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Economics IA Criteria and Checklist

Julia

By Julia

•

18 Jan 2024

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Marked only by official IB examiners

Economics IA Criteria and Checklist
 

The most important aspect of wiriting your IA is following the assessment criteria.  Before beginning your essay make sure that you know what is expected from your written report. Clastify is here to help! See our suggestions on how to write a perfect Economics IA.

Internal assessment is an integral part of the economics course, contributing 30% to the final assessment in the SL course and 20% to the final assessment in the HL course. The maximum for the portfolio is 45 marks: 14 marks x 3 commentaries + 3 marks (last criterion for the whole portfolio) = 42 + 3 marks.
 

 

Criterion A: Diagrams - 3 points 

 

Each commentary must include diagrams that illustrate the situation from the article. We recommend creating 2 diagrams per commentary. You must explain what is happening, for instance how and why the curves shift and how this movement influences the levels of prices, production etc. Label your diagrams properly to facilitate directly referring to their parts. 
 

For a maximum of 3 points: 

  • Draw diagrams that are directly relevant to the issue in the article

  • Label all axes, curves, equilibrium points, and shifts clearly and correctly

  • Show and explain the direction of shifts or movements

  • Integrate diagrams into your written explanation instead of treating them separately

  • Use multiple diagrams to fully explain the situation in the chosen article

  • Keep diagrams neat and easy to interpret


Check out this IA with good diagrams. 
 

 

Criterion B: Terminology - 2 points 

 

The purpose of your internal assessment is to showcase your knowledge and understanding of economics. Therefore you must use specific terminology and provide appropriate definitions in your whole report.
 

For a maximum of 2 points:

  • Use correct economic terms throughout the commentary

  • Define key terms when you first introduce them

  • Apply terminology directly relevant to the situation in the article

  • Avoid vague language and use clear economic terms instead

 

See the application of economic terminology here.
 

 

Criterion C: Application and analysis - 3 points 

 

This criterion assesses the extent to which the student recognizes, understands, applies, and analyses economic theory in the context of the article. You must think of the implications of the analysed situation, determine what is the impact on different stakeholders and propose countermeasures to resolve the issue.
 

For a maximum of 3 points:

  • Refer directly to data, examples, or policies from the article

  • Link every major economic concept to the real situation described

  • Explain the theory behind what is happening in the article

  • Use figures or statistics from the article when available

  • Avoid generic explanations that could apply to any country or market

     

You can refer to this analysis. 


 

Criterion D: Key concept - 3 points 

 

Each commentary must be linked to one of the key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, or intervention. Refer to these concepts throughout the whole commentary - starting from stating them in the introduction to for instance assessing the impact of different economic measures on the chosen concept.
 

For a maximum of 3 points:

  • Clearly identify the key concept on the cover page and in your introduction

  • Explain what the key concept means in your own words

  • Apply the key concept directly to the situation in the article

  • Use the key concept to explain causes or consequences

  • Link the key concept to your diagrams and economic theory

  • Refer to the key concept at least once per paragraph to reinforce analysis
     

Check this to get a glimpse of the matter.
 

 

Criterion E: Evaluation - 3 points 

 

You are expected to evaluate the different implications of the analysed situation and their possible solutions. The judgments must be supported by reasoned argument. Compare, contrast, and present arguments and counterarguments to demonstrate your reasoning.
 

For a maximum of 3 points:

  • Assess the advantages and disadvantages of the policies implemented

  • Consider the impacts on different stakeholders

  • Discuss the short-term versus long-term consequences

  • Judge the overall effectiveness using economic reasoning

  • Discuss the pros and cons of the policies or changes implemented (e.g. pros and cons of EV subsidies or tax on cigarettes)

  • Support evaluation with theory, not personal opinion

     

This evaluation is worth looking at. 
 

 

Criterion F: Rubric requirements - 3 points

 

For a maximum of 3 points, three rubric requirements are met:

  • Ensure that each article is based on a different unit of the syllabus (Microeconomics, Macroeconomics, Global Economy)

  • Ensure that each article is taken from a different and credible source. 

  • Use articles that were published no earlier than one year before the writing of the commentary

  • Stay within the 800-word limit 

  • Use only one news article per commentary and highlight the relevant sections that you want to focus on if the article is longer than one page

  • Write in clear, focused academic language

  • Avoid excessive quoting directly from the article; paraphrase and analyse instead

 

We hope this post has helped you learn more about the Economics IA criteria and checklist. 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.