Paper 1 (DP IB Economics): Revision Note

What is in IB Economics Paper 1?

Overview

• You must answer ONE question

• Each question has two parts

• Total marks: 25

• Time allowed: 1 hour 15 minutes

• No calculator permitted

• Diagrams are required where appropriate

Question structure

• The paper contains three questions

• Students must choose one

• Each question is structured as:

Part (a): Explanation

• 10 marks

• Command terms include

  • Explain

  • Explain how

  • Explain why

• Focus:

  • Economic theory

  • Clear logical explanation

  • Appropriate, fully labelled diagram(s)

Part (b): Evaluation / Discussion

• 15 marks

• Command terms such as:

  • Evaluate

  • Discuss

• Focus:

  • Application of economic theory

  • Use of real-world examples

  • Balanced analysis (advantages vs disadvantages, short run vs long run, etc.)

  • Clear judgement or conclusion

Content coverage

• Each question tests a different part of the syllabus

• For example:

  • Microeconomics

    • Externalities

    • Asymmetric information

  • Macroeconomics

    • Government (national) debt

    • Inflation–unemployment trade-off

  • International economics

    • Trading blocs

    • Economic integration

• This means any section of the syllabus may appear, but only one topic is examined per question

Key characteristics of Paper 1

• Essay-based, not data-driven

• No pre-release material

• No case study

• Strong emphasis on:

  • Economic theory

  • Diagrams

  • Real-world examples (especially in part b)

• Depth over breadth: students write one extended response, not multiple short answers

• Paper 1 rewards quality of economic argument, not length.

  • Memorised essays that do not directly address the question are penalised