IB Economics Internal Assessment Guide: Think Like an Economist to Score a 7
Although the Economics Internal Assessment is not a lab experiment or original research, it still requires original thought. It should not read like a summary of a news article with diagrams pasted in and instead should read like a genuine economic analysis. This guide shows you exactly how to make yours the latter and achieve a 7.
Note: The Economics IA portfolio accounts for 20% of your final IB Economics grade at both SL and HL.
Table of Content
- What is the Economics Internal Assessment?
- The Four Criteria of IB Economics Internal Assessment Explained
- IB Economics SL vs HL: What's the Difference?
- How to Choose Your Article for IB Economics
- Step-by-Step Writing Guide for IB Economics
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What is the Economics Internal Assessment?
The IB Economics Internal Assessment is a portfolio of three commentaries. Each news article must be taken from a different source and be based on a different country. The three commentaries must each come from a different section of the IB Economics syllabus: microeconomics, macroeconomics, and global economics.
Each commentary has a maximum word limit of 800 words (excluding diagrams, titles, and bibliography). Because of this, the IA tests your ability to be precise and selective.
The portfolio is marked out of 45 marks in total. There is 15 marks awarded per commentary across four criteria.
The Four Criteria of IB Economics IA Explained
Criterion A: Diagrams (3 marks)
At least one well-drawn, accurately labelled diagram is expected in every commentary. However, having two diagrams may add to the depth and scope of your exploration. Criterion A isn't just about whether your diagram is correct, it's about whether or not it's integrated well enough into your analysis. A diagram that sits on the page without being explicitly referenced and explained in the text is not awarded. Instead, the diagram and the written analysis must work together. You must walk the reader through exactly what it shows and why it matters for the article.
Criterion B: Terminology (2 marks)
Economic terminology should be used accurately, consistently, and naturally throughout. Define key terms the first time you use them, which is often done in the introduction. Misusing a term, such as writing "demand increases" when you mean "quantity demanded increases", will signal a surface-level understanding to the examiner that will costs marks not only in this criterion, but across multiple criteria.
Criterion C: Application and Analysis (5 marks)
You need to identify the relevant economic concept or theory and apply it specifically to the article. Strong application means your analysis would only make sense for this article. Weak application means you could swap in any other article about the same topic and your commentary would read exactly the same. Analysis means going beyond description. Remember, don't just explain what happened, explain the economic mechanism behind it and the likely effects.
Criterion D: Key concept (3 marks)
In your commentary, you must be linking your economic theory to one of the key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, or intervention). The chosen key concept must be referred to throughout the whole commentary.
Criterion E: Evaluation (3 marks)
Evaluation is the hardest criterion to do well and is often what separates a 6 from a 7. It requires you assess critically. For example: Are there limitations to the theory you've applied? Does the real-world situation involve complicating factors the model ignores? Are the likely outcomes different in the short run versus the long run? Who benefits and who loses? What might a different economist argue? This criterion assesses your ability to understand that economic reality is more complicated than a single model.
Criterion F: Rubric requirements (3 points)
This criterion focusses on the formatting of your IA. You must ensure that each of your chosen articles is based on a different unit of the syllabus and is taken from a reputable source. Make sure that you use articles that were published within one year of you writing the commentary. You must also stay within the 800 word limit as examiners are not required to past the word count.
IB Economics SL vs HL: What's the Difference?
The structure and word limits of the IA are the same for SL and HL students. The only difference lies in the depth of analysis and evaluation that examiners expect, and the syllabus content available to write about. For example, HL students have access to price discrimination, theory of the firm and the balance of payments in greater depth. Where relevant to your article, using HL-specific theory and applying it well is one of the clearest ways to demonstrate the sophistication examiners expect.
How to Choose Your Article for IB Economics
The best articles for IB Economics commentaries have a clear economic event or policy at their centre. They should be from a reputable news source and published within the last year.
- The article covers a clear, specific economic event or policy decision
- It comes from a reputable, dated news source (e.g. BBC, Reuters, The Economist, Financial Times, etc.)
- There is enough economic content to analyse and evaluate, not just describe
- It was published within the last year at the time of submission
Step-by-Step Writing Guide for IB Economics
1. Identify the economic concept and state it clearly
Your first paragraph should immediately establish the economic concept you're applying and link it directly to the article. For example, “the article describes the Australian government's decision to impose a price ceiling on energy retailers, a policy intervention with significant implications for market efficiency and consumer welfare."
2. Briefly explain the theory
In a short paragraph, define key terms and describe the mechanisms. Keep this short as it is should only give context to your analysis.
3. Introduce and explain your diagram
Introduce your diagram in the text before or as it appears. Ensure the diagram is labelled with key points or shifts outlined clearly. Never assume the diagram speaks for itself. Instead, explicitly state what the diagram illustrates in the context of this article. You must also reference specific labels on the diagram. For example, “as shown in Figure 1, the imposition of a price ceiling at Pc below the equilibrium price Pe creates a shortage of Q2–Q1 units."
Hot tip: AVOID drawing the diagram correctly but then never mentioning specific labels in the written analysis. Every label on your diagram should appear in your analysis.
4. Apply the theory to the article
This is the center of your commentary. Use specific details such as the actual policy and the numbers mentioned. Explain the likely economic effects step by step such as what happens to prices, quantities, incentives, welfare and efficiency? Make sure to use the language of your diagram throughout as your analysis and your diagram should be seen as one unit.
5. Evaluate with depth
This means critically assessing the analysis you've just made. For example, consider: short-run vs. long-run effects, a stakeholder analysis, the assumptions that our model relies on, the limitations of the policy, and whether alternative policies might lead to different outcomes.
Hot tip: A rough outline of the word allocation could look something like this: introduction and theory (150 words), diagram explanation (150 words), application and analysis (300 words), evaluation and conclusion (200 words).
Common Mistakes to Avoid in IB Economics
- Summarising the article instead of analysing
- Applying theory in general terms rather than to the specific article
- Drawing diagrams that aren't referenced in the text
- Treating evaluation as a conclusion paragraph
- Exceeding the 800-word limit
- Using articles that are too old or from unreliable sources
Overall, in your IA you must identify the economic concept, apply the theory to the specific situation in your article, draw and explain your diagram, and then evaluate with genuine critical thinking. There three commentaries which are three chances to show that you can think like an economist.
Check out more of our IB Economics study guides to learn how to score top marks.
FAQs
How many diagrams should I include per commentary in IB Economics?
One accurately drawn diagram is the minimum expectation. Two diagrams often work well if they illustrate different aspects of the analysis to demonstrate the scope of your economic understanding. However, two or more mediocre diagrams that are poorly explained will score worse than one excellent diagram that's thoroughly integrated into your analysis. Remember, quality is more important than quantity.
Can I use an article in a language other than English?
Yes, but you must provide an official translation, and both the original and the translation must be submitted. However, most students find it significantly easier to use articles in English because the economic terminology can be difficult to translate.
What's the difference between analysis and evaluation in IB English?
Analysis explains what happens and why. On the other hand, evaluation assesses the analysis itself. It asks how reliable it is, what it assumes, what it ignores, who is affected and how, and what might limit or complicate the outcome in the real world. A useful test is if you're explaining an economic process then it's analysis. If you're questioning, comparing, or judging that process then it's evaluation.
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