IB Economics SL
IB Economics at Standard Level focuses on the systems used to allocate resources in modern society. Students analyse the production of goods and services and evaluate the connections between production, development, sustainability, intervention, and equity. This two-year course requires students to make logical arguments using qualitative and quantitative evidence and to develop an understanding of the disparate effects economic policies can have on various stakeholders.
Course Structure and Content
After an introductory unit (Foundations), the SL course is broken into three main units. In Microeconomics, students study market mechanisms, market failure, and government intervention. The next unit, Macroeconomics, builds on these themes and applies them to production on an economy-wide scale. The final unit looks at The Global Economy, emphasising the impact of both microeconomic and macroeconomic factors in modern society.
To balance the course's theoretical approach, students will connect economic theories to nine overarching Key Concepts, and they will also be asked to apply economic theories to Real World Examples. SL students are assessed through two papers and an internal assessment. Paper 1 is a two-part essay question from a choice of three questions. Paper two is a data response question from a choice of two questions. The internal assessment is a collection of three economic commentaries about recent events of the student’s choosing.
Tips for Success
- Study consistently! Economic vocabulary can seem very strange at first, but it is more simple than it seems. The same goes for economic diagrams: learning to understand and create diagrams to demonstrate thinking will go a long way towards success in IB econ SL.
- Try your best to connect each theory to multiple real world examples (RWEs). Doing so will help you understand the theories more completely, and Paper one requires the use of RWEs in evaluating economic outcomes.
- Start small and work your way up. Many economic theories build on previous economic theories. Using Revision Village's tools, like the revision ladder or focusing on a particular subtopic can help you fill any gaps you have in your understanding of economics.
RV economics is designed to maximise your academic results by providing a variety of tools tailored to your learning needs. Videos provide explanation of relevant theories, and markschemes are provided to check your understanding. Additionally, our AI chatbot, Newton AI, can help clarify how to to make your responses better.
More IB Economics Resources
Frequently Asked Questions
What is IB Econ SL?
IB Economics Higher Level (SL) is one of the individuals and societies courses included in the IB Individuals and Society curriculum. The current IB economics course was introduced in 2023 with the first exams taking place in 2024. The Econ SL course is a traditional human science course, whereby students develop a deep understanding of social studies concepts and interact with both real-world and theoretical problems. The Economics SL course should be considered by students who have moderate to strong analytical skills, and are interested in pursuing courses and pathways involving policy, research, or data analysis after their IB Diploma Program.
What are the assessment items in the IB Econ SL course?
The IB Economics SL course consists of three assessment items that contribute to a student’s overall score for the course. There are two exam papers and an internally assessed portfolio of three commentaries. Paper 1 consists is an extended response paper and Paper 2 is a data response paper. The use of a calculator is prohibited for Paper 1, but permitted for Paper 2.
How should students prepare for IB Econ SL exams?
There are two phases students progress through in their two-year IB Economics SL course: the learning phase and the revision phase. The learning phase occurs in class, with their teacher and textbooks, where students first encounter and explore economic concepts and consolidate their understanding by working through questions specific to the concept they are studying. The revision phase, which is what Revision Village is specifically designed for, is when students consolidate their understanding of all of the concepts in the Econ SL course and appreciate how the concepts are connected. In the revision phase, the most effective strategy is to practice lots of IB Economics SL exam questions to build confidence, reach mastery, and be prepared for the Economics SL examinations.
How does Revision Village support IB Econ students?
Revision Village is specifically designed to support IB students in the revision phase of their IB Economics Higher Level course. Revision Village has four main sections, each for different revision purposes: 1) Questionbank: a large library of IB Economics SL exam questions categorised by topic and ordered by difficulty, 2) Practice Exams: a carefully designed set of quizzes and mock papers for students to use in their final phase of revision, 3) Past Paper Video Solutions: step-by-step video tutorials of past Econ SL exam questions, taught by experienced IB Teachers, and 4) Real World Examples: medium length case studies where students can practice their Paper 2 and Paper 3 skills while acquiring relevant RWEs across the syllabus. Revision Village is the perfect place for IB students to learn, practice and prepare for their IB Economics exam stress-free, with all of the resources they need in one place.