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Economics is a dynamic subject that allows you to explore the complexities of how scarce resources are allocated to satisfy unlimited wants. Whether you are looking at market failures or international trade policies, keep reading for our suggestions on how to write an extended essay that will meet the requirements in the rubric of the new IB assessment criteria for first assessment in 2027.
Economics EE Criteria and Checklist
You can receive as many as 30 marks for your extended essay based on the following criteria:
Criterion A: Framework for the essay – 6 points
This criterion evaluates whether your research question, chosen research methods, and structural conventions provide an effective foundation for your economic inquiry. In Economics, your framework must be clearly stated and focused, ensuring the topic is manageable within the 4,000-word limit. You need to explain the suitability of your specific research methods, such as data collection and field surveys, and how they connect to the overall methodology of the subject. Effective structure in Economics often includes the use of diagrams and tables to illustrate market trends, all of which must be clearly labelled and referenced within your text.
For a maximum of 6 points:
Frame your research question to focus on a specific, contemporary economic issue or local market rather than a broad, general theory.
Explicitly define your research methods, such as utilizing existing data banks or conducting primary interviews, and explain why they are the best fit for your inquiry.
Include a "Methodology" section that details exactly how you gathered your data so that the transparency of your economic research is maintained.
Ensure every economic diagram you include features essential elements: a clear title, appropriate axis labels, and a comprehensive legend or key.
Organize your essay with informative subheadings that follow a logical economic argument, such as "Research Methods," "Data Analysis," and "Evaluation".
A good example can be seen here.
Criterion B: Knowledge and understanding – 6 points
To score well here, you must demonstrate a deep grasp of the economic subject matter and the academic context of your research. This involves the accurate and consistent application of subject-specific terminology to show you understand the underlying concepts. You are expected to use relevant research materials, which for Economics includes a mix of secondary sources like academic journals and primary data like local price indices. Your understanding is also shown through how effectively you use key economic concepts to frame your investigation.
For a maximum of 6 points:
Consistently use technical economic terms, such as "asymmetric information," "opportunity cost," or "elasticity," to demonstrate professional subject knowledge.
Explain the theoretical models or economic laws (like the neoclassical model or Keynesian theory) that underpin your specific investigation.
Incorporate secondary sources like government reports, central bank data, or news articles to provide a broader context for your findings.
Use and correctly define key economic concepts such as "scarcity," "intervention," or "efficiency" as the core ideas around which your research is built.
Synthesize information from different sources into your own words, avoiding over-quoting to ensure your own understanding of the topic is evident.
A good example can be read here.
Criterion C: Analysis and line of argument – 6 points
This criterion focuses on your ability to break down economic data into essential elements to reach relevant findings. You must maintain a clear, reasoned thread that logically connects your research question to your data analysis and final conclusions. In Economics, this involves processing your evidence through appropriate techniques, which might include comparative analysis or identifying trends in numerical data. Every point of analysis must be backed by evidence from your research and lead the reader toward a convincing answer to your research question.
For a maximum of 6 points:
Process your evidence using appropriate economic analysis techniques, such as identifying patterns in financial datasets or comparing regional price fluctuations.
Maintain a clear line of argument by using transitional sentences that explain how each section of analysis helps answer your original research question.
Apply critical analysis to determine the significance of economic trends or the impact of a specific policy rather than just describing results.
Focus your analysis strictly on addressing the research question, setting aside peripheral information that does not support your central argument.
Establish mini-conclusions at the end of major sections to summarize what you have discovered so far and how it links to the next part of your essay.
A good example can be found here.
Criterion D: Discussion and evaluation – 8 points
This criterion requires a balanced review of your findings in a wider economic context. You must discuss the significance of your results, weighing them against established economic theories or diverse stakeholder views. Evaluation is crucial; you need to honestly appraise your methodology and data, identifying specific strengths and limitations, such as the reliability of your sample or the assumptions of a model. Finally, you should summarize your findings into a final conclusion that considers broader implications and notes any unresolved questions.
For a maximum of 8 points:
Compare your research results with established literature to discuss how typical or unusual your findings are within the broader economy.
Critically evaluate your research methodology by identifying specific sources of error, such as data collection gaps or theoretical limitations, and their impact on your results.
Discuss your findings from multiple perspectives, considering how different stakeholders (e.g., consumers, firms, or the government) might be affected by the economic issue.
Provide a summative conclusion that directly answers your research question based only on the evidence you have presented in the essay.
Propose specific, realistic improvements or extensions to your research that could address the limitations you identified during your evaluation.
This EE provides a good example of the above.
Criterion E: Reflection – 4 points
This criterion assesses your personal growth and the research process based on a 500-word reflective statement on the Reflection and Progress Form (RPF). You should evaluate how the experience has impacted you as a learner, providing specific examples of how you responded to challenges or how your perspective changed. Reflection should show evidence of transfer of learning and explain how skills like data literacy or critical thinking can be used in other contexts. These reflections are written after three mandatory sessions with your supervisor, including a final viva voce interview.
For a maximum of 4 points:
Use your Researcher’s Reflection Space (RRS) to log specific challenges faced during the process, such as difficulty accessing data, and how you solved them.
Reflect on how your understanding of an economic concept, like market efficiency, evolved from your initial brainstorm to the final analysis.
Detail exactly how the skills you acquired, such as statistical analysis or critical source evaluation, will benefit you in future university studies or life.
Explain how changes in your perspective during the research process, such as realizing the limitations of a specific economic model, impacted your decision-making.
Discuss the impact of the three mandatory reflection sessions and how your supervisor's prompts helped you refine your economic inquiry.
A strong reflection can be found in this EE.
We hope you found this post helpful in learning more about the IB Economics criteria. For more useful materials associated with the IB, check out the wide variety of IA, EE and TOK exemplars available at Clastify and other guides available on our blog.
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