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Are you considering choosing IB Economics as your Group 3 subject but you're wondering if it's right for you? If you’re looking at different options and wondering about the challenges IB Economics might pose, this guide will provide you with some information so that you can make a well-informed decision.
How Hard is IB Economics?
Difficulty
Official IB statistics show that IB Economics is one of the easier Group 3 subjects, with 15.0% of HL and 14.1% of SL students achieving a grade of 7, according to data from the May 2024 exam session. Most students achieve a grade of 5. It is important to keep in mind that subjects such as IB Economics are often assessed through short answer and essay-style responses rather than through calculations or facts. As such, there is often no clear answer in IB Economics and grading is subjective based on how well the student answers the question and meets the grading criteria, which explains the average grade of 5 in IB Economics.
Most students admit that IB Economics is a moderately challenging IB subject. It requires a significant amount of memorization regarding economic theories and policies. The assessment of this theory is also subjective, rather than there being a clear-cut answer. IB Economics can be considered similar in difficulty to IB Geography, which is also very essay-heavy and requires significant memorization. That being said, comparison between subjects is subjective and depends heavily on an individual student's strengths.
What are some of the challenges of IB Economics?
Students must understand various economic theories and policies, such as monetary policy, fiscal policy, indirect/direct taxation, elasticity, market failure, tariffs, quotas, etc.
Students must be proficient at drawing and interpreting economic diagrams such as demand-supply curves, Production Possibility Curves (PPCs), diagrams showing externalities, tariff diagrams, Lorenz curves and Phillips curves.
Students must link economic concepts to current events, policies, and case studies for essays and analysis in the IA, which requires a deep understanding of the material.
Arguments need to be clearly presented in short answers and essay format on exams. This requires accurate use of terminology and clear reasoning.
Students must analyze fiscal, monetary, and supply-side policies, which requires knowledge of their advantages and limitations. Students must be aware of the situations in which each policy works best.
Students must understand and differentiate between similar terms, for example, short-run vs. long-run, nominal vs. real values, and public vs. merit goods, which can be confusing.
Students must choose real-world news articles and critically evaluate them as part of their Internal Assessment (IA). This consists of three commentaries from different syllabus units within IB Economics, which can be challenging as students are expected to provide a thorough analysis and link each commentary to a key concept.
Who should consider doing IB Economics?
Students who wish to pursue Economics, Finance, Business, Political Science, or Law would benefit from taking IB Economics as it provides a solid foundation for studying these programs at college, in addition to potentially being a requirement for many courses in these programs. Students who like to problem-solve and who consider themselves logical thinkers will enjoy this course as it requires analyzing data, evaluating policies, and making logical connections between theories and real-world events. If you are interested in understanding how concepts such as inflation, unemployment, trade, and government policies affect daily life, IB Economics might be a good choice for you!
Students wishing to pursue majors similar to those listed above should consider taking IB Economics at the Higher Level (HL) as they will be able to gain a more in-depth study of economics to prepare them for higher education in related fields. Students who are interested in economics but do not wish to pursue majors such as those listed above are advised to take IB Economics at the Standard Level (SL) instead.
Tips for Succeeding in IB Economics
Complete past papers – IB Economics places a strong emphasis on the application of economic theory. There is a lot of information that students need to memorize. Doing past paper questions will allow you to practice and apply these learned concepts, as well as develop your essay-writing skills.
Practice drawing essential diagrams – Spend time drawing and labeling supply & demand, market structures, externalities, AD-AS diagrams, and tariff diagrams accurately, as they are essential for high-scoring answers.
Use flashcards – Create flashcards for key terms and important concepts. Quiz yourself to reinforce your memory and improve recall. This will help you retain the information better.
Practice essay questions – Practice writing essay-style questions as these are a big part of the examination. You should time how long you take to complete one essay as well as the entire paper. This is because essay writing can often be time-consuming as you need to plan your thoughts and write them cohesively using a good flow within a set timeframe. It is important to practice this skill beforehand to ensure you do not run out of time during the actual exam.
Stay on track – In IB Economics, many concepts build upon previous topics. Make sure you clarify any doubts early on to ensure they do not confuse you later in the course.
Know the IB command terms – Differentiate between terms like "analyze," "evaluate," and "discuss" to ensure you can tailor your response effectively. The command terms for IB Economics are explained in depth here.
Carefully plan your IA – Select a topic that you are truly interested in. Ensure your IA is well-organized, clear, and detailed as the IA is worth 20% of your overall grade. Be sure to explore our Economics IA exemplars for guidance. You need to complete three commentaries as part of the Economics IA portfolio so make sure you start early to ensure you have enough time to complete all three.
We hope you found this post helpful. 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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