IB Economics Paper 2 Guide for 2026

IB Economics Paper 2 is the paper where students either turn theory into marks or discover they only memorised definitions. The exam is a mix of data response, short calculations, diagrams, and applied explanation.

This page is the main hub for the Paper 2 cluster. Use it to decide what to revise next, then move into the specific diagram, calculation, walkthrough, or essay pages.

Paper 2 format overview

Paper 2 gives you a case study with economic data and asks you to move from short definitions to applied analysis and evaluation.

• Part (a) — 2 and 4 marks: Define terms, describe data, and complete short applied tasks
• Part (b) — 15 marks: Evaluate using data, theory, and your own knowledge in a developed response

Where to start revising

• Start with the 4-hour last-minute revision plan if the exam is close.
• Use the predicted topics page if you need a revision order.
• Drill the 4-mark answer structure because it improves almost every longer response too.

The key skill clusters

1. Diagrams

Focus on the exchange rate, AD/AS, trade, and Lorenz curve diagrams. These cover a large share of IB Econ Paper 2 applications.

• Exchange rate diagram
• AD/AS diagram
• Trade diagram
• Lorenz curve

2. Calculations

Use the calculations guide to drill elasticity, GDP, GNI, revenue, and percentage change.

3. Walkthroughs

If you learn best from worked examples, go straight to the Kenya and Bhutan walkthroughs.

Common mistakes

• Not quoting data: Generic answers without data references lose application marks
• No diagrams in the developed response: Diagrams add analytical depth and make evaluation clearer
• Rushing the 15-mark response: The highest-value question deserves the most time