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Are you looking for more details about the IB Economics course? This guide breaks down the syllabus, assessments, and key skills you need to succeed, helping you confidently navigate the course and make informed decisions to ensure success in IB Economics.
IB Economics Guide
General Overview
Syllabus – IB Economics is designed to help students understand how individuals, firms, and governments make choices in a world of scarce resources. The course combines economic theory with real-world examples and contemporary issues, encouraging students to apply economic models to practical situations. Students explore topics such as microeconomics, macroeconomics, international trade, and development economics, while developing skills in analysis, evaluation, data interpretation, and the use of economic terminology to construct well-reasoned arguments. For a full overview of the IB Economics syllabus and the topics covered in each section, check out this post.
Grade boundaries – Although the IB Economics grade boundaries change from session to session, it is important that you are familiar with what the approximate range of values can be. This can help you, especially when practicing past papers, as it can show you what grade category you fall into depending on the number of marks you obtain. The latest IB grade boundaries can be found here.
Getting the maximum score – The ultimate goal of any IB student is to get the highest score possible. To ensure your success in IB Economics, we have compiled some tips to help you get a 7. You can read our suggestions in this post.
Assessment overview – The IB Economics course consists of both external exams and internal assessments, which will be outlined in more depth in the sections below. For a summary of the IB Economics paper weighting, click the link in blue.
Key concepts – There are 9 key concepts in IB Economics, including scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. These key concepts are embodied throughout the course, including in the internal and external assessments. For more details and examples of each key concept, check out this guide.
General difficulty – IB Economics is considered a moderately challenging Group 3 subject, as it requires an in-depth understanding of complex economic theories and concepts, relative to other easier Group 3 subjects such as IB Business and Management or IB Geography. For a more in-depth view into how hard IB Economics is, check out this guide.
External Assessments - Exams
Paper 1 – This is an extended response paper based on all syllabus units. Each question is made up of two parts. In Part A, students must explain a concept, while in Part B, they must evaluate the given concept using real-world examples. More information about the structure, time limit, weighting, and differences between SL and HL for Paper 1 can be found here.
Paper 2 – This is a data response paper based on all syllabus units. Students must answer around 8 short questions and 1 extended-response question. More information about the structure, time limit, weighting, and differences between SL and HL for Paper 2 can be found here.
Paper 3 – This paper is only completed by HL students and is based on quantitative skills. Students must apply economic theory through calculations and data analysis. Paper 3 focuses on problem-solving questions, primarily from microeconomics and macroeconomics, requiring accurate use of formulas, logical working, and clear interpretation of results. More information about the structure, time limit, and weighting of Paper 3 can be found here.
Command terms – To succeed in the exams, you must understand what each question type is asking you to do. Command terms such as "Construct", "Describe", "Draw", and "Explain" all have different meanings and require you to structure your answer in a certain way. Browse through our list of command terms to understand what each one means.
Real-world examples – Click the links in blue to explore some real-world examples for each syllabus unit within microeconomics, macroeconomics, and the global economy.
Internal Assessment (IA)
Topic ideas – The Economics IA involves analyzing news articles using relevant economic theories and concepts. A wide range of topics can be explored, including market behaviour, government intervention, global trade, and development. For a detailed list of topic ideas and examples, read our post here.
Choosing an article – Students must complete 3 commentaries as part of the IB Economics portfolio. Each commentary must be based on a separate syllabus topic (microeconomics, macroeconomics, the global economy) and key concept. To learn more about what articles are suitable for the Economics IA, click here. For help with choosing articles for your Economics IA, read this post.
Criteria – The Economics IA is scored against 6 main criteria. For a detailed list of the IB Economics IA criteria and a checklist of what to include to maximize your chances of a 7, check out our guide here.
Format and word count – Economics IAs should include sections such as a cover page, article, and main commentary. For a full guide to the format and structure of an Economics IA, including what each section should contain, see this guide. Each Economics commentary should be a maximum of 800 words. For a guide on how many words each section should be, read this post here.
Extended Essay (EE)
Topic ideas – The Extended Essay is a 4,000-word independent investigation that allows you to explore a focused research question in depth. In IB Economics, the EE typically involves an in-depth analysis of a real-world economic issue using economic theories, models, and supporting data. For a detailed list of Economics EE topic ideas and associated examples, read our post here.
Criteria – The EE is scored against 5 criteria that target different aspects of your investigation, such as critical thinking, presentation and engagement. For a detailed list of the IB Economics EE criteria and a checklist of what to include to maximize your chances of an A in the EE, check out our guide here.
Format – A well-presented EE can drastically improve your score. Economics EEs should include sections such as an introduction, research question, methodology, analysis, conclusion and evaluation, and bibliography. For a full guide to the format and structure of an Economics EE, including what each section should contain, see this guide.
Comparison to Other Subjects
Business and Management – IB Business and Economics are two quite popular Group 3 IB subjects. However, the theory and calculations in IB Economics are more complex than those in IB Business. IB Business is more application-based and has more case studies, while IB Economics is more focused on theory. For a detailed overview of IB Business and IB Economics, including a comparison of course content, who should take these courses, and applicable university majors, read this guide.
We hope this post has helped you learn more about 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.
Are you looking for more details about the IB Economics course? This guide breaks down the syllabus, assessments, and key skills you need to succeed, helping you confidently navigate the course and make informed decisions to ensure success in IB Economics.
IB Economics Guide
General Overview
Syllabus – IB Economics is designed to help students understand how individuals, firms, and governments make choices in a world of scarce resources. The course combines economic theory with real-world examples and contemporary issues, encouraging students to apply economic models to practical situations. Students explore topics such as microeconomics, macroeconomics, international trade, and development economics, while developing skills in analysis, evaluation, data interpretation, and the use of economic terminology to construct well-reasoned arguments. For a full overview of the IB Economics syllabus and the topics covered in each section, check out this post.
Grade boundaries – Although the IB Economics grade boundaries change from session to session, it is important that you are familiar with what the approximate range of values can be. This can help you, especially when practicing past papers, as it can show you what grade category you fall into depending on the number of marks you obtain. The latest IB grade boundaries can be found here.
Getting the maximum score – The ultimate goal of any IB student is to get the highest score possible. To ensure your success in IB Economics, we have compiled some tips to help you get a 7. You can read our suggestions in this post.
Assessment overview – The IB Economics course consists of both external exams and internal assessments, which will be outlined in more depth in the sections below. For a summary of the IB Economics paper weighting, click the link in blue.
Key concepts – There are 9 key concepts in IB Economics, including scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. These key concepts are embodied throughout the course, including in the internal and external assessments. For more details and examples of each key concept, check out this guide.
General difficulty – IB Economics is considered a moderately challenging Group 3 subject, as it requires an in-depth understanding of complex economic theories and concepts, relative to other easier Group 3 subjects such as IB Business and Management or IB Geography. For a more in-depth view into how hard IB Economics is, check out this guide.
External Assessments - Exams
Paper 1 – This is an extended response paper based on all syllabus units. Each question is made up of two parts. In Part A, students must explain a concept, while in Part B, they must evaluate the given concept using real-world examples. More information about the structure, time limit, weighting, and differences between SL and HL for Paper 1 can be found here.
Paper 2 – This is a data response paper based on all syllabus units. Students must answer around 8 short questions and 1 extended-response question. More information about the structure, time limit, weighting, and differences between SL and HL for Paper 2 can be found here.
Paper 3 – This paper is only completed by HL students and is based on quantitative skills. Students must apply economic theory through calculations and data analysis. Paper 3 focuses on problem-solving questions, primarily from microeconomics and macroeconomics, requiring accurate use of formulas, logical working, and clear interpretation of results. More information about the structure, time limit, and weighting of Paper 3 can be found here.
Command terms – To succeed in the exams, you must understand what each question type is asking you to do. Command terms such as "Construct", "Describe", "Draw", and "Explain" all have different meanings and require you to structure your answer in a certain way. Browse through our list of command terms to understand what each one means.
Real-world examples – Click the links in blue to explore some real-world examples for each syllabus unit within microeconomics, macroeconomics, and the global economy.
Internal Assessment (IA)
Topic ideas – The Economics IA involves analyzing news articles using relevant economic theories and concepts. A wide range of topics can be explored, including market behaviour, government intervention, global trade, and development. For a detailed list of topic ideas and examples, read our post here.
Choosing an article – Students must complete 3 commentaries as part of the IB Economics portfolio. Each commentary must be based on a separate syllabus topic (microeconomics, macroeconomics, the global economy) and key concept. To learn more about what articles are suitable for the Economics IA, click here. For help with choosing articles for your Economics IA, read this post.
Criteria – The Economics IA is scored against 6 main criteria. For a detailed list of the IB Economics IA criteria and a checklist of what to include to maximize your chances of a 7, check out our guide here.
Format and word count – Economics IAs should include sections such as a cover page, article, and main commentary. For a full guide to the format and structure of an Economics IA, including what each section should contain, see this guide. Each Economics commentary should be a maximum of 800 words. For a guide on how many words each section should be, read this post here.
Extended Essay (EE)
Topic ideas – The Extended Essay is a 4,000-word independent investigation that allows you to explore a focused research question in depth. In IB Economics, the EE typically involves an in-depth analysis of a real-world economic issue using economic theories, models, and supporting data. For a detailed list of Economics EE topic ideas and associated examples, read our post here.
Criteria – The EE is scored against 5 criteria that target different aspects of your investigation, such as critical thinking, presentation and engagement. For a detailed list of the IB Economics EE criteria and a checklist of what to include to maximize your chances of an A in the EE, check out our guide here.
Format – A well-presented EE can drastically improve your score. Economics EEs should include sections such as an introduction, research question, methodology, analysis, conclusion and evaluation, and bibliography. For a full guide to the format and structure of an Economics EE, including what each section should contain, see this guide.
Comparison to Other Subjects
Business and Management – IB Business and Economics are two quite popular Group 3 IB subjects. However, the theory and calculations in IB Economics are more complex than those in IB Business. IB Business is more application-based and has more case studies, while IB Economics is more focused on theory. For a detailed overview of IB Business and IB Economics, including a comparison of course content, who should take these courses, and applicable university majors, read this guide.
We hope this post has helped you learn more about 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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