Economics might be a better fit for you, while if you prefer application-based assessments then Business management might be a better fit for you.
Content
IB Business Management focuses on the internal operations of businesses, covering areas such as business organization, human resource management, finance, marketing, and operations. The course emphasizes practical knowledge that is often strengthened through case studies, providing insights into real-world business scenarios. Students develop analytical and decision-making skills, learning to apply business theories to practical situations. This prepares them for further studies in management, marketing, entrepreneurship, etc.
IB Economics focuses on economic theories and models, including microeconomics, macroeconomics, international economics, and development economics. The course emphasizes understanding theoretical concepts and interpreting graphical data. Students develop critical thinking, quantitative analysis, and the ability to evaluate economic issues and policies. This prepares them for further studies in economic research, finance, and policy-making and develops their understanding of economic systems and their impact at global and local levels.
Both IB Business Management and IB Economics develop analytical and critical thinking skills. They require students to evaluate complex scenarios and apply theoretical concepts to real-world situations.
The Challenges of IB Business Management and IB Economics
IB Business Management
Students must understand detailed business concepts and frameworks, which may be difficult to relate to practical scenarios without thorough analysis.
Interpreting and evaluating case studies requires an understanding of business operations and the ability to apply theoretical knowledge to practical settings.
Students must excel in both numerical analysis and qualitative evaluations. Students must ensure they are comfortable with performing calculations as well as writing essay-style answers.
IB Economics
Economic theories can be highly abstract, making it challenging for students to visualize and understand their real-world applications. Students need to find a way to apply the relevant economic theory to real-world applications, as it is not as clear-cut as in Business Management.
Strong graphical analysis skills are required as students need to both create and interpret graphs to support their analyses.
Students need to understand both broad economic policies (macroeconomics) and individual market behaviours (microeconomics), which can be challenging. Students need to know which theories are applicable in each scenario.
Who should consider doing IB Business Management and/or IB Economics?
Students who are interested in learning more challenging theories and pursuing more rigorous careers should take IB Economics as this subject provides a solid foundation for higher studies in related fields such as economics, law, policy, etc. Economics is also preferable for students looking to work in federal or legal environments.
Students who are interested in real-world applications rather than theory should take IB Business Management. This can lead to careers in various fields such as marketing, finance, human resources, etc. IB Business Management is preferable for students who are looking to work in corporate industries rather than in the government or in legal environments.
We hope you found this post helpful. For more useful materials associated with the IB check out the wide variety of IA, EE and TOK exemplars available at Clastify and other guides available on our blog.
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