Economics
Unit 1-4, FE2022
External resources
Pro-tips for exams
Paper 1
There are three possible questions. You answer one question and answer both parts (a & b). You can't mix and match parts of questions. You'll just get credit for your highest scoring question.
You have 1 hour and 15 minutes. Spending about 25 minutes on part (a) and 50 minutes on part (b)
Answer the question in the first paragraph of your response. It'll stop you from forgetting what you're talking about and it'll stop your examiner from having to search for the answer the question.
Define the whatever key terms you see. Don't define anything twice though. If you defined it in part (a), don't define it again in part (b). Same goes with the diagrams. If you already drew it, don't draw it again.
Don't evaluate in part (a). At most all you need to do is explain something. Explaining is just "how this thing works." If you're writing more than two pages for (a), you're not being concise and eating at time you need to spend on (b).
Only the Sith deal in absolutes. Economist and Jedi do not. If you see the words always, never, etc. there's a good chance there's at least one instance were that thing is or isn't true. (e.g. Evaluate the view that monopolies are always bad.)
If your answer isn't balanced, you can't get full marks on (b). If the thing you're writing about has advantages AND disadvantages, pros AND cons, make sure you mention them.
You can't get full marks on (b) without a real world example but not having one won't tank your score completely. If you do everything else right you'll get, at worst, 9/15 for that question. Still, get an example. Use whatever you did in your IA or something.
Paper 2
There are two possible questions. You answer one question and answer parts a-g. Same as above, don't mix and match answers.
This should be common sense but read the questions before you pick one to answer. Don't bother reading the text/data. It's more important you know how to draw those diagrams and answer (g) than anything. If you can't do those, don't answer that question. Pick whichever one you have the greatest chance to earn more points. Plus if you know what you're going to be asked, you know what to look for when you look through your text and data.
You have 1 hour and 45 minutes. Biggest fatal flaw is spending too much time on (c)-(f) and running out of time on (g). You pretty much need about 40 minutes to do a good job on (g) so plan accordingly
(a) is always definitions or "lists" of things. Do not write a paragraph for a 2 mark question. Definitions are 2 sentences max. If it's a list, you can use bullet points.
(b) is a mixed bag. It might be calculations. It might be a diagram. If it's a calculations, round two places past the decimal point and show your work. We don't do sig figs in Econ. Unless it explicitly tells you to, don't explain the diagram in (b). If it just says draw, then draw. That's it.
(c) - (f) most likely will be all diagrams and explanations and are worth 4 marks. 2 for your diagram and 2 for your explanation. Don't do more than what's asked. Reference the diagram in your explanation and make sure it's a full explanation (account for where and why your curve moved the way they did)
(g) is the big boy question. The 15 mark evaluation question. Honestly, most students don't do well on this because they run out of time. Best thing to do is to make sure you have time to do this well.
Don't redraw any diagram you already drew in (c)-(f) in (g). Just reference it. It's a waste of time if you do and you already barely have enough. You also don't actually need to define terms. It's more important that you use the words correctly
Point out and explain stuff that's only hinted at in the text and data in your evaluation in (g).
You can't get full marks on (g) unless it's balanced AND you reference text & data. Make sure your references are clear and explicit. Either use quotes, refer to directly to tables, or reference those little numbers in the circles next to the paragraph (you'll see them on the paper). Similar to part (b), it pretty much limits your maximum score to around 9/15 if you get everything else right.
Use qualifiers (probably, usually, etc...see Economists are not Sith Lords above) when you write.
Feel free to criticize whatever is brought up in the text/data. Might make for a more balanced response, which is a plus.
Paper 3
There are two questions. Answer them both. You have no choices here. Don't let misinformation fool you. Last year they only had to answer one question, but that was a COVID adjustment. Apparently M23 has magically not been affected by COVID in anyway according to IBO and thus are not granted such a mercy. Answer both.
Only write in the space provide. If it's outside the box, it won't get graded because nobody will see it. If you run out of room, ask for more paper, even if it's just one word and period. Just don't write outside that box in the booklet. It doesn't get scanned with the rest your response.
You have an 1 hour and 45 minutes for this. Split the time evenly between the two questions (obviously) and save 20 minutes for each (b) question.
Read the (b) questions first before you start because you'll need reference information from (a) in (b) if you want to do well. If you know what you have to answer, you'll know what to look for.
(a) is full of calculations. Same thing here, two places past the decimal (NO SIG FIGS) and show your work. A lot of the calculations and diagrams build off of answers from previous questions, which means if you screw up one answer, everything else will be wrong. If you show your work, your score can be saved by own figure rule. Basically if you do everything right with the wrong number, you can still get full marks. It'll save your life. Show your work.
Don't forget your units. You will lose marks if you do.
Is the question hard? Skip it. Especially if it's only worth 2 marks. Don't sacrifice your overall score for 2 marks. If you have time, come back to it later.
If you're asked to explain anything, make sure to reference whatever they're asking you about. If there's a data table, use it.
You don't need a diagram for part (b). Don't believe me? Look at the markscheme for it. No need for a diagram. You can draw one, it just doesn't necessarily benefit you in anyway. It's designed for you to answer the question without one.
Note that part (b) says POLICY, not POLICIES. Singular. Don't bother proposing multiple policies. You can do complementary policies (i.e. using tax revenue to fund an awareness campaign) but there's no strategic advantage to proposing multiple. This is a 10 mark question so don't go overboard.
Like all the other evaluation questions, you can't earn full marks without having a balanced evaluation (what are the pros and cons of your policy) and referencing information from part (a). If you do everything else right, at best you'll get 6/10 on this if you don't.
My notes
Yeeep, just like the others. Economics is a memorization, conceptual understanding heavy course, with tons of reasoning stuff. So early and often revision is integral. My previous school had a website for their IB economics resources which I've shared. I've also written a massive glossay of everything to know.
More
None exists or is needed. Tragakes is the best textbook while doing past papers.
There is a lot of memorisation, so start early and revise often. Knowing the diagrams is important, and knowing how to reason with it. Oxford has easier diagrams but Cambridge is good at everything else. Paper 1 and 2 are harder than Paper 3. Use past papers to know what to focus on. Know RWEs (real world examples).
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