How to prepare for the IB Economics Exam?

Life is full of challenges and so do IB Students go through. Though it is the willpower and confidence of a student to conquer IB Economics, one of the toughest exams. Whether you are months or weeks away from your exam date, the guidance can help you organize whatever time you have left to ensure you are left with revision time as well. In this article, I am focusing on some crucial factors regarding the preparation for the IB Economics Exam.

IB HL/SL Economic Examination Paper Structure

Paper 1: The first is an essay paper which is for 1 hr./30 min. duration. The structure of the paper includes 2 sections. In section A, you need to answer one question out of two, covering Micro Economics as part of the syllabus. Similarly, it goes in the second section B. Each question in both sections consists of two parts (a) and (b) which are compulsory to attempt.

Paper 2: The second one is of data response, in which you will have 1 hr./30 min. to attempt the paper. There are two sections and section A has two questions covering the Internal Economic part of the syllabus, of which you have to attempt one. And similarly, it is repeated in the B section which covers the Departmental Economics part. Every single question has two parts, and it is compulsory to attempt both of them.

Paper 3: It is a Math Paper only in the HL Economics exam for 1 hour and five minutes extra as the reading time. In this you can answer any two of three, covering all the IB economic HL syllabus which includes Microeconomics, Macroeconomics, International economics, and development economics.

How to attempt the exam?

Tip 1: Manage the time smartly

Students can strategize the time properly, i.e., attempt 2 questions in 1 hr. 30 mins each of 20 points + 5 minutes reading question paper reading time. Every question should be attempted in 45 minutes. Try not to exceed the time limit, because every minute is important to you.

Tip 2: Save time

Never illustrate the economic terms repetitively. Also, instead of drawing the same diagram again and again, unless an unorthodox move or shift has been shown. At the examination hall, it is highly important to use the time properly and very systematically. Therefore, it is suggested to save more time by strategizing your efforts smartly.

Tip 3: Start answering

The foremost important thing while answering the question is to define the topic first. Take a gist at the context in which the definition of a topic is used as it might change the actual meaning of the term. Once you have defined the answer briefly, then sketch a big, clear, and explanatory diagram and take your examiner’s interest in it.

*Pro tip: Deeply analyze the question type before answering

When attempting a question paper, there are a few general ways to do that in your IB Economic exam. The major importance is laid on the argument, the earlier it must be mentioned. Short-run is related to long-run effects on different stakeholders, like consumers, producers, importers, exporters, government, society, etc.

How to draft your answer properly?

When it comes to appearing in IB Economic Exam, students are mainly stressed out with how to draft any answer. As this is the most crucial part of clearing any exam. Be it IB economics or physics, there’s only one thing that students must consider ranking the top in the exam. Here are some of the most important things that a student should take into consideration while answering any question about the IB economics exam.

Go with pointers – As they are short and self-explanatory, it would be the easiest way to answer any type of question. Even the pointers help the examiner to understand your viewpoint in a short yet explanatory way.

Explain with diagrams –

While answering the question, diagrams are highly important in the new syllabus. IB students expect to include well-labeled and clearly drawn diagrams. To do well, show specific knowledge and understand the key concepts and how they link to the diagram.

Illustrate with examples –

Explain the answers with real-life examples to reach the highest mark bands. Examples should be used to emphasize economic concepts, theories, and relationships in the real world. When using the samples, students should contextualize the explanation of the examples to the questions asked.

Use economic terms –

Examiners expect a proper demonstration from students by appropriately defining, using, and applying economic terms. This includes the terms related to the syllabus section. Students should answer any question with the help of an economic theory, using examples, and describing with diagrams.

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Conclusion –

If you are having last-minute pressure in mind, then prepare for the exam with Tribe Topper’s IB Economic Book containing obvious points analysis, summaries, explicit charts, and diagrams galore. The subject matter experts with Master of Doctorate in respective subjects and with years of experience in fields. The experts have gone through the curriculum very carefully to ensure in-depth knowledge of coverage that is perfect for what is covered by the IB Economic Exam. So, to do well in the new IB syllabus, students must have a command of each and every topic to understand the question deeply. Trialing and testing different revision approaches for economic exams to skyrocket your IB rank.