IB Economics: the syllabus, assessment objectives and Paper strategy
A guide to IB Economics: the four syllabus sections, HL vs SL, the exam papers, the assessment objectives, the IA portfolio and how diagrams and evaluation earn marks.
IB Economics is a group 3 subject that develops the analytical tools to explain how markets, governments and economies behave. Its marks are earned through a specific combination of accurate diagrams, precise terminology and — at the top band — genuine evaluation. Success in the Diploma Programme depends on writing to the assessment objectives, not just knowing the content. For one-to-one support see IB Economics tutoring.
Syllabus structure
The syllabus is built on four sections: introduction to economics, microeconomics, macroeconomics, and the global economy. A set of nine key concepts (such as scarcity, efficiency, intervention and sustainability) runs across all four and frames the higher-band questions. HL adds extra content and a quantitative paper.
HL vs SL
HL and SL share the four sections; HL adds depth (for example more theory of the firm) and a dedicated quantitative and policy paper. HL therefore rewards students comfortable with calculations and multi-step policy evaluation.
The exam papers and assessment objectives
- Paper 1: extended-response essays requiring explanation and evaluation with diagrams.
- Paper 2: data-response questions built on an unseen text and data.
- Paper 3 (HL): quantitative and policy questions.
All papers map to four assessment objectives — knowledge, application, analysis and evaluation. The top marks live in AO4 (evaluation), which most mid-band answers under-deliver.
The Internal Assessment portfolio
The Economics IA is a portfolio of commentaries, each analysing a real news article using economic theory and diagrams. Strong commentaries choose an article that genuinely fits a syllabus concept, apply one clear model well and evaluate rather than describe. Concise, well-chosen articles beat sprawling ones.
How diagrams and evaluation earn marks
- Accurate, labelled diagrams: correct axes, labelled curves and shifts are non-negotiable and quick to lose.
- Evaluation as standard: weigh short vs long run, stakeholders and assumptions — this is where 6→7 essays separate.
- Terminology precision: use defined economic terms accurately; vague language caps the analysis mark.