IB Economics
Words of wisdom
Original contributors: Matthew Lee, Angelina Li, April Chen
Updated in 2016 by Anson Miu
Updated in 2016 by Anson Miu
What should students know before choosing Econ?
“Studying Economics will not make you into the Wolf of Wall Street. Nor will it turn you into the next Lee Ka Shing. Rather, you will discover the ability to draw straight lines without rulers and will be able to explain notions pedantically.
Caution: Economics is not an easy subject, although it is quite easy to understand given enough effort. In economics terms, you will have a high marginal benefit per hour spent revising.” - Matthew
“If you didn’t take IGCSE Economics then you should brush up on foundational knowledge on Economics. It’s gets more interesting and fascinating once you understand more. But It’s still hard. Hey, at least you’ll understand what it actually means when you come across news articles talking about interest rates and fiscal policy in the future, and be able to identify the long term/short term effects and the stakeholders affected. Yay for real life application!” - April
“I remember when I was in Year 11 that someone told me Economics would be an “easy 7”. While I admit that Economics probably isn’t the hardest HL subject to take (*cough* HL maths *cough*) it’s not ridiculously easy either. Be prepared to spend time remembering and revising different concepts in Economics, especially if you don’t have an IGCSE foundation in Econ! Nevertheless I think Econ is a really great subject to help you understand current affairs issues and be able to break down trends within the world! It’s a lot of fun. Just remember that it’s not always going to be totally easy!” - Angelina
“I took HL Economics despite not studying the subject in GCSEs. The course really does start from scratch, so not having prior knowledge will not harm your progress-- rather, at least in my case, it facilitates your progress as I found the course content to be very intriguing as it was completely new to me.” - Anson
How should you approach studying for Econ?
“As with any other exam, any form of revision helps. It’s honestly up to one’s discretion. I personally find answering past papers questions and revising the syllabus the most economically efficient. But if drawing notes, making mind maps or reading the textbook is the most efficient, then feel free to approach those avenues. What matters most is to ensure the most amount of revision is done in the least amount of time, or accrues the least opportunity cost. Because after all, you always have 5 other subjects to revise for.” - Matthew
“When it comes to Economics I’m usually hopeless at diagrams, and for me revision consists of cracking up a textbook and revising diagrams one by one. It’s very important to understand the concepts behind diagrams instead of trying to memorize them all (I have tried. It’s not worth the effort. Just learn your stuff.) and to practice modifying your diagrams according to each question.” - Angelina
“Making paper flash cards for diagrams and using Quizlet or other equivalent online services for definitions has helped me memorise the things I need. I also advise to read over each syllabus point when revising, word for word-- the textbook and course companion may deviate from the actual syllabus criteria, so it is best to make sure you know what you are tested on.” - Anson
“As with any other exam, any form of revision helps. It’s honestly up to one’s discretion. I personally find answering past papers questions and revising the syllabus the most economically efficient. But if drawing notes, making mind maps or reading the textbook is the most efficient, then feel free to approach those avenues. What matters most is to ensure the most amount of revision is done in the least amount of time, or accrues the least opportunity cost. Because after all, you always have 5 other subjects to revise for.” - Matthew
“When it comes to Economics I’m usually hopeless at diagrams, and for me revision consists of cracking up a textbook and revising diagrams one by one. It’s very important to understand the concepts behind diagrams instead of trying to memorize them all (I have tried. It’s not worth the effort. Just learn your stuff.) and to practice modifying your diagrams according to each question.” - Angelina
“Making paper flash cards for diagrams and using Quizlet or other equivalent online services for definitions has helped me memorise the things I need. I also advise to read over each syllabus point when revising, word for word-- the textbook and course companion may deviate from the actual syllabus criteria, so it is best to make sure you know what you are tested on.” - Anson
What are your tips for acing the exam?
“Know how to draw the diagrams. Repeat, know how to draw the diagrams. There is no question in economics that does not come with a diagram included. Similar to how peanut butter and jelly go well together, so do economics and diagrams.
Secondly, definitions, definitions and definitions. Again, like diagrams, definitions are a key part of answering any question in economics. One should be as well-versed as a dictionary in economic terminology, and be able to define key terms in all questions.
Just remember your D&D (diagrams and definitions) for economics, and everything else should come naturally.” - Matthew
“I think time-planning is the most crucial thing for Economics essays. If you don’t time yourself well, you WILL run overtime and will have to spend frantic seconds scrambling for marks in 8 mark questions, which is never a good situation to be in. Try to make sure you’re moving on at a rapid enough pace to get all your questions done. If you need to, it might be a good idea to finish longer answers first before moving onto short-lengthed definitions questions that will require much less time to finish writing up.” - Angelina
“Read the news. You will be surprised by the number of real-life examples you can identify, which will help give you context for the theoretical concepts taught in class, and provides some evidence for your Paper 1 essays as well as inspirations for your IA commentaries.
If you happen to be stuck on the 8-mark part (d) questions in Paper 2, remember that your answers to parts (a), (b) and (c) can help you form a framework for part (d)! In most cases, part (a) gives you the key words/concepts to include in your extended response, whilst parts (b) and (c) give you the relevant diagrams/approaches to providing a balanced argument for part (d). ” - Anson
“Know how to draw the diagrams. Repeat, know how to draw the diagrams. There is no question in economics that does not come with a diagram included. Similar to how peanut butter and jelly go well together, so do economics and diagrams.
Secondly, definitions, definitions and definitions. Again, like diagrams, definitions are a key part of answering any question in economics. One should be as well-versed as a dictionary in economic terminology, and be able to define key terms in all questions.
Just remember your D&D (diagrams and definitions) for economics, and everything else should come naturally.” - Matthew
“I think time-planning is the most crucial thing for Economics essays. If you don’t time yourself well, you WILL run overtime and will have to spend frantic seconds scrambling for marks in 8 mark questions, which is never a good situation to be in. Try to make sure you’re moving on at a rapid enough pace to get all your questions done. If you need to, it might be a good idea to finish longer answers first before moving onto short-lengthed definitions questions that will require much less time to finish writing up.” - Angelina
“Read the news. You will be surprised by the number of real-life examples you can identify, which will help give you context for the theoretical concepts taught in class, and provides some evidence for your Paper 1 essays as well as inspirations for your IA commentaries.
If you happen to be stuck on the 8-mark part (d) questions in Paper 2, remember that your answers to parts (a), (b) and (c) can help you form a framework for part (d)! In most cases, part (a) gives you the key words/concepts to include in your extended response, whilst parts (b) and (c) give you the relevant diagrams/approaches to providing a balanced argument for part (d). ” - Anson
What are the most common mistakes students make?
“Wrong definitions, wrong diagrams can cost marks in all criterions and drag it down one or two grade levels. Without a solid base for your definitions and diagrams, all evaluations and analysis will have problems.” - Matthew
“For papers 1 & 2: not including obvious DEFINITIONS. Define everything... not only the key words in the question but any economic term you use! I have thrown away many precious marks by not doing so.” - April
“Spending too much time on shorter answers and far too little time answering lengthy questions - every. single. time! This will cost you heavily in the sections with the most points. Also, if the question is asking you to evaluate something you should genuinely try to evaluate. For instance, don’t just balance the pros and cons of an issue - really engage with the issue and justify why you’re concluding on one side or the other. You will be rewarded for great evaluations!" - Angelina
“Wrong definitions, wrong diagrams can cost marks in all criterions and drag it down one or two grade levels. Without a solid base for your definitions and diagrams, all evaluations and analysis will have problems.” - Matthew
“For papers 1 & 2: not including obvious DEFINITIONS. Define everything... not only the key words in the question but any economic term you use! I have thrown away many precious marks by not doing so.” - April
“Spending too much time on shorter answers and far too little time answering lengthy questions - every. single. time! This will cost you heavily in the sections with the most points. Also, if the question is asking you to evaluate something you should genuinely try to evaluate. For instance, don’t just balance the pros and cons of an issue - really engage with the issue and justify why you’re concluding on one side or the other. You will be rewarded for great evaluations!" - Angelina
Do you have any general advice for students?
“Try to relate to what you’re actually studying. Economics only became fun for me when I actually started to relate concepts within class to the real world. For instance, it’s just really interesting to see how different macro-economic concepts compete to explain the world in a convincing way. I think if you start to see how Economics can really influence real life, it will help to keep you engaged and motivated. If you’re having motivational problems with Econ, TED talks are a great place to start finding inspiration!” - Angelina
"I agree with Angie! If you're looking for a TED talk I recommend this one!" - April
“Try to relate to what you’re actually studying. Economics only became fun for me when I actually started to relate concepts within class to the real world. For instance, it’s just really interesting to see how different macro-economic concepts compete to explain the world in a convincing way. I think if you start to see how Economics can really influence real life, it will help to keep you engaged and motivated. If you’re having motivational problems with Econ, TED talks are a great place to start finding inspiration!” - Angelina
"I agree with Angie! If you're looking for a TED talk I recommend this one!" - April
Notes / Resources
Course Breakdown
Keep this in mind!
Note: This applies to Higher Level students
Paper 1: Two microeconomics questions and two macroeconomics questions - choose one from each topic. For each question there is an (a) part, which asks you to explain something, and (b) part, which asks you to evaluate something.
Paper 2: A "data response question" split into two sections - international trade and development.
Paper 3: (HL Only) Quantitative paper that encompasses all topics. Make sure to only pick 2 out of the 3 questions to answer and bring your calculator.
Internal Assessment: Essays within each topic (max. 750 words) based on recent news articles.
Paper 2: A "data response question" split into two sections - international trade and development.
Paper 3: (HL Only) Quantitative paper that encompasses all topics. Make sure to only pick 2 out of the 3 questions to answer and bring your calculator.
Internal Assessment: Essays within each topic (max. 750 words) based on recent news articles.
WRITING THE ESSAYS
REVISION GUIDE
- Revise key concepts - Make sure you know all your tricky concepts (Lorenz curves, monopolistic competition etc.) first.
- Understand diagrams (don't just memorize) - Understand the logic behind diagrams to remember them easier.
- Take compressed notes - Use your syllabus outline and textbook to make notes on a need-to-know basis.
- Memorize definitions - This will help you remember different areas of the course better.
- Do past papers - Make sure you understand how to answer questions and where you need to improve!
GENERAL WRITING TIPS
Before Writing
Before Writing
- Understand the question - If the question is asking you to evaluate a concept, you must evaluate it. If the question is simply asking for a description of something, then no need to evaluate! Learn your command terms here.
- Stick with your selection - If you have a choice between questions, pick the questions you'll answer and stick to them. Changing your mind halfway through only makes things more difficult!
- Plan longer answers - If your answer is longer than a paragraph or so, it's a good idea to jot down some things you want to include in your answer beforehand. This is especially important for 8+ mark questions - you WILL forget things otherwise.
- Time-plan - Don't run overtime! If you're really struggling with something it's better to move on and come back to it than waste a lot of time on one question.
- Define key terms - This bit may seem obvious to you but in the midst of exam panic it is really important for you to remember this step. (However, if you've defined a term within your question already, then just reference to that part of the question and move on)
- Use real life examples - Try to be as specific as possible with these. Learn some examples about the world beforehand!
- Use correct terminology - Nothing puts an examiner off more than bad vocab.
- Draw relevant diagrams - Don't waste time making your graphs look super pretty - just make sure they're clear and all relevant parts are labelled (never forget to label the axes). If you mind-blank during the exam, stick to diagrams you know and make them simple e.g. AS/AD diagrams for macro.
- For evaluations - IF your question requires evaluation, you should come up with a solid conclusion - there is no right or wrong answer, however, you don't have to be absolutely one-sided. Consider the long-term and short-term effects, the various stakeholders (consumers, producers/firms, government, society etc.) relevant to your answer and which stage of the business cycle the economy is in (for macro questions).
For the Over-achievers
There are a lot of resources for Economics students out there, but here are some that we like!
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As every Economics student knows, this website is an invaluable resource for quick revision and for understanding different concepts better. Diagrams often included!
Good: Concise reviews of different Economics concepts. Bad: Content produced by individual tutors can vary in quality. |
This is a YouTube channel by a teacher named Paj Holden reviewing many key Economics concepts in a relatable and understandable way.
Good: Step-by-step analysis with easy-to-understand language. Bad: May be too slow for quick learners, unorganized information. |
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This Youtube channel is run by a San Diego teacher and offers very rapid pace breakdowns of different economic concepts with flashy animation and related resources.
Good: Fast, entertaining explanations of different topics. Bad: May be too fast for more complicated concepts. |
This animated Youtube channel provides two great series on Microeconomics and Macroeconomics. These are great for both revision and for understanding topics.
Good: Clear animated videos on different concepts. Bad: Only provides micro and macro courses. |
Disclaimer - The opinions represented on this page are from the individual contributors only, and do not necessarily reflect the views of Save our Study or of any other organization. We do not make any guarantees about the completeness, reliability and accuracy of this information.
