HL/SL Economics
Navigate global markets with our IB Economics program for HL and SL. We bring theories to life, teaching you to analyze, evaluate, and articulate ideas. Master micro and macroeconomics, excel in data response and essays, and gain insights into the forces shaping our world.

Class Structure
At Axiom Education, our classes are structured to ensure every student gains a deep understanding of the material while building the skills to tackle exam questions with confidence.
Breaking Down Theory
We start each lesson by covering the key theories for the topic, breaking them into smaller, easily digestible sections. This approach helps students grasp even the most complex concepts effectively.
Applying the Theory
Next, we demonstrate how to apply these theories to real-world problems, guiding students step-by-step through practical examples.
Exam-Style Practice
In the final half-hour, students attempt progressively challenging exam-style questions. This reinforces their understanding, builds confidence, and prepares them to excel in any test situation.
Our structured yet engaging approach ensures that students leave every class not only equipped with knowledge but also the skills to use it effectively when it matters most.
Topics Covered
Year 5: Higher Level (HL)
Term 1
- Demand
- Supply
- Price Mechanism
- Elasticities: Price Elasticity of Demand (PED)
- Elasticities: Income Elasticity of Demand (YED)
- Elasticities: Price Elasticity of Supply (PES)
- Government Intervention: Taxation
- Government Intervention: Subsidies
- Government Intervention: Price Ceiling
- Government Intervention: Price Floor
Term 2
- Market Failure
- Behavioural Economics
- Theory of Firm: Perfect Competition
- Theory of Firm: Monopoly
- Theory of Firm: Oligopoly
- Theory of Firm: Monopolistic Competition
- [Revision] Price Mechanism
- [Revision] Elasticities
- [Revision] Government Intervention in Microeconomics
- Exam Practices: Paper 1, Paper 2 and Paper 3
Year 5: Standard Level (SL)
Term 1
- Demand
- Supply
- Price Mechanism
- Elasticities: Price Elasticity of Demand (PED)
- Elasticities: Income Elasticity of Demand (YED)
- Elasticities: Price Elasticity of Supply (PES)
- Government Intervention: Taxation
- Government Intervention: Subsidies
- Government Intervention: Price Ceiling
- Government Intervention: Price Floor
Term 2
- Market Failure
- [Revision] Price Mechanism
- [Revision] Elasticities
- [Revision] Government Intervention in Microeconomics
- Exam Practices: Paper 1 and Paper 2
Year 6: Higher Level (HL)
Term 1
- Absolute Advantage and Comparative Advantage
- Trade Protectionism
- Exchange Rates
- Balance of Payments
- Economic Integration
- Economic Development
- [Revision] Demand-side and Supply-side Policies
- [Revision] Inflation
- [Revision] Unemployment
Term 2
- [Revision] Price Mechanism
- [Revision] Elasticities
- [Revision] Government Intervention in Microeconomics
- [Revision] Market Failure
- [Revision] Behavioural Economics
- [Revision] Theory of Firm
- [Revision] Economic Growth
- [Revision] Income Inequality
- [Revision] Macroeconomic Objectives
- [Revision] Sustainable Debt
- Exam Practices: Paper 1, Paper 2 and Paper 3
Term 3
- The Allocation of Resources
- [Revision] Market Failure
Year 6: Standard Level (SL)
Term 1
- Trade Protectionism
- Exchange Rates
- Balance of Payments
- Economic Integration
- Economic Development
- [Revision] Demand-side and Supply-side Policies
- [Revision] Inflation
- [Revision] Unemployment
Term 2
- [Revision] Price Mechanism
- [Revision] Elasticities
- [Revision] Government Intervention in Microeconomics
- [Revision] Market Failure
- [Revision] Economic Growth
- [Revision] Income Inequality
- [Revision] Macroeconomic Objectives
- Exam Practices: Paper 1, Paper 2 and Paper 3
Term 3
- The Allocation of Resources
- [Revision] Market Failure
- [Revision] Inflation
Student Benefits
Weekly Lessons
Specially Compiled Comprehensive Notes
Summary Sheet
24/7 Academic Support
Free Consultation
Free Snacks
Your Tutors

Toran Seth
10 Years of Teaching Experience
BA (Econ)
BA (Anthropology)
Master of Public Affairs from Brown University

Desmond Lim
7 Years of Teaching Experience
MSc Financial Economics (SMU)
Class Pricing
Lower Secondary
4 x 1.5-hour lessons per month
$360per monthUpper Secondary / JC / IB
4 x 1.5-hour lessons per month
$420per month