Economics – IB

1. Syllabus – Topics you will learn

Section 1: Microeconomics

1.1 Competitive markets: demand and supply

1.2 Elasticity

1.3 Government intervention

1.4 Market failure

1.5 Theory of the firm and market structures

 

Section 2: Macroeconomics

2.1 The level of overall economic activity

2.2 Aggregate demand and aggregate supply

2.3 Macroeconomic objectives

2.4 Fiscal policy

2.5 Monetary policy

2.6 Supply-side policies

 

Section 3: International economics

3.1 International trade

3.2 Exchange rates

3.3 The balance of payments

3.4 Economic integration

3.5 Terms of trade

 

Section 4: Development economics

4.1. Economic development

4.2. Measuring development

4.3. The role of domestic factors

4.4. The role of international trade

4.5. The role of foreign direct investment (FDI)

4.6. The roles of foreign aid and multilateral development assistance

4.7. The role of international debt

4.8. The balance between markets and intervention

 

Please check out the Syllabus for more information!

 

2. Assessment 

IB Economics Higher Level exams consist of 3 Papers (P1 – 30%; P2 – 30%; P3- 20%)

IB Economics Standard Level exams consist of 2 Papers (P1 – 40%; P2 – 40%).

20% of your IB Economics SL and HL course grade depends on your Economics Internal Assessment.

 

Paper 1 – Essay paper

Duration: 1 hour 30 minutes + 5 minutes reading time during which you are not allowed to highlight the text/questions, make notes or start any of the answers

Structure of paper 1:

  • Section A, where you choose 1 question out of 2, which covers Microeconomics part of the syllabus.
  • Section B, where you choose 1 question out of 2, which covers Macroeconomics part of the syllabus.
  • Each question in both A and B sections consists of two (a) and (b) parts, which are compulsory. Part (a) will usually be an “explain” type of question. Part (b) will mostly be a “discussion” or “evaluation” type of question.

Weight:
1 question = 25 marks, of which:

  • 10 marks for part (a)
  • 15 marks for part (b)

In total, Paper 1 = 50 marks.

 

Paper 2 – Data response

Duration: 1 hour 30 minutes + 5 minutes reading time during which you are not allowed to highlight the text/questions, make notes or start any of the answers

Structure of paper 2:

  • Section A, where you choose 1 question out of 2, which covers International Economics part of the IB Economics syllabus.
  • Section B, where you choose 1 question out of 2, which covers Development Economics part of the IB Economics syllabus.
  • Each question in both A and B sections consists of four – (a), (b), (c), (d) parts, which are compulsory. Part (a) will usually ask to define 2 economic terms. Parts (b) and (c) will be “explain” type of questions. Part (d) will mostly be “evaluate” or “discuss” type of question.

Weight:
1 question = 20 marks, of which:

  • 4 marks for part (a) [2 marks for each definition]
  • 4 marks for part (b)
  • 4 marks for part (c)
  • 8 marks for part (d)

In total, Paper 2 = 40 marks.

 

Paper 3 – Maths paper (HL only)

Duration: 1 hour + 5 minutes reading time during which you are not allowed to highlight the text/questions, make notes or start any of the answers

Structure of paper 3:

  • You choose 2 questions out of 3, which cover all of the IB Economics HL parts of the syllabus: Microeconomics, Macroeconomics, International Economics and Development Economics.

Weight:
1 question = 25 marks.

In total, Paper 3 = 50 marks.

 

3. Specimen/ Examples

Specimen Paper 1, 2 and 3 are available here.