IB Economics - External and Internal Assessments

The external assessment in economics consists of two papers at standard level and three at higher level. Under the new syllabus, the external assessment makes up 80% of a candidate's grade at higher level and 70% at standard level. The remainder is derived from the internal assessment.

IB Economics - Paper 1

Paper 1 of the IB Economics exam is divided into two sections: Section A, which focuses on microeconomics, and Section B, which focuses on macroeconomics.

The so called “Definitions and Diagrams” questions in this section can cover any topic within the microeconomics portion of the syllabus and are divided into two parts.

Part (a) is worth 10 marks and requires students to define key terms, draw and explain relevant diagrams, and provide examples.

Part (b) is worth 15 marks and requires students to complete all of the above, but also evaluate the concepts and theories discussed in Part (a).

Students are expected to present a balanced argument, considering both the strengths and limitations of the economic concepts and theories discussed. In order to succeed in this section, it is important for students to fully understand the concepts and theories covered in the syllabus and be able to apply them to real-world situations in a structured and comprehensive way.

IB Economics - Paper 2

Paper 2 of the IB Economics exam consists of two sections: Section A and Section B. Each section includes two questions, of which students must choose and answer one.

The questions in this paper are based on texts provided in the exam and are divided into several parts. Each question typically includes 2 mark definition questions, diagram question, and Part (d) which requires students to use their knowledge of economics and information from the provided text to analyze and evaluate a real-world situation.

To succeed in this section, students should be able to apply their understanding of economic concepts and theories to the given case study and present a balanced argument considering both the strengths and limitations of the economic ideas discussed. It is important to make use of the provided text and to quote directly from in the response. It is also helpful to compare the economic theory covered in class and in the textbook to the case study in order to maximize the potential points from this question. Keep in mind that although the questions in Paper 2 focus on global economics, students may need to refer to micro and macroeconomic content in order to fully explain their points.

IB Economics - Paper 3

The Economics Syllabus has undergone a significant change, with Paper 3 now being referred to as the "policy paper."

This paper will require you to answer two compulsory questions, both of which will focus on the quantitative aspects of the syllabus.

However, you will also be expected to provide definitions and explanations as part of your response.

The final part of each question will require you to recommend a policy for the scenario presented.

Overall, Paper 3 will place a greater emphasis on the application of economic concepts and analysis to real-world situations.

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