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Are you a current IB Economics student and wondering how to get a perfect IB score in Economics? This post is here to provide you with some guidance on how you can achieve your goal of getting a 7. Read on for some of our top tips to help you succeed in IB Economics!
How to get a 7 in IB Economics
Master the fundamental concepts
IB Economics requires students to understand and memorize many concepts within microeconomics (e.g. externalities, demand-supply analysis, market failure, etc.) macroeconomics (e.g. inflation, unemployment, fiscal/monetary policy), and global economics (e.g. tariffs, quotas, balance of payments, exchange rates, etc.). Students should ensure they can understand the theory behind these concepts and how they are applied in the real world.
Memorize key topics
IB Economics is highly dependent on memorization as students often have to learn a large number of concepts and interpret models like the AD-AS model, Keynesian model, Phillips curve, Lorenz curve, and PPFs/PPCs. etc. Students are required to use critical thinking to apply these concepts effectively in exams and assessments. Students must memorize various concepts and be able to apply them in unfamiliar contexts. The theory is extensive, so students should be prepared to do a lot of memorization, especially at HL where significant calculations are also required.
Learn the IB command terms
Pay attention to words like "describe", "explain", "analyze", "evaluate", and "construct" in exam questions. Each type of command term has a different meaning and requires you to answer the questions in a certain way. Check out the mark schemes of past papers to understand what examiners are looking for when answering questions that use different command terms. For a full list of IB Economics command terms check out this post here.
Complete past papers
The best way to revise for an exam and get a 7 on it is to do past papers. The exam format is very similar from year to year and questions can often follow the same patterns. Aim to do past papers dating back at least 5 years from the exam session you are planning to sit for. Older papers can also be done, however, you should be mindful that the IB changes their syllabi regularly, so older papers may not be representative of the current testable content. Nevertheless, you can still do older papers as extra practice. To simulate exam conditions, you could even set a timer to see if you can finish the past papers within the time allotted for your actual exam.
Understand the exam format
For Paper 1, focus on mastering economic theory and how to apply it. Make sure you are familiar with various diagrams and incorporate them into your analysis when answering exam questions. For Paper 2, work on analyzing data, graphs, and extracts. Practice answering questions using structured responses and applying theory to explain situations. Both these papers require extensive essays that allow you to demonstrate your understanding of economic principles. Make sure to include at least 1-2 diagrams per essay to support your arguments. Paper 3 (HL only) requires strong calculation skills. Practice how to calculate percentage changes, elasticities, total revenue, and other numerical concepts. Show your work clearly and include all steps as examiners may give part marks in case your final answer is incorrect.
Craft a strong IA
The IA makes up 20% of your final grade in IB Economics, which is a significant amount. You should start the IA process as early as you can to give yourself enough time to choose a topic, and research relevant articles as the IB Economics IA is composed of three commentaries - one from microeconomics, one from macroeconomics, and one from global economics. Make sure to follow a logical structure, which includes all the elements described in this post. Submit your draft to your teacher for feedback on how to improve. For further guidance, check out our collection of Economics IAs to see detailed comments on what makes a good IA. To be sure your IA is of the highest quality, you can also submit it to Clastify's review service.
Practice essay questions
Practice writing essay-style questions as these are a big part of the examination. Use the PEEL paragraphs technique (Point, Evidence, Explanation, Link) to strengthen your analysis. You should time how long you take to answer each question 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. You should also learn to identify which economic diagrams to include depending on the essay question.
Study consistently
IB Economics is quite memorization-heavy and requires constant reviewing of the material to ensure you remember the vast content. Ensuring consistent study habits is crucial to achieving a 7. Create a dedicated study schedule and practice IB Economics at a fixed date and time weekly. Ensure your study space is free from any distractions and allows you to focus thoroughly on the material.
Stay updated on global news
Keep up with the news on international trade, fiscal/monetary policies, and policies that target externalities (e.g. indirect taxes to stop negative consumption externalities, subsidies to boost positive production externalities, etc.) to expand your knowledge of real-world examples. This could help you on exams where questions may be based on current events.
We hope this post helped you learn more about how to get a 7 in IB Economics. 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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