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- Many question parts require the use of a calculator. Graphic display calculators GDCs are allowed during the examination, and students should be familiar with their use. Students produce a portfolio of three commentaries, based on different sections...
- Some relevant terms defined. Some errors. Relevant economic theory explained and developed. Relevant economic terms defined. Few errors. Where appropriate, diagrams included. Relevant economic theory clearly explained and developed. Relevant...
- Grade 6 Very good performance Demonstrates: detailed knowledge and understanding; answers which are coherent, logically structured and well developed; consistent use of appropriate terminology; an ability to analyse, evaluate and synthesize knowledge and concepts; knowledge of relevant research, theories and issues, and awareness of different perspectives and contexts from which these have been developed; consistent evidence of critical thinking; an ability to analyse and evaluate data or to solve problems competently.
- Grade 5 Good performance Demonstrates: a sound knowledge and understanding of the subject using subject-specific terminology; answers which are logically structured and coherent but not fully developed; an ability to provide competent answers with some attempt to integrate knowledge and concepts; a tendency to be more descriptive than evaluative although some ability is demonstrated to present and develop contrasting points of view; some evidence of critical thinking; an ability to analyse and evaluate data or to solve problems. Grade 3 Mediocre performance Demonstrates: some knowledge and understanding of the subject; a basic sense of structure that is not sustained throughout the answers; a basic use of terminology appropriate to the subject; some ability to establish links between facts or ideas; some ability to comprehend data or to solve problems.
- Grade 2 Poor performance Demonstrates: a limited knowledge and understanding of the subject; some sense of structure in the answers; a limited use of terminology appropriate to the subject; a limited ability to establish links between facts or ideas; a basic ability to comprehend data or to solve problems. Grade 1 Very poor performance Demonstrates: very limited knowledge and understanding of the subject; almost no organizational structure in the answers; inappropriate or inadequate use of terminology; a limited ability to comprehend data or to solve problems.
- Leave a Reply You must be logged in to post a comment. Every day, students and teachers in 93 countries spend 44 hours if you add up everyone's time learning here. India " This saved my life. I have used this article to guide me for my last 2 IA's and when I was assigned my 3rd and final Econ IA, the first thing I did once I got my Econ article, was open this page. With your effort to publish all this information and advice to IB students, you're really making a difference!
- Online Tuition The final Economics exam is broken down into 2 separate 1 hour 30 minute papers for Standard Level, with an additional 1 hour paper for Higher Level. Use your reading time Using your 5 minutes of reading time is key as it gives you the opportunity to plan which questions you will answer and the diagrams you will use. Each person will have their own favourite topic, but typically look for a question that you know you can concisely answer in 40 minutes. Choosing your questions means you can start your plan as soon as the exam begins.
- Making a plan When you can start writing, we recommend taking the first 5 minutes of the exam to plan how you are going to answer each question. Highlight the key words from the question that you will define, note down which diagrams you will use and list the evaluative points you will make. Remember this plan is for you, so it can be as rough as you want it to be. Also bear in mind that this plan will not be marked, so it is important to stick to the 5-minutes allocated to this so that you have enough time to convert your excellent plan into an excellent answer. Photo by Glenn Carstens-Peters 3. Timings Structuring your timings is key for paper 1 as you will be pushed for time to get everything you want into your answer. Spend minutes on part a, and minutes on part b for each question.
- If you begin with the microeconomics section which comes first in the question booklet , ensure that you leave enough time to complete the macroeconomics section as well — It is better to do well on both than exceptional in one and poor in another. Do not redraw diagrams If you have a diagram in a previous section of your answer unless there is anything that changes you do not need to redraw it. This, too, applies to previously defined key words; however, be aware that some terms such as short run have a different meaning in microeconomic and macroeconomic contexts. Definitions, diagrams, analysis, evaluation The structure of your answer for paper 1 is likely to follow this format. Make sure that you define the key words in the question, and ensure all diagrams are large enough to read, with full titles and axes labels. The analysis should cover what the graph is showing, its axes, initial equilibrium, shift, and new equilibrium.
- Finally, the evaluation only necessary for part b should talk through potential implications of your analysis or policy proposals. Stakeholders, Long term vs. This will demonstrate to the examiner that you are able to evaluate the question from multiple points of view, considering the impact of any assumptions you make and the trade-off between the short and long term. You can use more than one of these, particularly by embedding long term vs. For more information on what you could include under each of these points, see our guide to the Economics IA where we go into more detail on SLAP. Have a conclusion Have a definitive conclusion to your argument to show the examiner you have a clear view on this issue. For instance, concluding that all GDP growth benefits the economy will not be as effective as stating that this is true if it is in the right areas for example, high skilled labour.
- There are ways you can score higher marks. Just how DO you nail Economics Paper 1? Just to be clear, you can mix it up if you like. You can put your explanations before examples or define your terms at the very end. As long as it has a good flow that examiners can follow. Remember that you should be writing as though you were explaining to someone with no knowledge in Economics. It might also impose indirect taxes to discourage smoking and subsequent passive smoking, both of which are health risks to consumers. Depending on the question, you will need to draw an appropriate graph to go with your answer.
Past Paper Of Ib | IB PAST PAPERS - SUBJECT | Group 3 - Individuals And Societies | Economics_HL
For full marks, you need to focus on the details such as correct labelling and clarity so make sure to make the diagrams large. Be careful though. For example, the 15 mark question following the 10 mark question before is the following: Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market Your response might look a little something like this. Producers will lose out as demand for their product will fall as a result of higher prices due to the tax. Consumers may also lose out because cigarettes are addictive and so may choose to continue paying higher prices. On the other hand, the government may benefit as government revenue might increase leading to increased government spending, which would also benefit the economy.- Practice Makes Perfect One does not simply… Oh wait you thought this was going to be simple? That applies to pretty much all your subjects when it comes to exams. Try to prioritize polishing up your 15 markers. Remember, your 15 mark questions usually take more time so make sure to give more time for those. A combo that worked for me was spending 18 minutes on the 10 marker and 27 minutes on the 15 marker. You can organize your own time however you like but try timing yourself when practicing. Your performance under pressure is key to a good answer. They are immensely helpful for your Economics Paper 1 practice. Even sending one or two over could give you a good idea of where you need to work on. Even if the feedback is harsh, take advantage of it.
- The harsher, the better. You kind of need that brutality. Anyway I digress. The bottomline here is that any and all feedback is good feedback. Especially from teachers. I wrote another article that kind of acts as an extension to this one.
- Whether you are writing an economics essay or simply answering questions, adding relevant real-world examples can prove to be highly beneficial. This is because IB economics expects you to stay up-to-date by reading newspapers, watching news, visiting economics related blogs, and more. If you are an IB economics student and looking for sources to help you with real world examples, then you will be glad to know that the internet has plenty of such sources available.
- As an economics student, you may be interested in real world examples and other information related to this particular niche. Bized can help you in this regard. It has a useful economics section that you can visit to learn about the various topics that you might cover in class as well as other useful data, e. Keep in mind that the site is intended for teachers and tutors, but if you are willing to do some research, you can certainly take advantage of it. Apart from real world examples, the site also offers few tests, activities, revision notes, and more to check how much you know about the economy. While some of the topics here might not be relevant to your IB economics syllabus, this site is a great place to find help if you want to review a particular real-world example or concept.
Economies Of Scale, LRAC Curve Notes & Questions (A-Level, IB Economics)
Apart from basic explanations of terms and definitions, there are also links to news stories and other resources to help you stay up-to-date and better prepare for your economics exams. For this purpose, it is recommended that you check the interesting resources on the World Bank website. It has blogs such as You Think! Some websites focus exclusively on stories that are related to economics, and sometimes offer detailed insights into the types of problems that you will cover in your IB economics classes. Staying up-to-date with the latest economic news can also help you come up with real world examples and ideas to use for your essay. The Economist and the Financial Times are two of the best sources for economic news.- Not only will the above-listed sources help you with this particular aspect of your studies, but they will also help you improve your overall learning and stay up-to-date with relevant content, which is the core of IB studies.
IB Past Papers - Maths, Eng, Physics, Chem, Bio, Eco - IB Elite Academy
Add diagram of circular flow of income. Explain diagram. Include example if appropriate. Answer to Question: This essay will break down the methods by which GDP may be measured in order to bring out the essential elements or structure. GDP can be defined as the measure of all incomes within the borders of the country, regardless of who owns the assets. Figure 1. There are the three methods for analyzing GDP: the income, expenditure, and output method. The income method is calculated by adding up all of the "rent, wages, interest, and profits" in order to measure GDP. This method refers to c. The expenditure method measures a. It measures the total expenditures on goods and services in the economy to find GDP. The output method, however, measures b, which is done by looking at the value of the output of the goods and services. The circular flow of income model figure 1. Households spend money on goods and services a , and provide land, labor, capital, and management as factors of production.- Firms receive the factors of production and money, and in turn grant households wages, rent, interest, and profit c , as well as the goods and services b that they purchased. So, the households receive goods and services, as well as the components of c. This model, however, doesn't address injections and outflows, and hence is a very simple model. All three methods of measuring GDP should yield the same value more or less - they are simply different methods of finding the same value. Outline: Offer a considered and balanced review that includes a range of arguments, factors, or hypotheses. Therefore, GDP per capita would be a more useful way of comparing economic activity. Counterclaim: However, a large portion of the economic activity in the country may actually be from foreign direct investment FDI , which would include assets not owned by the country, but instead, by other countries.
Economics SL & HL Practice Questions For Papers 1 & 2 Study Guide — Peak Study Resources
Consequently, while it may seem that the developing country has a certain GDP, countries that own the FDI in that country are actually making a large contribution to the country's GDP, which would make it seem like the country itself is doing better than it really is. So perhaps GNI per capita would be an even better measure of economic activity, because GNI Gross National Income per capita only measures the total income of the country's owned assets. GNI doesn't include FDI, and does include its own FDI in other countries, as well as the incomes of its citizens that are not within the country's borders. Conclusion: While GDP may be a useful means of measuring economic activity between similar countries in terms of population and levels of FDI, since most countries differ from one another in many respects, it may be more useful to instead compare economic activity through GNI per capita figures.- Answer to question: This essay will offer a considered and balanced review that includes a range of arguments, factors, or hypotheses in order to answer the question above. GDP is the measure of all incomes within the borders of the country, regardless of who owns the assets. Populations vary among countries, so while China for example may have a higher GDP than Canada, its GDP per capita is a lot smaller, because China's population is a lot bigger than Canada's. However, a large portion of the economic activity in the country may actually be from foreign direct investment FDI , which would include assets not owned by the country, but instead, by other countries.
- To conclude, while GDP may be a useful means of measuring economic activity between similar countries in terms of population and levels of FDI, since most countries differ from one another in many respects, it may be more useful to instead compare economic activity through GNI per capita figures.
- November 30, All IB schools who are part of the the May examination session are now in the last week of class, before the study sessions and final examination period begins. Exam strategy is now nearly, if not more important than actual study and can lift your marks. These hints are obviously of my own opinion and reflections and not those of the IB Organization. Here is my top 10 hints… Before the exam… Revision. As for all of the other papers, make sure you have been through the syllabus and have throughly checked and know that you understand each part of the curriculum. I encourage my students to create bit size revision notes on the essentials of each subtopic throughtout the duration of the course. Consider what key words are required to explain the definition. Try rote learn the 10 most important definitions for each big topic, and ask you teacher to for a list of what concepts might be covered in each section of the course. Make sure you consult a good textbook for clarification on definitions.
- Practise reading articles: Ask your teacher for some practice data response questions. Practise reading the questions and then searching the article for some supporting data to help explain your answer. The articles have been chosen because they highlight certain events. You need to find the piece of data or a quote that could pick. During the exam… Manage your time: In the data response examination you have to complete three questions, each worth 20 marks. Therefore you have 60 marks in total over minutes. Therefore try not spend more than 2 mins per mark.
- So for the evaluation question D try to allow at least 16 minutes but probably slightly longer. Remember this exam requires lots of reading time, so factor this in to your time management. The shorter question B and C should take about mins each. Pick the questions early: You need to obviously choose 3 of the 5 options to answer. I encourage my students to read the part d question of each paper first, and then gauge if you can answer the question. If you are less confident in the question d questions available then perhaps choose a different question. Read each question carefully: Within the question there are always trigger words. If the question is about currency then you probably need to analyse the foreign exchange market. If the question mentions recession then consider drawing a NeoClassical diagram with a recessionary gap.
- The command word will usually be explain which means examine and describe the component parts of the concept. Labeling Graphs: Graphs are a crucical part of questions b and c. You need clearly label graphs to ensure that they relate specifically to the material in the extract. Remember each graph has a particular set of labels. Explaining Graphs: Question B and C are always worth four marks and follow an standard format. Two of these four marks will be attributed to the graph and two to the explanation. Therefore check that you have explained the graph by identifying the related causes that have lead to the change.
- For instance… the demand for exports has fallen, leading to a fall of the demand of the currency, leading to a shift of the Demand for Euro to the left, which ceteris paribus, will lead to an appreciation of the Euro against the Yen as illustrated on the graph. The explanation does not need to be long but precise and use appropriate terminology. Evaluation: Question D will always ask you to evaluate a statement or policy that is mentioned in the extract. The question will be graded according to criteria levels.
Economics SL & HL: Practice Questions With Answers For Papers 1 And 2
To attain Level 1 you need to have recognized the concepts in the question and perhaps attempted a definition, or discussed the idea. To attain Level 2 you need to explained these concepts in some depth and have tried to apply the concept to material presented in the extract. Evaluate means that you have to go further than purely explaining the concept this is required for a Level 3 response. Finally to attain the highest grade to need to make some judgement on what the main point of arguement is.- All of these aspects are considered effective evaluation. Given the time constraints of the exam you will be rewarded for using one or more of these approaches, but I think the final judgement and using material from the extract is most important. Without references to the data you wont attain higher than Level 2. Proofread: If time permits try go back and double check your graphs for any obvious glaring errors and fix labels and arrows. Try to fix any common mistakes such as suggesting that the curve shifts to the right instead of the left.
- Posted by Rhys McKenna in IB Economics So this article will serve as a kind of extension to a previous article I wrote which you can access through this link. Boring to study debatable. Very useful later in life. This is gonna be more technique based. There will be no exception for this IB economics paper 1 tips article. Simple as that. How should you go about planning? With this, fool proof, examiner-friendly acronym that I credit my former Economics teacher for brining to our attention. Stupendous, Rhys. This is because for the 15 mark question, you need to add an evaluation. Trust me. So how would you go about answering a 10 mark question using the DEED format? So in the 10 mark question above, you may choose to define what an indirect tax is and also what demerit goods are because cigarettes are demerit goods. Two definitions defined.
- Explanation You could also write your example here if you wanted. So how does the theory work? How does implementing an indirect tax help a government raise revenue and reduce the overall consumption of cigarettes? Example In this part of your answer, you need to basically give an example supporting your explanation and the theory you used. It can be a real life example that you know of or you could make up a hypothetical one. As a result…. You should check with your teachers about it but yeah. It can be hypothetical but you have to explain it well. Diagrams This is probably the easier part of the entire 10 marker. Points for diagrams are literally the easiest marks you can get in the IB Economics Exams.
- Notice anything different between boundaries 2 and 3? Look again. Same goes for boundary 4. You could have the best theory and explanations and still land a 6 instead of a Diagrams are easy marks unless you forget to include them. Moving on to the 15 marker. Guess what though? No worries! Moving on. You can just refer the examiner to the same definition. Explanation This is where you use that thing in your skull called a brain to really impress your examiners. Keep in mind examiners mark you based on how relevant your answer is to the question. Your theory has to revolve around the question. So for example in this question, the three that you would pick that would make sense would be the government, consumers, and producers of cigarettes. Your explanation revolves around telling the examiner how the indirect tax affects all three stakeholders. Example Like earlier, you gotta include your examples. They can be hypothetical or real life examples that have to essentially indicate the effects of the theory you just explained in real life.
- Diagrams Now remember children. Need I say more? Hey man. Just so you know, I do try to make these posts as unboring as possible. You get the picture. Evaluation Here we go ladies and gents. The final frontier for the economics paper. Evaluation is probably what chokes up a lot of IB Economics students. For the 15 mark questions, this part makes all the difference between a 6 and a 7. So how do we approach this?
- DO NOT go down that path. LOOK at the question again. Get it yet? Alternatively, the consequences of cigarette consumption towards society in the form of passive smoking and health problems may remain as smokers may not react to the indirect tax as cigarettes are addictive in nature. On the other hand, the immediate benefits of an indirect tax are an increase of revenue for the government which could increase government spending on the economy. A reduction in cigarette consumption could also lead to a reduction in negative externalities of consumption in the economy as there would be a reduction in passive smoking etc.
Exam Strategies For Data Response Questions – IB Economics – Digging A Little Deeper
Use key words from the question to indicate to the examiner that you know your stuff. So read on folks. Bare with me now. This last part has to do with managing your time in the exam. You have an hour and a half for the exam both SL and HL. Which question deserves more attention? The 15 marker obviously. Depending on how fast you write, you could split it into a 15 minute and 30 minute arrangement; 15 minutes for the 10 marker and 30 minutes for the 15 marker.- Personally, I was taught to allocate 17 or 18 minutes to writing the 10 marker and 28 or 27 minutes for the 15 marker. Also take into account reading time of 5 minutes. Do a lot of practice before walking into that test. Also, just as an FYI. Ok not beautiful but just make them big. This is applicable to both the 10 mark question and 15 mark question.
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