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Struggling to understand IB Economics Paper 1? You've come to the right place. In this post we will break-down the paper's structure, duration, weighting, and the questions you may encounter.
IB Economics Paper 1
- At SL Paper 1 accounts for 30% of the student's final subject grade while for HL it accounts for 20% of the student's final grade.
- Both SL and HL students have 1 hour 15 minutes to complete Paper 1.
- Paper 1 is an extended response paper based on all units of the syllabus.
- Both SL and HL students answer one out of three questions.
- Each question is made up of two parts. Part (a) requires students to explain a concept. Part (b) is a follow-up question which requires students to evaluate or discuss the given concept using real-world examples.
A typical SL question may look the following way:
1. (a) Using the concept of ‘merit good’, explain why education and health care services are underprovided by the market. [10]
(b) Using real-world examples, discuss policy options available to governments to correct the problem of underprovision of education and health care services. [15]
A typical HL question may look the following way:
2. (a) Using a Phillips curve diagram, explain how stagflation impacts on unemployment and inflation. [10]
(b) Using real-world examples, compare and contrast the policy implications of the short-run and long-run Phillips curves. [15]
How to succeed in Economics Paper 1?
Effective time management is essential for success in Paper 1. We recommend allocating approximately 20 minutes for part (a) and the remaining 55 minutes for part (b). This division reflects the fact that part (b) typically requires more in-depth analysis, evaluation, and references to case studies. Part (b) is where you must engage in deeper critical thinking and provide well-developed arguments. Also, remember to take a few minutes to plan your response before you start writing as this will ensure that your essay is well-structured, logical, and easy to follow.
To start strongly, it is important to begin your answer by defining all key terms in the question. Also remember to support your claims with relevant case studies and examples. This is especially important for part (b) which should be saturated with case study references. While real-world examples are primarily required for part (b), including one in part (a), if relevant, can also enhance your answer.
Diagrams are also highly encouraged. Aim to include at least one diagram per question, but it is encouraged to include more, especially for question (b). Ensure that all your diagrams are drawn clearly, proportionally, and properly labeled. It is important to directly refer to your diagrams in your explanation to show how they support your points, rather than allowing them to stand alone without context. Diagrams should be fully integrated into your answer to illustrate key concepts and reinforce your arguments.
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.
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