Being an economics student in the IB is no easy feat! It requires a combination of calculation-based questions, a strong foundation in economic theory, and on top of that - essay-style questions in your exams that constitute substantial marks.
Whilst Paper 2 and Paper 3 involve short answer questions, Paper 1 is often a huge challenge for students because it is fully long answer responses. IB Economics didn’t come easily to me at first, however, I was able to score a high 7 in my final exams using the knowledge and strategies in this article!
What is Economics Paper 1?
Paper 1 is an extended response paper marked out of 25 and is 1 hour and 15 minutes. For SL students, Paper 1 is 30% of their final grade, whilst for HL students it is 20%. Students must choose to answer one question from a choice of three. Each of these questions are divided into parts (a) and (b).
To read further details on the breakdown of Paper 1, you can read this article: IB Economics Paper SL Breakdown
An Economic Secret!
It can be overwhelming to write an evaluation on the abundance of different topics in IB Economics. The good news is not all topics are made equal.
Go through your economics syllabus statements or learning outcomes and observe that each objective is accompanied by a number (AO1-AO4). These stand for assessment objectives:
AO1: Focuses on defining or stating the objectives - an in depth understanding is not required.
AO2: Focuses on analysing or explaining a concept - a skill needed throughout all of your economics papers. AO3: Focuses on evaluation of economic concepts, outlining the pros and cons and coming to justified conclusions. This AO is the one requiring critical thinking and a deeper understanding of the underlying theory.
AO4: Focuses on calculation or drawing requirements.
When it comes to Part A - the topics addressed under AO2 aims are likely to come up. For Part B which involves an extra layer of evaluation (addressing the pros and cons, coming to your own conclusions, and incorporating real-world examples), the topics will often be coded with AO3.
Therefore, try to focus your Paper 1 study and practice essays on the topics that are accompanied by the relevant assessment objectives! You may find there aren’t as many topics on the table for Part B as you expected. Make mind maps for your ‘big concept’ topics and colour code the learning objectives according to your confidence level.
Success in Part (A) - your 10 marks
The 10-mark questions are quite simple in structure. First, define the key economics terms in the question stem accurately and then write two analysis paragraphs going into further depth. Don’t simply make broad statements - go into depth and explain the ‘why’ behind the economics. You don’t need to be a pro-economist to do this - just think of your analysis paragraphs as a flow chart of reasoning.
If your question is about subsidies - define the term subsidy, include a well-labelled, clear subsidy diagram, then explain your diagram as to how the subsidy works, who the subsidy benefits vs harms, and come back ultimately to the question stem. Your marker will love a logically structured explanation, so make your diagram and analysis always link back to each other.
Success in Part (B) - your 15 marks
Things get a little more complex for the 15 mark questions - they require evaluation and discussion. On top of that, markers want to see you incorporate real world examples!
Top tips for Part B include:
- Using real world examples throughout your paragraphs - not just one rushed sentence at the end.
- Having a balanced evaluation. You might side stronger with a particular viewpoint, but markers want to see you discuss both the pros and the cons. Never stick to just one side.
- For a phenomenal conclusion, refer to the CLASPP structure.
C - Conclusions
L - Long run vs short run implications
A - Assumptions (these are everywhere in economics!)
S - Stakeholders
P - Pros and cons
P - Perspectives (what are the different lenses different groups may adopt?)
Utilise the same logical flow as your 10-marker: definitions, diagrams, and explanations, but spice it up with your examples and evaluations. Part B requires more critical thinking so mind mapping and brainstorming your potential responses in preparation for your finals is key!
FAQs
Do I need to plan out my Paper 1 response before writing?
Everyone works differently and there’s no requirement to plan your responses, however, I would highly recommend giving yourself a ‘skeleton structure’ of what you will write. For example, in your 15-mark response, jot down the words you want to define, a quick sketch of the relevant diagrams, and then plan out the back-and-forth evaluation you will include at the end. Practice it in your study sessions!
Are diagrams needed in Paper 1 long answer responses?
IB Economics loves their diagrams! You will notice the marking criteria states “where appropriate, relevant diagram(s) are included and fully explained” - so use diagrams as much as possible. Very occasionally there will be a 10 mark question, for example, on different taxation systems, where there isn’t an obvious diagram choice. But as a general rule, a diagram tells a thousand words. Always make the diagrams at least a third of the page big and use a ruler!
What if I can’t think of any real world examples?
If you are stumped in the exam room on specific real world examples, try to put something down regardless! A more generic, hypothetical scenario that shows your thinking process is better than nothing!
Bonus resources
If you are looking for additional guidance on how to structure your essays or need clarifications on topics, these YouTube channels were gold mines during my time in IB!
Remember that Paper 1 is vital towards your final economics grade. Don’t neglect preparation for it just because you don’t love essay writing. Instead, use this opportunity to plan and prepare responses in advance and watch yourself ace IB Economics!
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 English Language & Literature, Charli Horchner. Charli is currently pursuing a Bachelor of Medical Science/Doctor of Medicine at Griffith University and has years of experience as a tutor in English, economics, biology, and chemistry. You can view Charli’s profile here and request her as a tutor.
