Math solutions -. You can even include hand diagrams on paper though they are not recommended. Paper 3 was previously known as the quantitative paper where very few questions required explanation or definitions. The final part of each question will ask you to recommend a policy for the situation you were given. Each article was published (at the maximum) one year at the time of writing the commentary. 20% of your overall IB Economics grade depends on your Economics IA. Some governments seek to help low-income families by adopting policies to stimulate economic growth. The extent to which the candidate uses relevant economic terms. Market failure occurs when free markets fail to allocate resources efficiently. 45 teaching hours for SL, 65 hours for HL where you'll study the benefits of international trade, protectionism, exchange rates . Click to download Worksheet 1. Quick reference: Rational consumer choice. Change in the conditions of the demand and supply sides of the economy cause economic activity to vary over time. 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. So, your IA has become more important while your Paper 1 has decreased in value slightly! 45 teaching hours for SL, 65 hours for HL where youll study the benefits of international trade, protectionism, exchange rates, balance of payments, sustainable development, and barriers/strategies to development. 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. Each poster includes the key concept, an associated question, and an image to help your students interpret and remember the concepts. Opportunity cost can be used to evaluate decisions. The effect of higher prices is to discourage demand and conserve resources. Let us know if you have any more questions about the new Econ syllabus and well be more than happy to help in whatever way necessary! HL: Previously your Paper 1 and Paper 2 were worth 30%, Paper 3 was 20%, and your IA 20%. Economies of Scale, LRAC Curve Notes & Questions (A-Level, IB Economics), Public Goods, Free-Rider Problem Notes & Questions (A-Level, IB Economics). nine key concepts that are central to the course have been identified: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Consequences of economic growth, including: Calculation: the unemployment rate from a set of data, Relative costs of unemployment versus inflation, Potential conflict between macroeconomic objectives, Diagram: Lorenz curve showing the distribution of income and possible changes in the distribution of income. Checklist (to get full marks): They believe that the benefits of higher growth will trickle down to the low-income families. Recommended time for teaching and inquiry: SL40 hours, HL75 hours. Longer notes: Elasticities. 2022Qurious Education | Admissions | TutoringAll rights reserved, Powered byDesigned with the Customizr theme, BSc. Diagrams that score highly must have relevant, accurate, and correctly labelled diagrams that are fully explained. Syllabus key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention. For help on how to appropriately use economic terms, refer to the IB Economics guide. HL Paper 3 Exam questions All with model, exemplar answers! Conceptual understandings: I am sure that these were the thoughts rambling in your headwhen you had your first Economics IA orientation at school. or you can call us here at: +44 20 4571 0455. Hence, be sure to use our IB Economics notes & questions by topic for practicing and revising certain areas of the course. Resources are used when an economic decision is made, meaning that a cost is incurred. One such negative impact is the health problems caused by inhaling second hand smoke in domestic settings or public areas. the You will have to focus more on developing content and analysing your chosen article. labor, capital, raw materials, etc.) . This will surely help you as terminology is a part of your criteria. If youll take your IB exams in 2022 (meaning you start the IB Diploma in 2020), youll be in the first cohort to study the new economics syllabus! Coming to a conclusion is based on the assumptions you made throughout your essay. Want to get a headstart and find out what your IA is all about? capital) in a short period of time. 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. Although the marginal cost of the first or second hour worked may be low (the student still has plenty of times to do other things), the cost of further hours begins increase. Resources for Internally Assessed Achievement Standards. The extent to which the candidate meets the three rubric requirements mentioned. Micro, Macro or International Trade. As a result, productivity falls. The Marshall-Lerner condition and the J-curve effect (HL only), Diagram (HL only): J- curve with reference to the Marshall Lerner condition. Students are also required to choose one of nine key concepts for each commentary which it focuses on. It looks into the continuous statements made on the situation, as well as the sufficient assessments made on it. the syllabus is to be explored through real world examples, with a credit given to . The [], Your email address will not be published. Syllabus key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention. Soaring food and fuel . Events impacting on one sector will flow on to affect other sectors. Societies therefore strive for full employment as a way of reducing scarcity. Demand side policies seek to influence the level of spending in the economy. Below is an overview of the key concepts built into the course. while your Paper 1 has decreased in value slightly! Changes in demand and supply for a currencyfactors including: Calculation: changes in the value of a currency from a set of data. Other governments recognise that reducing poverty will improve economic efficiency. The key concepts are: Each article chosen must be published no more than one year before the writing of the commentary. the ability to make economic choices permitting achievement of personal . Among economists, the most commonly accepted set of ideas about how the economy works is called neoclassical economics. 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. 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, 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. Economic theories are based on logic and empirical data, using models to represent and analyse this complex reality. There are nine key concepts around which the course will be structured: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. For example, a student with an after-school job could use marginal analysis to optimise the number of hours worked. the extra revenue gained by producers (Marginal costs) Consumer. These are posters with a cute wood theme to list and define Key & Related Concepts! We use cookies to ensure that we give you the best experience on our website. For example, in the cigarette market, consumers decisions can impact negatively on other people in a variety of ways. 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. 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. Note that you only need to define the important key terms and not all the terms. If you find yourself having trouble with the course content Find out more about our online tuition service! 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. This addition is similar to the A-Level Economics syllabus updated in 2015. 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. If resources are fully employed, then more can be produced. Paper 3 is now known as the policy paper. Take the chance to analyze the effectiveness of different economic decisions that interest you! Quick reference: Market equilibrium. The key concepts include choice, efficiency, sustainability, economic well-being, change, intervention, interdependence, equity, and scarcity. 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. All rights reserved. Curriculum & assessment. 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. 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 central themes of economics are no longer included in the syllabus. Each IA has to use a theory or theories from one of the three units: Microeconomics, Macroeconomics, and International Trade. We can describe elasticity as elastic (or very . Change An understanding of the concept of change is essential in economics. But when discussing systems thinking with interested others I often find that it is such a huge concept. If you are in doubt to draw the diagram, you can always consult your teacher for help in using the software. Your data shall be kept until you unsubscribe. To find out more, see our. (causation, consequence, continuity, change, significance and . Whenever resources are particularly scarce, demand exceeds supply, and prices are driven up. Login length need to be from 3 to 40 characters, Password length need to be from 8 to 40 characters, Email length need to be from 5 to 40 characters, Password length need to be from 5 to 40 characters. Nice to see you here. Not only will it help you more than reading various IB Economics Internal Assessments online but it will better prepare your finals. 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%. 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. Each article has to be taken from a different and appropriate source. If youre studying SL Economics, your IA commentaries are now worth 30% of your overall grade. 3. Looking at some famous names of people who successfully [], With the final year of IB comes IA deadlines! Conceptual understandings: The examiners are not looking for the definitions; they already have an adequate amount of knowledge in the field of economics. The diagram attached below is a good example for a well-labelled diagram. The economics syllabus has been the same for the past 9 years, so youll be the guinea pigs of the new content. Scarcity results in choices with opportunity costs, Markets provide incentives and ration scarce resources, Perfectly competitive markets are efficient, Market failure may require government intervention, The benefits of market activities may not be equitable, Government intervention may involve an equityefficiency trade-off, Interdependence results in flow-on effects, Economic indicators aid economic analysis, Inflation can distort economic indicators, Perfectly competitive markets (for private goods and services at equilibrium) are efficient, Government interventions for common causes of market failure. Conceptual understandings: The different sectors of an economy (households, producers, financial, government, overseas) rely on each other (are interdependent). Do not rephrase the sentences from your article. You can also talk about an alternative to what the government has done in order for it to achieve its objective. These statistics are important for economists. The concept of sustainability is focused largely on the new IB Economics paper. Try and make sure that the article that you decide to analyse should not be more than 1 A4 size page (~500 words). Make sure you talk in economic terms. In free market economies, the prices set by the interaction of supply and demand allocates scarce resources. Later, a few sample Economics Internal Assessments (IA) are randomly selected by the IB and are sent for external moderation. Follow the steps below in order to ace your IB Economics Internal Assessment. Access them all! Paper 1 Exam questions All with model, exemplar answers! IB economics is taught using the triangulation of . Endless economic growth, based on the consumption of finite resources, cannot continue indefinitely. Your job is to show analytical thinking when it comes to economics. So, when you are submitting your first draft, please make sure that you have followed all the guidelines specified by the IB. Paper 3 looks completely different on the new Economics Syllabus. 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%. Constant change produces dynamic markets. Production is the process a firm uses to transform inputs (e.g. Paper 1 is also worth 30%, while your Paper 2 is worth 40%. These concepts are recurring themes throughout the course . Your IB Economics commentaries should be based on all 3 parts of your economics coursework, i.e. Join this channel to get access to perks:https://www.youtube.com/channel/UClklmr6wtUDEpBTwWO8MTRQ/joinLooking for online IB Economics tutoring, go to: https:. 4. Sustainability Mental Models Posted on May 29, 2021 July 19, 2021. by Henny. If the net benefits from a choice are greater than the next best alternative, then a sensible economic choice has been made. Nominal indicators have not accounted for the effects of inflation. legislation, you have rights in relation to your data. 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. 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. Within microeconomics, you will study the concepts of demand and supply, elasticities, government intervention and market failure. You will have to brainstorm some ideas before you start writing your commentary. Alternatively, check out our IB Economics notes & questions by topic to refresh your memory. This will surely help you as terminology is a part of your criteria. 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. 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. The following are key concepts/big ideas in economics: Resources are scarce when unlimited wants exceed the capability of the available resources to satisfy them, so that economic choices must be made. labor). More sophisticated applications allow users to make predictions about economic efficiency. It is best if your assumptions are backed up evidence. Each commentary has a word limit of 800 words. They are: Overall, the Economics IA helps students to choose an economic article of their interest, and analyze the consequences and potential problems through the use of theories learnt in class. 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). into outputs. Click the image to read our FREE guide! Efficient markets allocate scarce resources so that the price consumers are prepare to pay for a good equals the marginal cost of the resources used to produce that good. They allow you to see the bigger picture, to compare and contrast and to think more analytically and critically about events in the past. Filter. Different schools of macroeconomic thought identify different causes and offer different solutions for macroeconomic problems. newsletters and promotional offers. The foundations of economics This exercise will allow students to review their understanding of the nine key concepts of the course. Its difficult to know what subjects to take if you dont have much information on them! Markets provide incentives and ration scarce resources. However, to draw the diagrams for your commentary, there aretoolsavailable, including Microsoft Word and Google docs. Start by defininga few important keywords from your article. Inequity, resulting in inequalities. Markets are places or situations where producers and consumers exchange goods and services. For example, higher marginal tax rates may discourage high-income earners from working harder or longer if they feel that more of their income goes to the government. IB Expectations: A key concept is identified and the link to the article is fully explained. It looks at the consistent usage (or lack thereof) of relevant economic theories accompanied by effective analysis, as well as how different analyses link together and are convincingly explained. The economic world is dynamic in nature and constantly subject to change. Consider: did his rise largely come about because of himself or because of the conditions in which he found himself? If not, label them Q1, Q2, P1, P2, etc. You want to make terms likeexternalities, quota, trade barriers, foreign investment, etc, a part of your daily vocabulary. They are developed to aid analysis and support predictions about economic behaviour and performance. PDF. Strengths of fiscal policy, including: Diagram: AD/AS model and LRAS curve to show the effect of supply-side policies, Demand-side effects of supply-side policies. SL: Previously your IA was only worth 20%, and both Paper 1 and Paper 2 were worth 40%. Much of the content is identical to what it was previously, and the assessments (Exams and IAs) have very little change. Also, avoid using direct quotes from the article in your commentary. While these key concepts aren't explicitly assessed on the external assessment, the IA requires the students in their commentary to connect the article towards a key concept. In this particular example, you can talk about a similar scenario in Pakistan. You can access an ample amount of IB Economics sample IAs by clicking. It looks at the extent to which the key concept is recognized and linked to the chosen article, through the actions of firms or nations. The Economics IA is a portfolio of three commentaries of a firm or nations decisions from extracts of published news media by applying existing knowledge on economic theories. For instance, your commentary should mention how banning alcohol might create an unregulated black market, spikingup the price. Socially optimum output: marginal social benefit (MSB) equals marginal social cost (MSC). Evaluate Oxford's new DP Economics Course Book online now. The opportunity cost is the next best alternative use of those resources. Finding the news article for your commentary is the first most important step. first outlining key terms and then providing students with plenty of practice questions to apply . Whereas International and Development Economics are now forced together to form Unit 4. quantitative easing, bank reserve regulations) for HL Economics students. These visuals can be used to promote inquiry and questioning, as part of a wonder wall, and as part of your unit . One of the only new topics in the syllabus includes a section on sustainability, the meaning of sustainable development, the sustainable development goals, and the relationship between sustainability and poverty. You will be asked to answer 2 compulsory questions. The IA in IBDP Economics is an integral part of the course for both SL and HL students and it enables students to demonstrate the application of their skills and knowledge, and to pursue their personal interests, without the time limitations and other constraints that are associated with written . We wouldnt recommend using a textbook for the old syllabus as your primary source of information, as youll be missing the small differences between the two syllabi, but we strongly encourage you to still use exam papers from the old syllabus as helpful study tools, as a lot of questions will be very similar! It is considered best practice to keep reading the newspaper right from the beginning of your course. Moreover, sample IB Economics IAs can help you fine-tune your analysis. By submitting this form, I agree to the data entered being used by Nail IBNSW for sending 2.4 Critique of the maximizing behavior of consumers and producers. Understanding IB Economics commentary and practical tips to writing an eloquent IA which will fetch you great results. The news you select should concern thateconomical factor for which you are writing the IA. 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. Groups and individuals with the same information, but different values, may make different choices. The extent to which the candidates judgement of the situation which is supported by a reasoned argument. Before you start reading this article to write better economics IA, check out this video showing you how to write an economics IA in 2 hours! IB Economics focuses heavily on application. The first attribute of an IB learner is to be an inquirer. This part of the course contains the foundations of economics by examining how individual buyers and sellers interact. Or you can always buy the best IB economics resources from the nailib.com for the best help an IB student would require. The government intervenes by applying an excise tax on tobacco products to deliver a more efficient and equitable outcome. Thus, in the short run the only way to change output is to change the variable inputs (e.g.
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