Economics is a social science, part of group 3—individuals and societies. The study of economics is essentially about how we manage our finite resources to satisfy our infinite needs and wants. 
There are four parts in Economics. 
-    Microeconomics, which deal with economic variables affecting individuals, firms and markets.
-    Macroeconomics, which deal with economic variables affecting countries, governments and societies.
-    International economics, which deal with economic variables affecting economic activities among countries.
-    Development economics, which deal with economic variables affecting issues faced by developing countries. 

As a social science, economics uses scientific methodologies that include quantitative and qualitative elements that students need to apply to real situation - local, national and global issues- with considering human end-goals, values and ethics as they learn to improve themselves, their families, their countries of origin, and the world, even as they develop into the citizens of the world and life-long learners

Assessment Criteria
Assessment criteria are used when the assessment task is open-ended. Each criterion concentrates on
a particular skill that students are expected to demonstrate. An assessment objective describes what
students should be able to do and assessment criteria describe how well they should be able to do it.They are classified below:
• Assessment Objective 1—knowledge and understanding of specified content
• Assessment Objective 2 —application and analysis of knowledge and understanding
• Assessment Objective 3 —synthesis and evaluation
• Assessment Objective 4 —selection, use and application of a variety of appropriate skills and techniques.

Distinction between SL and HL
SL and HL students of economics are presented with a common syllabus, with an HL extension in some
topics. The syllabus for both SL and HL students requires the development of certain skills and techniques,
attributes and knowledge—as described in the assessment objectives of the programme.
While the skills and activity of studying economics are common to both SL and HL students, the HL student
is required to acquire a further body of knowledge—including the ability to analyse, synthesize and evaluate that knowledge—and to develop quantitative skills in order to explain and analyse economic relationships. These quantitative skills are specifically assessed at HL in paper 3.