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IB Economics Tuition

IB subjects can seem daunting in their differences to national curricula. Find out more about them and how they're assessed below.

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Economics

'Economics is a dynamic social science. The study of economics is essentially about dealing with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants. As a social science, economics uses scientific methodologies that include quantitative and qualitative elements.' (IBO Subject Brief)

May 2021 Examination Changes

The IBO has announced significant changes to the assessment methods for the May 2021 Examination period. Almost all subjects have seen the weighting of certain papers amended, the length of exams reduced, and many have seen entier assessment components removed.

Economics Examination Changes for May 2021

Paper 2 amended - students answer only one question from either Section A (Internal Economics) or Section B (Development Economics) (instead of 1 out of 2 in Section A and 1 out of 2 in Section B). Still weighs 40% (at SL, 30% at HL)

  • Section A, where you choose 1 question out of 2, which covers Microeconomics part of the syllabus.
  • Section B, where you choose 1 question out of 2, which covers Macroeconomics part of the syllabus.
Read our May 2021 Exam Changes Report
Our 'May 2021 Examinations Report' goes into detail into all the changes the IBO have announced for every IB subject, as well as how to to respond and work with educators to minimise disruption as much as possible.
'May 2021 Examination Changes' Report ↗
Read more about Economics

IB Economics is a subject that looks at economic activities and their interdependence. Starting from the fundamental issue of scarcity, the subject looks at how choices are made between competing needs and resources at different levels, from the individual consumer to the global economy. Students explore key concepts of efficiency, sustainability, equity and government intervention, as well as the links between them. Students ultimately grow to appreciate the values and limitations of economic models in relation to real-world economic behaviour and outcomes.

Need help chosing your IB subjects?
History or Economics? Maths HL or SL? Choosing DP subjects can feel like a ticking time bob. We've been helping IB families weigh their options for nearly a decade and can help you make sure you balance your future plans and aptitude with loving your IB subjects.
IB Subject Selection Advice >
This subject's group:
Group 3: Individuals & Societies
Studying any one of these subjects provides for the development of a critical appreciation of human experience and behaviour, the varieties of physical, economic and social environments that people inhabit and the history of social and cultural institutions.
Find out more about Subject Groups >
Advice from our tutors

For many students, this will be the first time they encounter Economic theory and the subject requires a new mode of understanding. Compared to other IB subjects, the slender syllabus should be contended with in terms of its quality rather than its quantity, and students must develop a keen awareness of how to apply their knowledge in assessments. Applying economic theory involves the analysis of media, such as news articles, combined with skills that students will be familiar with from Mathematics, such as working with data sets and diagrams.

Assessment

Students are first introduced to economic perspective, and then explore economic theory at different levels, including microeconomics, macroeconomics, and the global economy. The main outcomes are to develop critical understanding of numerous concepts at each level, as well as to apply concepts and analyse data to understand real-world economic problems, and develop an understanding of individuals and societies’ behaviour and consequences of economic decisions.

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Next steps

Economics can act as a foundation for many paths of study and work, including within finance, banking, NGOs, insurance, investment, IT, and international development, as well as in the private or public sectors. Roles benefiting from a background in economic theory are diverse and can include accountant, analyst (including actuarial, financial risk, investment, political risk), auditor, statistician, stockbroker, administrator, and management consultant.

Applying to UK universities?
History or Economics? Maths HL or SL? Choosing DP subjects can feel like a ticking time bomb. We've been helping IB families weigh their options for nearly a decade and can help you make sure you balance your future plans and aptitude with loving your IB subjects.
EIB Admissions >
Brief & Examinations
Read the information provided for this subject by the IBO.
Subject Brief ↗Announced Exams (May 2021) ↗

Read more about Economics

IB Economics is a subject that looks at economic activities and their interdependence. Starting from the fundamental issue of scarcity, the subject looks at how choices are made between competing needs and resources at different levels, from the individual consumer to the global economy. Students explore key concepts of efficiency, sustainability, equity and government intervention, as well as the links between them. Students ultimately grow to appreciate the values and limitations of economic models in relation to real-world economic behaviour and outcomes.

Need help chosing your IB subjects?
Chemistry or Biology? Maths HL or SL? Choosing DP subjects can feel like a ticking time bob. We've been helping IB families weigh their options for nearly a decade and can help you make sure you balance your future plans and aptitude with loving your IB subjects.
IB Subject Selection >
This subject's group:
Group 3: Individuals & Societies
Studying any one of these subjects provides for the development of a critical appreciation of human experience and behaviour, the varieties of physical, economic and social environments that people inhabit and the history of social and cultural institutions.
Find out more about Subject Groups >
Advice from our tutors

For many students, this will be the first time they encounter Economic theory and the subject requires a new mode of understanding. Compared to other IB subjects, the slender syllabus should be contended with in terms of its quality rather than its quantity, and students must develop a keen awareness of how to apply their knowledge in assessments. Applying economic theory involves the analysis of media, such as news articles, combined with skills that students will be familiar with from Mathematics, such as working with data sets and diagrams.

View the IBO's brief for this subject
Read the information provided for this subject by the IBO.
Subject Brief >
What can you do with this subject?

Economics can act as a foundation for many paths of study and work, including within finance, banking, NGOs, insurance, investment, IT, and international development, as well as in the private or public sectors. Roles benefiting from a background in economic theory are diverse and can include accountant, analyst (including actuarial, financial risk, investment, political risk), auditor, statistician, stockbroker, administrator, and management consultant.

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