Verbatim quotes from 4 official IB subject reports (2025–2023). Every quote is attributable to a specific paper and session — these are the things IB markers flag year after year.

Writing everything known about a topic instead of…

Students should address the specific demands of the question rather than writing everything they know about a topic, which can be a significant waste of time.

— IB examiner, Paper 1 HL, May 2024 TZ1

Drawing diagrams but not explaining or integrating them…

Students drew diagrams but did not refer to them in their response. Diagrams should be used to explain concepts and theories. A diagram that does not show what is happening is unlikely to be useful.

— IB examiner, Paper 1, May 2024 TZ1

Confusing related concepts

Most students who attempted question 1(b) were confused between the concepts of maximizing profits and earning abnormal profits.

— IB examiner, Paper 1 HL, May 2024 TZ1

See how to avoid these in the Economics exam guide

About

About IB Economics

IB Economics is a Group 3 subject covering microeconomics, macroeconomics, global economy (international trade, exchange rates, and economic integration), and development economics. It is available at SL and HL. The course develops analytical skills through the use of economic models, real-world data, and evaluation of economic policies from different theoretical perspectives.

IB Economics is highly regarded by universities as preparation for economics, business, finance, and social science degrees. Our archive includes past papers and mark schemes from both SL and HL across May and November sessions. Paper 1 essay practice, Paper 2 data response, and HL Paper 3 policy analysis are all available.

Assessment

Exam Format

Paper 1 (SL: 1 hr 15 min / HL: 1 hr 15 min)

Two essay questions — choose one from each section. Section A covers microeconomics; Section B covers macroeconomics. Requires structured argument and evaluation.

Paper 2 (SL: 1 hr 45 min / HL: 1 hr 45 min)

Data response: two sets of real-world data with structured questions. Choose one set. Tests application of economic concepts to real contexts.

Paper 3 (HL only: 1 hr 45 min)

Policy paper: questions based on an unseen article. Requires quantitative analysis (calculations) and policy evaluation.

Levels

SL vs HL

IB Economics SL has two papers; HL adds Paper 3 which includes quantitative calculations (elasticity, multiplier, balance of payments) alongside policy analysis. HL students also study all four units in greater depth. HL Economics is well-regarded for economics university admissions.

Revision

Study Tips for IB Economics

✓Always draw diagrams and refer to them explicitly in your answers — examiners expect labelled diagrams.
✓Use the 'DEED' structure for Paper 1 essays: Define, Explain, Example, Evaluate.
✓For Paper 2, read all the data in the stimulus carefully before answering — answers should reference specific figures.
✓Learn all HL calculations: price elasticity, income elasticity, cross-price elasticity, multiplier, and balance of payments.
✓Build a portfolio of real-world examples for each topic — current events make answers more convincing.
✓Practise timed essay writing for Paper 1 — most students run out of time due to lack of practice.
✓Know the difference between 'discuss', 'evaluate', 'explain', and 'analyse' — each requires a different response depth.

FAQs

Questions, answered.

SL has Paper 1 (essays) and Paper 2 (data response). HL additionally has Paper 3 (policy analysis with calculations). Internal Assessment consists of three commentaries worth 20%.

Yes — IB Economics HL is highly regarded for university economics, PPE, business, and finance programmes at UK, US, and EU universities.

Practise the 15-mark essay structure: clear thesis, diagrams, real-world examples, and balanced evaluation. Avoid describing instead of analysing.

HL Paper 3 requires calculations including price/income/cross-price elasticities, Keynesian multiplier, balance of payments components, and exchange rate changes.

Yes. Our archive includes mark schemes (including essay-style marking notes and data response answer keys) for most available sessions.