IB Economics — Study Hub
Your complete study hub for IB Economics. Free notes, flashcards, and AI-powered practice for every topic.
What is IB Economics?
IB Economics is a Group 3 subject that explores how individuals, firms, and governments make decisions about the allocation of scarce resources. Students study microeconomics, macroeconomics, international trade, and development economics — building analytical skills through real-world examples, economic models, and data interpretation.
The course is available at both Standard Level and Higher Level. HL students cover additional quantitative techniques, including calculations of elasticities, multiplier effects, and welfare analysis using linear demand and supply functions.
Subject Group
Group 3 (Individuals & Societies)
Available Levels
SL and HL
Teaching Hours
150 (SL) / 240 (HL)
Exam Papers
Paper 1 · Paper 2 · Paper 3 (HL) · IA
IB Economics Assessment
Paper 1 — Extended Response
SL 30% / HL 20%1 h 15 minTwo-part extended-response questions from a choice of three. Part (a) tests knowledge and understanding, part (b) requires evaluation and synthesis of economic theory with real-world examples.
Paper 2 — Data Response
SL 40% / HL 30%1 h 45 minTwo compulsory data-response questions. Students analyse real-world economic data, articles, and diagrams, applying theory to evaluate policies and outcomes.
Paper 3 — HL Only
HL 30%1 h 45 minTwo compulsory questions requiring quantitative skills — calculations involving elasticities, national income, trade, and more — combined with qualitative analysis.
Internal Assessment
SL 30% / HL 20%A portfolio of three commentaries (800 words each), each based on a different news article and covering a different section of the syllabus. Students apply economic theory to real-world events.
IB Economics Syllabus — All Units & Topics
Unit 1: Introduction to economics
Unit 2: Microeconomics
Unit 3: Macroeconomics
Unit 4: The global economy
Free IB Economics Study Resources
Frequently Asked Questions about IB Economics
Is IB Economics hard?
IB Economics is considered moderate — the concepts are intuitive but achieving top marks requires strong diagram skills, precise use of economic terminology, and the ability to evaluate multiple perspectives. HL adds quantitative calculations and a third paper.
How do I get a 7 in IB Economics?
Master all four units thoroughly, practise drawing and labelling diagrams accurately, learn IB command terms and how to structure 15-mark evaluation essays, use real-world examples in every answer, and aim for full marks on your IA portfolio.
Should I take IB Economics SL or HL?
Choose HL if you plan to study economics, business, finance, or PPE at university — it demonstrates deeper quantitative skills. SL is suitable if economics is a supporting subject. HL includes Paper 3 with mathematical calculations.
What career paths does IB Economics support?
IB Economics supports degrees in economics, finance, business, public policy, international relations, law, and data science. The analytical and evaluative skills developed are valued across many careers.
How many units are in IB Economics?
The IB Economics syllabus has 4 units: Introduction to Economics (Unit 1), Microeconomics (Unit 2), Macroeconomics (Unit 3), and The Global Economy (Unit 4). Each unit covers multiple topics with detailed sub-topics.
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