How to Get a 7 in IB Economics: Expert Tips for Top Results

Ignacio brings well over a decade of teaching experience to his Economics tuition, and teaches the IB Economics HL course on the IB-accredited Pamoja online platform. As an IB Examiner for Economics since 2018 he expertly guides his students to greater independent thought and improved results in their Internal Assessments and Extended Essays. He knows IB Economics inside-out and below you’ll find his expert tips for top results when aiming to get a 7 in IB Economics. You can book tuition with Ignacio here.

Article updated and reviewed by Ignacio, (insert date of posting).

Whether you’re just starting to think about studying Economics, already deep into your IB course, or gearing up for your final revision, aiming for a 7 in IB Economics might feel like a huge challenge. But don’t worry; it’s within reach with the right approach and preparation. 

Whether taking the Standard Level (SL) or Higher Level (HL) course, this guide, packed with tips from Ignacio, our expert IB Economics teacher and examiner, will help you navigate the journey. We’ll cover everything from understanding the External Assessment exams’ structure to mastering the core and key concepts, excelling in each paper, and crafting a top-notch Internal Assessment (IA). 

Understand the IB Economics Exam Structure

The first step to acing IB Economics is understanding the structure of the exam. Knowing what to expect on exam day can help you manage your time and focus your revision efforts effectively. IB Economics is divided into two levels: Standard Level (SL) and Higher Level (HL). 

SL vs HL: What’s the Difference?

When you’re deciding between IB Economics at Standard Level (SL) and Higher Level (HL), it’s important to understand the key differences that make HL a bit more challenging. 

Broader Range of Topics: HL students cover a wider scope in Microeconomics, Macroeconomics, International Economics, and Development Economics, delving deeper into complex theories and their real-world applications, shown in a more extensive use of calculations and diagrams (AO3). You can see more about the Assessment Objectives here.

Paper 3: Unique to HL, Paper 3 focuses on case studies that require both quantitative and qualitative analysis, challenging students to apply economic theory to real-world data and form well-reasoned conclusions.

Greater Depth: HL students study more advanced economic models with practical applications, requiring a deeper, more thoughtful understanding of the material.

Critical Thinking and Evaluation: HL students need to develop stronger critical thinking and evaluation skills, enabling them to apply theoretical models effectively in various contexts, particularly in complex real-world scenarios.

While both SL and HL Economics cover the same core topics, HL students face the additional challenges of Paper 3, a broader content scope, and a greater depth of study.

Key Components: Papers and IA

The exam is divided into three components:

1. Paper 1 (30% for SL, 20% for HL): This essay-based paper tests your ability to explain and evaluate economic phenomena. You must demonstrate a strong understanding of economic theories and support your arguments with well-reasoned analysis and relevant real-world examples.
   
2. Paper 2 (40% for SL, 30% for HL): Data response questions test your ability to analyse economic data and provide structured responses. In this paper, you’ll need to interpret economic data, apply relevant theories, draw and explain appropriately labelled diagrams, and make clear, concise conclusions based on the data provided.
   
3. Paper 3 (30% HL only): This paper focuses on quantitative and qualitative economic issues analysis, requiring data interpretation, calculations, and case study application. HL students must apply economic models and theories to real-world data and draw comprehensive conclusions, demonstrating analytical and evaluative skills.

In addition, the Internal Assessment (IA) counts for 30%(SL) or 20%(HL)  of your final grade. The IA involves three commentaries, each based on articles from the media, applying economic theory to real-world events.

Master the Syllabus Content

Success in IB Economics comes from mastering the syllabus content. The course is structured into four key areas: Microeconomics, Macroeconomics, International Economics, and Development Economics. Ignacio emphasises that understanding the theory and how to apply it to real-world scenarios is critical.

Core Topics You Need to Know

IB Economics covers a wide range of topics that help explain how economies operate at both micro and macro levels. 

Microeconomics focuses on individual economic units like firms and households. Key topics include demand and supply, consumer and producer surpluses, elasticities, market failures, government intervention (taxes, subsidies, price controls) and market structures (perfect competition, monopoly, oligopoly) (HL Only). 

Macroeconomics examines the economy as a whole, covering economic growth, inflation, unemployment, and Supply-side and Demand-side policies like fiscal and monetary used by governments and central banks. 

International Economics explores relationships between countries, including the balance of payments, exchange rates, trade protectionist policies (tariffs, quotas), and the effects of globalisation on income inequality and development. 

Development Economics focuses on challenges developing nations face, including economic development indicators (GDP, HDI, poverty rates), sustainable development, and the role of domestic and external factors in promoting development, like women’s empowerment or international aid. 

Key Concepts of IB Economics

IB Economics involves several key concepts that apply across different topics, helping to explain how economic systems function and the challenges they face.

Scarcity: The fundamental economic problem of limited resources and unlimited wants. It forces individuals, businesses, and governments to make choices about how to allocate resources effectively.

Choice: The decisions made by individuals, businesses, and governments in allocating resources. These decisions are essential in determining how goods and services are produced and distributed.

Efficiency: Maximising output from available resources, ensuring minimal waste. It highlights the importance of optimising resource use to achieve the best possible outcomes.

Equity: The fairness in economic outcomes, particularly regarding income distribution. This concept focuses on reducing inequalities and ensuring that society shares economic benefits fairly.

Economic Well-being: Measures of prosperity, including living standards, income equality, and access to services. It provides a broader understanding of a nation’s overall economic health and the quality of life of its citizens.

Sustainability: Balancing economic growth with environmental protection for future generations. This concept emphasizes the importance of meeting current needs without compromising the ability of future generations to meet theirs.

Change: Understanding how economies evolve over time, whether through technological advancements or policy shifts. It highlights the dynamic nature of economic systems and the factors driving transformation.

Interdependence: The economic reliance between countries and sectors. It recognises that economic activities in one part of the world can significantly affect others, illustrating the global interconnectedness of modern economies.

Intervention: The role of government in correcting market failures and influencing economic outcomes. This concept covers policies like taxation, subsidies, and regulations designed to address inequality, externalities, and market imperfections.

Understanding and applying these concepts is crucial to excelling in the subject and achieving top results.

Tips for High Scores in Each Exam Paper

Now that you’ve got a good grasp of the syllabus content, let’s turn our attention to exam-specific strategies. Here Ignacio shares his advice on how to approach each paper to give yourself the best shot at achieving top marks.

Paper 1: Essay Tips and Evaluation Techniques

• Structure your essays clearly. Start with an introduction defining key terms, followed by an explanation of the economic theory, supported by diagrams and real-world examples (these last ones required on 15 marks questions).
• Use diagrams effectively. Ensure they are well-labelled and directly related to the question. Ignacio insists that rather than just mentioning them, they should be used to explain the answer.
• Evaluate the theory. Assess its real-world effectiveness, discuss stakeholder impacts, and consider alternative solutions, short-term and long-term implications, and certain assumptions that may not be accurate to explain the reality.
• Practice writing essays. Regular practice will help improve your structure, time management, and clarity in presenting arguments.

Paper 2: Data Response Strategies

• Interpret the data. Take time to examine the data and spot key trends or relationships carefully.
• Apply economic theory. Link the data to economic concepts, like supply and demand, market equilibrium, or trade policies, to explain what’s happening.
• Use diagrams. Where appropriate, include diagrams to support your explanations and visually represent the data.
• Ignacio emphasises just how important it is to understand what the command term is in each question and double-check that the demands of the question are fulfilled.
• Provide a clear analysis. Don’t just describe the data; analyse it. Evaluate what the data means for the economy and discuss its implications. Be careful to understand the differences between “Evaluate” and “Discuss.”

Paper 3 (HL Only): Succeeding in Quantitative and Qualitative Questions

• Master quantitative skills. Be ready to calculate key economic variables like elasticity, GDP growth, and inflation rates.
• Apply theory to case studies. Use real-world examples to show how economic theory can be applied to actual situations.
• Be precise in your calculations. Always show your work when solving quantitative problems. Even if your final answer is incorrect, you may still earn points for the correct steps you took.
• Unless otherwise stated in both paper 2 and paper 3, your numerical answers must be rounded up to 2 decimal places.

Ignacio emphasises:

“Be sure to create an appropriate structure for your 10-mark, “policy question.” Do not provide diagrams, do not suggest more than one policy, unless this is complementary to your main selected one. Higher grades are achieved by using information from the script appropriately to support your suggestion.”

By mastering these strategies for each paper, you’ll be well on your way to achieving the top results you’re aiming for in IB Economics.

Tips for a Top-Scoring IB Economics IA

The Internal Assessment (IA) is worth 20% of your final grade, and it’s a great opportunity to apply economic theory to real-world situations. To make sure you do your best, here are some helpful tips:

Choosing the Right Article

Ignacio recommends picking an article that’s relevant (according to one of the topics and sections of the syllabus), current (with no more than 1 year of being published), and from a reputable source like the Financial Times or Reuters.

“Avoid blogs, governmental sites, or not well-known news sources. Make sure the article gives you enough material to analyse, but avoid articles that already provide a full economic analysis.”

Reading the article with the “3 close reads” approach

As the success of your commentary is based on your understanding and interpretation of the article, Ignacio says that 3 close reads are necessary. 

In the first one you go over the content superficially, with the aim to discard or keep the article, thinking about possible connections with economic theory.

In the second reading, once you’ve decided to work with an article, focus on interpreting each part, discerning which elements could be useful to support your commentary. Highlight those parts that are relevant, looking for the meaning of unknown or difficult words or expressions. 

Finally, the third reading helps you to construct your commentary structure, to identify the Key Concept to be used and its relevance to the article’s context, the theory and diagram, as well as the possible points of discussion and evaluation.

Applying Theory and Diagrams Effectively

Make sure you clearly explain how economic theory applies to the article, using the relevant models and concepts. Use diagrams to clearly illustrate the economic ideas discussed in the article. 

Evaluation and Common IA Mistakes

Avoid over-generalising in your evaluation; ensure your analysis is supported by economic theory and real-world implications. A common mistake Ignacio observes is failing to properly link the article to the theory, so make sure your commentary connects to core economic concepts.

By following these tips, you’ll be well on your way to crafting a strong, well-reasoned IA that demonstrates your understanding and application of economic theory.

Study Techniques That Actually Work

To ace the IB Economics exam and IA, you need effective study techniques. Here are some proven methods:

Mark Scheme Mastery

Familiarise yourself with the mark schemes from past papers. Understanding what examiners are looking for in answers helps you structure your responses more effectively and ensure you cover all necessary points. 

Study Guides and Summaries

Study guides and summaries are excellent for consolidating your knowledge. Use them to break down complex topics into manageable chunks, focusing on key concepts, theories, and models. They can serve as a quick reference when revising and help reinforce your understanding of essential material.

Utilising Resources

Make the most of available resources, such as textbooks, online platforms, and revision videos. Resources like these provide additional explanations and examples that can deepen your understanding of difficult concepts. Don’t hesitate to seek support from teachers or tutors if you’re struggling with specific topics.

Connecting Economics with Real-World Events

Stay updated on global economic news and events, and relate them to what you’re learning. Understanding how economic theories apply in real-world situations makes the material more relevant and easier to grasp. 

Creating a Study Schedule

A well-organised study schedule is key to balancing revision across multiple topics. Set aside specific times for each subject and stick to your schedule. 

Balancing IA and Exam Preparation

Balancing your IA and exam preparation can feel overwhelming, but with a well-structured study schedule, it becomes much more manageable. Set aside specific times for IA work and separate blocks for revision, ensuring both get the attention they need. Prioritise areas where you feel less confident, and regularly assess your progress through practice exams or feedback from your teacher. It’s also important to stay organised and focus on manageable tasks, taking regular breaks to avoid burnout.

To make the process even easier, build flexibility into your schedule to adjust when needed while keeping a consistent overall plan. With steady progress and a balanced approach, you’ll be able to manage both your IA and exam prep effectively. 

If you want to learn more about excelling in your IB Economics Internal Assessment, read about the Full Guide to the IB Economics IA. For more personalised support, explore our Economics IA Short Course with TutorsPlus, designed to guide you through every step of the way.

Final Advice

Achieving a 7 in IB Economics is no small feat, but with the right strategies, dedication, and consistent effort, it’s absolutely within your reach. Focus on mastering the syllabus, practising past papers, refining your essay-writing skills, and connecting economic theory to real-world examples. With expert guidance from TutorsPlus, our customisable IB Economics tutoring is designed to meet your unique needs, helping you stay on track and reach your goals.

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This personalised support can make all the difference in achieving top results especially with your Economics studies. 

If you’re looking for expert help, we’re here to support you. Reach out to us at +41 022 731 8148 or . With your effort and the guidance of TutorsPlus, scoring a 7 in IB Economics and securing your future success is within your grasp.