Everything You Need to Know About IB Economics
Studying IB Economics
Economics is a consistently popular field of study for IB students. Broadly speaking, the study of economics at IB is the examination of the idea of scarcity and the choices that have to be made to meet the wants and needs of the world's population. As noted by the IB themselves, students at both Standard Level (SL) and Higher Level (HL), employ economic theories to explore the ways in which these choices are made at three distinct levels:
Microeconomics
Macroeconomics
Global economy
To study IB economics, therefore, is to gain an understanding of the way in which our world operates day-to-day on both a small and large scale.
IB Economics Examinations
The IB economics examination is slightly different for SL and HL learners. For those taking SL, there are two exam papers that must be completed. However, for IB economics HL students there is an additional third exam paper.
The Paper 1 exam consists of extended response questions that are based on all units of the syllabus. Both SL and HL students have 1 hour and 15 minutes to complete the paper but how much the paper is worth differs. For Standard Level students, Paper 1 is worth 30% of their final grade; for Higher Level students, Paper 1 accounts for 20%.
In the case of Paper 2, which is a data response paper, again the timing for both levels is the same, with the exam lasting 1 hour and 45 minutes. Once more, the value of the paper differs, with Paper 2 sitting at 40% for SL IB economics students and 30% for those taking HL.
As previously noted, HL IB economics students must sit a Paper 3. This exam is concerned with policy, and is weighted at 30%. Those sitting this exam paper will have 1 hour and 45 minutes to complete questions from all areas of the syllabus.
The Coursework
Whether at SL or HL level, students must complete a piece of coursework during their study of IB economics. This coursework accounts for 30% of all students’ final grade, regardless of the level at which the individual is studying. This coursework task requires learners to compose three commentaries based on different units in the IB economics syllabus and from published extracts from the news, analysed through the lens of different key economic concepts. Unlike the examinations, this piece of work is internally assessed, meaning that it is marked by a student’s economics teacher.
Completing Your EE in Economics
Both Standard Level and Higher Level IB economics candidates also have the opportunity to complete their EE (Extended Essay) in the subject. The EE is one of the core components of the IB Diploma Programme. It is a 4,000 word independent research paper that aims to provide an in-depth analysis of a topic chosen by the IB candidate.
Considering the depth of learning in IB economics, the subject is a good choice for an EE. However, students must be careful when choosing their EE topic. It is essential that whatever topic is chosen has not been used for any other piece of coursework during a student’s time studying at IB level.
Common Stumbling Blocks
As with any IB subject, there are a number of common stumbling blocks among those that study IB economics. For example, IB economics requires candidates to be proficient not only in interpreting graphs but drawing such graphs themselves. There is also a considerable amount of theoretical and policy knowledge that must be consolidated ahead of examinations. Students must also be able to link such knowledge to real-world situations, meaning that some study of contemporary economics and news media is essential. Then, of course, is the ability to clearly and concisely argue across a well-structured essay. Indeed, IB economics is a challenging course for even the most advanced students.
Strategies for Success
While there are no sure-fire methods to achieve a 7 in IB economics, students can apply certain strategies and techniques that should enable them to receive a high mark. For example, students should spend time practicing their graphing skills. While one could argue that time could be better spent consolidating learning, points are won and lost on a student’s ability to graph correctly. Consequently, it is well worth spending time developing this skill. To ensure clarity when it comes to economic policy and theory, flashcards can be a useful tool. These can either be physical or digital, depending on the learner’s individual preference. Lastly, time denoted to practicing essay writing technique is time well spent. If an IB economics student, whether at SL or HL, cannot compose a coherent essay, it doesn’t matter how knowledgeable they are.
BartyED and IB Economics Tutoring
At BartyED, we believe that the student comes first. Each one of our lessons is tailored to fit the specific needs of the student, and classes in IB economics are no different. Our team of highly trained IB economics tutors work with students to improve their abilities in all areas of the subject, whether this be knowledge consolidation, essay writing, or general exam technique. Moreover, our economics tutors are experienced in supervising not only the internally assessed IB economics coursework but also economics Extended Essays.
If you think that you or your child could benefit from the expert guidance of a BartyED economics tutor, reach out today via email at enquiries@bartyed.com, or contact us through our contact form.
Frequently Asked Questions
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Standard Level students will complete two exam papers while Higher Level candidates must sit three papers.
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Yes, all students must complete an internally assessed portfolio. This consists of three commentaries based on different units in the IB economics syllabus and from published extracts from the news, analysed through the lens of different key economic concepts.
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For SL students, Paper 1 accounts for 30% of their grade and Paper 2 is worth 40%. These two papers are weighted at 20% and 30%, respectively, for HL students, while Paper 3 represents 30% of an HL candidate's final grade. For both SL and HL, the coursework component equates to 30%.
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Yes, both SL and HL students can choose economics as the subject under which they compose their Extended Essay (EE).