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IB Economics - Study Hub
Your complete study hub for IB Economics. Free notes, flashcards, and AI-powered practice for every topic.
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
01—The course
What is IB Economics?
IB Economics is a Group 3 subject that explores how individuals, firms, and governments make decisions about scarce resources. Students study microeconomics, macroeconomics, international trade, and development economics using real-world examples and data interpretation.
The course is available at both Standard Level and Higher Level. HL students also cover additional quantitative techniques and sit an extra Paper 3.
02—Assessment
IB Economics Assessment
Paper 1 - Extended Response
Two-part extended-response questions testing economic theory, application, and evaluation.
Paper 2 - Data Response
Case-study and data-response questions requiring analysis of real-world economic material.
Paper 3 - HL Only
Two compulsory questions combining calculations with qualitative analysis.
Internal Assessment
A portfolio of three commentaries applying economic theory to real news articles.
03—Syllabus
IB Economics Syllabus - All Units and Topics
Unit 1Introduction to economics
Unit 2Microeconomics
- 2.1Demand4 sub-topics
- 2.2Supply3 sub-topics
- 2.3Competitive market equilibrium4 sub-topics
- 2.5Elasticity of demand3 sub-topics
- 2.6Elasticity of supply2 sub-topics
- 2.7Role of government in microeconomics4 sub-topics
- 2.8Market failure: externalities and common pool resources4 sub-topics
- 2.9Market failure: public goods2 sub-topics
Unit 3Macroeconomics
- 3.1Measuring economic activity and illustrating its variations4 sub-topics
- 3.2Variations in economic activity: aggregate demand and aggregate supply3 sub-topics
- 3.3Macroeconomic objectives6 sub-topics
- 3.4Economics of inequality and poverty5 sub-topics
- 3.5Demand management: monetary policy4 sub-topics
- 3.6Demand management: fiscal policy3 sub-topics
- 3.7Supply-side policies3 sub-topics
Unit 4The global economy
- 4.1Benefits of international trade2 sub-topics
- 4.2Types of trade protection4 sub-topics
- 4.3Arguments for and against trade control/protection3 sub-topics
- 4.4Economic integration4 sub-topics
- 4.5Exchange rates4 sub-topics
- 4.6Balance of payments2 sub-topics
- 4.7Sustainable development2 sub-topics
- 4.8Measuring development3 sub-topics
- 4.9Barriers to economic growth and/or economic development4 sub-topics
- 4.10Economic growth and/or economic development strategies7 sub-topics
04—Resources
Free IB Economics Study Resources
05—FAQ
Frequently Asked Questions about IB Economics
Is IB Economics hard?
IB Economics is moderate in difficulty. The concepts are intuitive, but top grades require precise terminology, accurate diagrams, and strong evaluation.
How do I get a 7 in IB Economics?
Master all four units, practise drawing and explaining diagrams, structure 10 and 15 mark answers carefully, and use real-world examples consistently.
Should I take IB Economics SL or HL?
Choose HL if you plan to study economics, business, or finance at university. HL adds extra quantitative content and Paper 3.
How many units are in IB Economics?
The course has four units: Introduction to Economics, Microeconomics, Macroeconomics, and The Global Economy.
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