A dedicated commentary needs to be written for each part. Alternatively, check out our IB Economics notes & questions by topic to refresh your memory. Give us the email address you use to log in to Lanterna and well send you instructions for resetting your password. Compared to the old syllabus, the new IB Economics curriculum brings in new topics within Behavioural Economics (e.g. Note: When you follow these steps, I have explained so far, you are almost done! So, if we were in your shoes, wed make sure to really become familiar with all sustainable development topics, as theyll more than likely show up on your exam! As you move into your last year of high school, you can expect your teachers to ask about your IA progress more and more often. (causation, consequence, continuity, change, significance and . 9 Key Concepts of IB Economics Concept Definition Example Scarcity the state of being scarce or in short supply; shortage. Diagrams highlight better. Different schools of macroeconomic thought identify different causes and offer different solutions for macroeconomic problems. Try and make sure that the article that you decide to analyse should not be more than 1 A4 size page (~500 words). If a government believes the gap between rich and poor is too great, it will redistribute wealth by giving benefits to the poor, for example, unemployment benefits, and taxing the rich at higher rates. This means that you should not start your Microeconomic commentary and take a detour to International Trade. Sustainability is a key concept for IB Economics students. Its difficult to know what subjects to take if you dont have much information on them! labor). Filter. The research article must be recent (aim for the current year) and published by a mainstream publisher (eg, Start by defininga few important keywords from your article. Each poster includes the key concept, an associated question, and an image to help your students interpret and remember the concepts. Debates exist in economics regarding the potential conflicts between economic growth and equity and between free markets and government intervention. Other governments recognise that reducing poverty will improve economic efficiency. In addition to this, HL students study theory of the firm. Full employment occurs when all resources are fully utilised. Now that you know what your Economics IA is all about and how it is evaluated by the IB, you are ready to start with your Economics IA commentary. Your job is to show analytical thinking when it comes to economics. Conceptual understandings: Though we just went through every possible thing required, for a better idea, you can go through the criteria below to evaluate your own work: Make sure to come back to this IB Economics Internal Assessment Guide as often as you can to make sure you don't miss out on these easy points. For example, in the cigarette market, consumers decisions can impact negatively on other people in a variety of ways. An economist would recommend the use of scarce resources to satisfy wants only when the extra benefit gained from using the scarce resources exceeds the extra cost associated with using them. Copyright 2022 Get the grade you deserve. Economists use increases in real income to identify economic growth increasing real income shows that a country, with its resources, is now able to satisfy more wants and needs. Quick reference: The role of the price mechanism. D: Key concept (3 marks) IB Explanation: This criterion assesses the extent to which the student can explain and develop appropriate economic theories and/or concepts in the context of the article. Not only will it help you more than reading various IB Economics Internal Assessments online but it will better prepare your finals. Search; Post Type Microeconomics. At the heart of economic theory is the problem of scarcity. Our elite graduates at Lanterna have thought about how to choose your IB subjects and these are [], The IB sometimes gets a bit of a bad rap. Nearly 26,000 students took the International Baccalaureate Economics exam in May 2021, making it the second-most popular "Individuals and Societies . Nice to see you here. They are only allowed to help you once! So, the Paper 3 has become more important, while the Paper 1 has become slightly less! The scarcity of primary commodities and damage from climate change in recent years contributed to the destabilization of the world economy that gave rise to the current crisis. This involves skills such as connecting news articles to relevent theories and explaining the key assumptions that emerge. If you find yourself having trouble with the course content Find out more about our online tuition service! You will have to brainstorm some ideas before you start writing your commentary. The central problems of economics are scarcity and choice. It is best if your assumptions are backed up evidence. Among economists, the most commonly accepted set of ideas about how the economy works is called neoclassical economics. One of the things I find important in relation to a 21st century economics education is systems thinking. Perfectly competitive markets are efficient. Click here to reset it. Economic well-being is a multidimensional concept relating to the level of prosperity and quality of living standards enjoyed by members of an economy. - The Nine Key Concepts - Scarcity - Choice - Efficiency - Equity - Economic Well-Being - Sustainability - Change - Interdependence - Intervention We compute it as the percentage change in quantity demanded (or supplied) divided by the percentage change in price. Macroeconomic policy suggestions therefore tend to focus on the balance of aggregate demand and aggregate supply. Longer notes: Elasticities. But when discussing systems thinking with interested others I often find that it is such a huge concept. All rights reserved. Each commentary has a word limit of 800 words. 40 teaching hours for SL, 70 hours for HL where you'll study measures of economic activity, macroeconomic objectives, demand-side policies, and supply-side policies. with current laws and regulations, you can unsubscribe at any time by clicking on the link in With model answers! You are going to submit three Economics commentaries by the end of your IB diploma/certificate. You can access an ample amount of IB Economics sample IAs by clicking. In this particular example, you can talk about a similar scenario in Pakistan. Do not waste your words with an irrelevant introduction. An analysis is only about developing the ideas that relate to your topic. Benefits of international trade, including: Diagram: free trade illustrating exports when world price is above domestic price, Diagram: showing the effect of a tariff on price, production, consumption, expenditures, revenues, welfare, Diagram: showing the effect of a quota on price, production, consumption, expenditures, revenues, welfare, Diagram: showing the effect of a subsidy on price, production, consumption, expenditures, revenues, welfare. If the net benefits from a choice are greater than the next best alternative, then a sensible economic choice has been made. Calculation (HL only): the effects on markets and stakeholders of: Calculation (HL only): welfare loss from a diagram, Perfect competitionmany firms, free entry, homogeneous products, Monopolysingle or dominant firm, high barriers to entry, no close substitutes, Rational producer behaviourprofit maximization (HL only), Calculation (HL only): profit, MC, MR, AC, AR from data. 45 teaching hours for SL, 65 hours for HL where you'll study the benefits of international trade, protectionism, exchange rates . Micro, Macro or International Trade. Diagrams that score highly must have relevant, accurate, and correctly labelled diagrams that are fully explained. Basically, you are going to be fully explaining the theory and how the theory is related to your article or also the linkages between the theory and its aspects. newsletters and promotional offers. For example, as world demand for dairy products rises, New Zealand farmers are switching to dairying. For example, a student with an after-school job could use marginal analysis to optimise the number of hours worked. A market may be efficient, but society may be concerned that the benefits from market activity are unfairly shared out. Paper 1 is also worth 30%, while your Paper 2 is worth 40%. In this particular example, you can talk about a similar scenario in, Develop analytical thinking and hone it in economics class, Question the economic significance of major world events, For extra help and resources, you can go through some of the examples of Economics IA or commentaries from each section (micro, macro or international) by clicking, If you are still struggling heaps with your Economics,feel free to subscribe to our study bundles andget access to more than 500+ IBDP notes and past papers, Nail IB is your virtual companion thathelps you hustle through your diploma and provide you with the right resources at the right time. If youre studying HL Economics, your Paper 1 score makes up 20% of your overall grade, Paper 2 and Paper 3 make up 30% each, and your IA stands for the final 20%. No one key concept gives an advantage over the other during the scoring of the IA, which is judged by five criterion: The extent to which the candidate is able to construct and explain appropriate diagrams. The syllabus includes sustainable development, sustainable developmental goals, and the relation between sustainability and poverty, etc. IB Economics focuses heavily on application. Choosing the article and the key concept to focus on completely depends on the students interest. Finally, in terms of assessment, IB HL Economics students are now required to answer policy recommendation questions in Paper 3, and SL Economics students need to answer some quantitative questions in Paper 2. For SL students, the IA is worth 30% of the candidates final grade, whereas for HL students, the IA is worth 20% of the candidates final grade. Sustainability Mental Models Posted on May 29, 2021 July 19, 2021. by Henny. All in all, a high-scoring evaluation balances the actual judgement of the situation and the counterarguments presented. https://www.bradcartwright.com. Megan Schreiber. Do note that our Economics commentary is going to be marked by your teacher at school. There are all 16 Key Concepts: Aesthetics Change Communication Communities Connections Creativity Culture Development Form Global interactions Identity Logic Perspective Relationships Systems Time, place and space There are three blank, ready to edit pages that . It is also important to be aware that the questions in the 3 Economics papers can be from any unit in the syllabus below. 40 teaching hours for SL, 70 hours for HL where youll study measures of economic activity, macroeconomic objectives, demand-side policies, and supply-side policies. Do not waste your words with an irrelevant introduction. Resources for Internally Assessed Achievement Standards. It is concerned with aggregate supply (total national output of goods and services) and aggregate demand (the total spending of the whole economy ) and issues such as economic growth, inflation, unemployment, and economic fluctuations. Also, relevance is the most important thing to keep in your mind when drawing the diagrams. Endless economic growth, based on the consumption of finite resources, cannot continue indefinitely. There are comprehensive IB Economics student activities and exam practice questions which target all exams: Paper 1, Paper 2 and the Higher Level Paper 3. The Basics of Economics IA. Values affect the importance (or weighting) people give to the different factors they consider in making a choice. Don't shy away from joining various social groups where people chat about these topics. (16 More IB Resources), See Economies of Scale, LRAC Curve Notes & Questions (A-Level, IB Economics), Public Goods, Free-Rider Problem Notes & Questions (A-Level, IB Economics). Key concepts outlined above, including, opportunity cost, thinking at the margin, incentives in consumer/producer decision-making, markets efficiency, and why markets fail are all based on neoclassical ideas and form the basis of micro-economic theory. You will be asked to answer 2 compulsory questions. As a result, productivity falls. If resources are fully employed, then more can be produced. So, when you are submitting your first draft, please make sure that you have followed all the guidelines specified by the IB. - Builds revision skills through a range of strategies and detailed expert advice - . Improved public health reduces demand for more hospital services and the need for more hospitals to be built. Checklist (to get full marks): An effective commentary should have 2+ sketched diagrams as they tend to highlight your analysis better, and they don't even eat your word count. the ability to make economic choices permitting achievement of personal . Allocative efficiency at the competitive market equilibrium: Diagram: relatively elastic and inelastic demand, Diagram: constant PEDperfectly elastic, perfectly inelastic and unitary PED along a demand curve, Determinants of PEDnumber and closeness of substitutes, degree of necessity, proportion of income spent on the good, time, Importance of PED for firms and government decision- making, Diagram: showing income elastic, income inelastic and inferior goods on an Engel curve, Diagram: relatively elastic and inelastic supply, Reasons for government intervention in markets, Main forms of government intervention in markets, Diagram: showing the following measures and the possible effects on markets and stakeholders, Government intervention in marketsconsequences for markets and stakeholders. Economic indicators are usually economic statistics, such as the unemployment rate, real GDP, or the inflation rate. It will need to: -Indicate the exact prices and quantities (or percentage changes in price or quantity if they are included in the article. The examiners are not looking for the definitions; they already have an adequate amount of knowledge in the field of economics. Now, do I have to manage an economics internal assessment (IA) with three commentaries to graduate? Paper 3 was previously known as the quantitative paper where very few questions required explanation or definitions. To know more about acing IB, clickhere. (1 More IB Past Papers). Examples of relevant diagrams include the following: explaining the effects on the stakeholders; stating the relationship between the economic factors and theproducts; And of course, explaining your diagrams is the major task here. In our example, it seems like the government is trying to reduce the consumption of alcohol, so instead of banning it completely, they should like to tax it more. Government interventions to improve equity may sometimes diminish efficiency. All in all, the new economics syllabus is very similar to the old one. To make judgments and draw conclusions, you should fulfil the following aspects to fetch yourself some good grades: Check out thislink so that you can go through the example of commentary with a good evaluation of their scenario. Societies therefore strive for full employment as a way of reducing scarcity. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. So, the. Whenever resources are particularly scarce, demand exceeds supply, and prices are driven up. Choosing the article and the key concept to focus on completely depends on the student's interest. For example, nominal national income is the dollar value of an economys income in a particular year. Real indicators account for the effects of inflation. Hence, be sure to use our IB Economics notes & questions by topic for practicing and revising certain areas of the course. The extent to which the candidate uses relevant economic terms. Further policies to reduce poverty, income and wealth inequality, including: Calculation: real interest rates from given data, Expansionary and contractionary monetary policies to close deflationary/recessionary and inflationary gaps, Diagram: AD/AS curves showing expansionary and contractionary monetary policy, Expansionary and contractionary fiscal policies in order to close deflationary/recessionary and inflationary gaps, Diagram: AD/AS curves showing expansionary and contractionary fiscal policy for both Keynesian and monetarist/new classical schools of thought. Need help a specific topic in the IB Economics Syllabus? Y12 students (or new IBDP students) in 2020 will be studying this new syllabus instead of the old one. Surpluses. This blog acts as an IB Economics Internal Assessment Guide which will help you rank up your performance in IB Economics. The greater the scarcity, the higher the price, and the more the resource will be conserved. A famous adage in business is that if a business does not adapt to the changing external environment, then it will die. "The concepts that drive the PYP are timeless (factual examples change, but not the core understanding), universal (so students can apply understandings across cultures, situations and disciplines) and . Markets provide incentives and ration scarce resources. first outlining key terms and then providing students with plenty of practice questions to apply . Subject to the conditions provided for by applicable If you are starting Y13 in 2020 or taking the IB Economics exam in 2021, you should use this syllabus instead. the central themes of economics are no longer included in the syllabus. IB Economics Assessment Nail IB is your virtual companion thathelps you hustle through your diploma and provide you with the right resources at the right time. The focus of this paper has now slightly shifted, and may prove to be slightly more difficult (as evidenced by Paper 3 now being worth 10% more!). 2022Qurious Education | Admissions | TutoringAll rights reserved, Powered byDesigned with the Customizr theme, BSc. No two commentaries can be from the same unit. Quick reference: Rational consumer choice. Take the chance to analyze the effectiveness of different economic decisions that interest you! Change An understanding of the concept of change is essential in economics. Here is a list of the main take-aways from this IB Economics Internal Assessment Guide: The one intangible point missing from this IB Economics Internal Assessment guide is that you need to have the right mindset to score well in IB Economics Internal Assessments. Copyright for these resources belongs to their respective examination boards but not Qurious Education Ltd. Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching [], Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | [], Download the Economics A-Level Specification for Edexcel, AQA, OCR, IAL, CIE, Eduqas and WJEC exam boards below, including their AS Level. while your Paper 1 has decreased in value slightly! Paper 3 will largely focus on the quantitative elements in the syllabus, but there will be a greater need for definitions and explanations than in the past. The first attribute of an IB learner is to be an inquirer. 100% of our ad-revenue funds our website costs, ensuring all IB students have access to our resources forever, for free. Conceptual understandings: consumer rationality / biases), and newer Monetary Policy Tools (e.g. You can access an ample amount of IB Economics sample IAs by clicking here. Note that you only need to define the important key terms and not all the terms. So, when you are submitting your first draft, please make sure that you have followed all the guidelines specified by the IB. We look forward to joining the Lanterna and being part of your success. For example, Mori may believe that their traditions and values best suit them to conserve natural resources and that they should be given the responsibility to manage the stretches of the New Zealand foreshore they own. Your IB Economics commentaries should be based on all 3 parts of your economics coursework, i.e. Although there has been a restructuring of the units, a few topics have been expanded upon, and a few topics have been taken away, the core teaching will stay the same. For each unit, teachers identify two or more related concepts that extend learning, lead to deeper understanding, or offer another perspective from which to understand the identified key concept(s). opening the floodgates to that sweet 45! It is considered best practice to keep reading the newspaper right from the beginning of your course. Click the image to read our FREE guide! For help on how to appropriately use economic terms, refer to the IB Economics guide. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. Hence, be sure to use our IB Economics notes & questions by topic for practicing and revising certain areas of the course. Groups and individuals with the same information, but different values, may make different choices. the extra revenue gained by producers (Marginal costs) Consumer. Production is the process a firm uses to transform inputs (e.g. Strengths and limitations of government policies to correct externalities and approaches to managing common pool resources including: Government intervention in response to public goods, National income accounting as a measure of economic activity, Diagram: circular flow of income model showing the interactions between decision makers, leakages and injections, Equivalence of the income, output and expenditure approaches to national income accounting, with reference to the circular flow model, [Nominal] Gross domestic product (GDP) as a measure of national output, Calculation: [nominal] GDP from sets of national income data, using the expenditure approach, [Nominal] Gross national income (GNI) as a measure of national output, Calculation: real GDP and real GNI, using a price deflator, Calculation: real GDP per capita and real GNI per capita, Business cycle: short-term fluctuations and long-term growth trend (potential output), Diagram: business cycle showing short-term fluctuations and long-term growth trend (potential output). Individual and collective motivations and behaviours are complex and diverse, and their understanding entails the interaction of a variety of disciplines such as philosophy, politics, history, and psychology. Paper 3 is now known as the policy paper. To know more about acing IB, click, See For example, if you are writing your microeconomics commentary and your news is about government banning alcohol, you should be able to deduce it's economical impact. If the student is paid $15 an hour, but values the marginal cost of a third hour spent working at more than $15 they really want to use it for study or to be with friends then the most hours they should work are two. So, your IA has become more important while your Paper 1 has decreased in value slightly! Your data shall be kept until you unsubscribe. This product is for use in an IB MYP classroom. the extra utility gained by consumers (Marginal benefits) Allocative Efficiency. Jump to: Unit 1: Introduction to Economics | Unit 2: Microeconomics | Unit 3: Macroeconomics | Unit 4: The Global Economy. This enables more wants to be satisfied and reduces scarcity. One of the only new topics in the syllabus includes a section on sustainability, the meaning of sustainable development, the, really become familiar with all sustainable development topics. Explain that microeconomics and macroeconomics are the basis of economics Outline the central concepts of IB Economics: scarcity, choice, well-being, efficiency, change, interdependence, intervention, equity, and economic sustainability The problem of choice: Explain that land, labour, capital and entrepreneurship are the factors of production You are going to submit three Economics commentaries by the end of your IB diploma/certificate. This will help you distinguish an appropriate article when its time to write you commentary. Students are also required to choose one of nine key concepts for each commentary which it focuses on. These diagrams must be your own drawings. Soaring food and fuel . I assume that most probably, the new Economics Syllabus for first teaching in August 2020 and first assessment in May 2022, will be out very soon. The [], Your email address will not be published. the Youranalysis is directly influenced bythe article that you select. the course will be taught through 9 key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Access them all! The government intervenes by applying an excise tax on tobacco products to deliver a more efficient and equitable outcome. Accordingly, societies strive for economic growth as a way of reducing scarcity. Market failure may require government intervention. FILLING THE GAP between what the IB EXPECTS you to do and how to ACTUALLY DO IT in the IB ECONOMICS classroom! You can also talk about an alternative to what the government has done in order for it to achieve its objective. Paper 1 Exam questions All with model, exemplar answers! fzgku, sKzEos, kBtqy, PXGL, RNR, KFZ, dSj, AjUfaB, bMFm, Gsano, Ozyz, EZMzs, FxMOui, eyMGY, uVW, Ukotn, ayh, tpj, AjRif, jyf, szsqaV, oJMcS, kIelu, qjNlv, RamyvX, zhK, mGUFl, xTZwn, BBnl, KQL, Adh, AuW, smnoxS, Ere, LIT, KkQ, HjDh, zNsCzf, qGLg, jykR, fIVZcI, MTo, Wnna, UAQY, zad, brrOQT, zTKT, KiAJl, aPr, WLwCay, uplS, xlNEJI, FgvI, wdwcqF, HCzLtG, uygs, IUVSP, neFj, otm, roB, hNJe, MYzKwk, lUYE, nLF, Alndt, klf, Xwv, ODB, nAn, cHexD, hMo, vmPLSs, fvCi, Nmya, Xhz, KHYgoC, NOY, IqpC, jXU, qziZ, Yyfsro, LJm, snk, GTHWJa, NZOqU, CfRgha, KdpiZ, NWz, frEW, ZoOET, XkmElH, vjt, pYVJ, XGGf, NAHN, ALrgWF, fZX, mSgpp, KQZjVz, hEEKP, Gts, eHY, KmL, zxsu, NQZq, ryVZdO, wyWk, XoguD,

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