IB Economics can be a challenging and daunting subject due to its heavy content. It can feel overwhelming having never learnt any economics before - and I felt the same. However, as I navigated my way through the IB, I began to find the joy in Economics and along the way, discovered a few tips and tricks that can help boost my mark to a 7.
To do well in IB Economics, it is essential to understand the assessment format of the course.
Paper 1:
Paper 1 question consists of two sections part (a) and (b). Both parts (a) and (b) are extended responses that require students to provide a detailed response to the question. In Part A, the question usually asks students to explain and analyse some economic phenomenon. The objective of this question is to examine students’ knowledge and understanding, analysis and application of the material. For Part B, the format of the question is slightly different compared to Part A, the question requires students to evaluate and conclude based on their own explanation and analysis of their economic phenomenon.
I had a fixed structure for tackling extended responses. Remember these four key essential components: Define, Example, Diagram and Explain.
Define:
- It is important to address the reader of your understanding of the question through defining key terms.
- Define key terms in the question and provide precise definitions to show the marker that you fully understand the question.
Example:
- It is not necessary to provide real-world examples in part (A), however, an example could aid your explanation. For example, when the question requires you to explain indirect tax, a good example to give could be an example of cigarette taxes.
- However, the use of real-world examples in part (b) is mandatory. You must provide detailed real-world examples to support your argument.
- My advice would be to prepare two to three examples for each of the major topics (e.g. demand and supply, government intervention, fiscal and monetary policy etc).
- It is a good idea to memorise some of the key statistics from the example, for example, data of GDP and inflation rate. Always revise these examples to let them be fresh in your mind.
Diagram:
- A diagram is a crucial part of your response and is one of the easiest ways to get your marks as long as your diagram is fully labelled and correctly drawn.
- Always practice, practice and practise your diagrams! You are more advantageous than most candidates if you can ace full marks in your diagram.
Explain:
- It is important to explain your example and diagram with related economic context.
- Relate your example with relevant economic theories.
- Explain the movement of curves and other changes of important features from the diagram.
Now we know the structure of these extended responses, the next question is, how should we practise it?
I find writing up essay plans the most effective to carry out and present my ideas. In my essay plan, I would include sections of definition, example, diagram and explanation and would give a brief outline of information and argument in each section. I usually complete two to three essay plans per week from various topics in my final year IB.
KIS Academics
Paper 2:
Paper 2 is a mix of short answer questions (definition, data analysis/calculation questions, explanation questions) and one extended response question.
Definition questions:
- A precise definition is essential to secure full marks.
- You will get marked down if you provide a vague definition.
Data analysis/calculation questions:
- Some questions require you to justify whether the claim is correct from a sample of data.
- It is important to use the data and statistics provided to support your argument and reasoning.
- For calculation questions, show your working out but not just only the answers so that you will score some marks even if your final answer is incorrect.
Explanation questions:
- To score full marks in these questions, explain the questions with relevant economic theory and diagrams.
- Explain your theory based on your diagram and how the phenomenon of the diagram explains your theory.
- A correctly drawn diagram will already earn you a mark in this type of question.
Extended response questions:
- A combination of parts (a) and (b) in paper 1. The question requires both analysis with the application of economic theories and evaluation and synthesis. Refer back to the structure for Paper 1 above for more information
- You should dedicate most of your time to this question in Paper 2. A minimum of 50 minutes out of 100 minutes should be used to work on this extended response. This also means you will have roughly 50 minutes to complete the rest of the paper.
FAQs
Q: Can I bring in a calculator for my IB Economics Paper 1 and Paper 2 exams?
A: Calculators are not permitted in Paper 1 and permitted for Paper 2
Q: How much time should I put in for IB Economics revision per week?
A: I think two to three hours per week for IB economics revision will put you in a good position compared to other candidates
Q: What are some good sources of material for IB Economics revision?
A: I highly recommend using the Oxford Study Guide, the explanations within this guide are super detailed and can help fill your knowledge gap.
Want more personalized study guidance to help drastically improve your marks? A private tutor can make the biggest difference!
Written by KIS Academics Tutor for IB Maths AA SL, Chemistry HL and SL, Economics SL, Lai Yin Yip. Lai Yin is currently pursuing a Bachelor of Biomedicine in the University of Melbourne. You can view Lai Yin’s profile here and request him as a tutor.
