Revision guide
IB Economics
Diagrams, evaluation, and the real-world examples that separate 6s from 7s.
IB Economics is a writing subject built on a diagram toolkit. Every essay that scores well does three things: defines its terms, deploys an accurately labelled diagram that actually drives the explanation, and evaluates — weighing stakeholders, time horizons, and assumptions rather than just listing advantages and disadvantages. The current syllabus threads nine 'key concepts' (scarcity, intervention, equity and friends) through micro, macro, and the global economy, and the best answers name-check them naturally.
The single highest-leverage habit in Economics is collecting real-world examples as you go. Evaluation backed by 'when Argentina imposed export taxes on beef…' reads completely differently from generic theorizing, and examiners reward it explicitly in the essay rubric.
How you're assessed
Paper 1 (extended response)
An essay split into a 10-mark explanation part and a 15-mark evaluation part. The 15-marker requires a real-world example — prepare a bank of them per syllabus section before exams.
Paper 2 (data response)
Questions based on a text and data about a real economy. Marks come from using the text: quote it, calculate from it, and anchor every diagram to the case described.
Paper 3 (HL, policy paper)
Quantitative questions plus a policy recommendation. Practice the calculations (elasticities, multipliers, exchange rate effects) until they're quick, and structure the recommendation like a brief: options, criteria, choice, risks.
The IA (Commentaries)
Three 800-word commentaries on news articles, each from a different syllabus section, each anchored to a different key concept. Choose short, recent, single-issue articles — sprawling articles produce sprawling commentaries.
How to revise
Drill the diagram toolkit
There are roughly two dozen core diagrams. Practice drawing each from memory in under a minute with full labels, then practice the harder skill: explaining the diagram in prose, step by step, as if to someone who can't see it.
Build a real-world example bank
One page per syllabus topic with two or three dated, specific examples. Update it whenever you read economic news; by exam season it becomes the most valuable document you own.
Practice the evaluation moves
Stakeholder impacts, short vs. long run, assumptions behind the model, magnitude and side effects. Treat these as a checklist and your 15-markers will stop plateauing.
Time-write essays
Knowing economics and producing a structured essay in 45 minutes are different skills. Weekly timed essays, marked against the rubric, build the second one.
Mistakes examiners see every year
Drawing a diagram and never referring to it in the text of the answer.
Defining terms vaguely — definitions are direct, cheap marks.
Evaluating with generic 'it depends' statements instead of specific criteria.
Ignoring the verb in the question ('discuss' vs 'explain') and answering a different one.
Picking IA articles that are commentary themselves rather than news reporting.
What's in the syllabus
Introduction to economics
Scarcity and choice · Opportunity cost · Economic systems · Production possibility curves · Sustainable development
Microeconomics
Demand and supply · Elasticities · Government intervention · Market failure · Externalities · Public goods · Common access resources
Macroeconomics
Economic activity · Aggregate demand and supply · Growth · Unemployment · Inflation · Fiscal policy · Monetary policy · Supply-side policies
The global economy
International trade · Protectionism · Exchange rates · Balance of payments · Economic integration · Development strategies · Barriers to development
Frequently asked questions
Is Economics HL much harder than SL?
HL adds Paper 3, more theory (e.g., theory of the firm depth), and more quantitative work. If you're comfortable with the math and like the subject, the jump is manageable.
Do I need to follow the news for IB Econ?
Yes — strategically. Fifteen minutes twice a week collecting examples for your bank covers Paper 1 evaluation and gives you instincts for Paper 2 contexts.
How do I structure a 15-mark essay?
Define terms, present the theory with a diagram, apply it to a real example, then evaluate against explicit criteria, ending with a justified judgement — not a summary.
Put this guide into practice
Everything above — topic-filtered practice questions, spaced-repetition flashcards, and a syllabus checklist for Economics — is free on Baccly.
Start free