Contents
- 1. Key Takeaways:
- 2. Know the Structure of the IB Economics Exams
- 3. Create a Revision Plan Based on the Syllabus
- 4. IB Economics Paper 1: Essay Preparation
- 5. IB Economics Paper 2: Data Response Tips
- 6. IB Economics Paper 3 (HL Only): Quantitative Strategies
- 7. Mastering Diagrams and Definitions
- 8. Final Week IB Economics Revision Plan
- 9. Frequently Asked Questions
- 10. Final Thoughts
IB Economics can feel like a huge challenge: three papers, lots of diagrams, tricky evaluation questions, and a mountain of content. With the right revision strategy, you can feel confident and well prepared for your exams.
This guide breaks down exactly how to revise IB Economics, using the latest syllabus and clear, actionable tips for both SL and HL students.
Key Takeaways:
Understand the structure and focus of each IB Economics exam paper (Papers 1, 2, and 3 for HL) to tailor your revision effectively.
Create a detailed revision plan based on the official syllabus, balancing content review with timed practice, especially on weaker areas.
Master key diagrams, definitions, and command terms, as these are essential for demonstrating knowledge and analysis in answers.
Use past papers and examiner-marked answers to practice under timed conditions and improve exam technique, particularly in essay planning and data response.
Know the Structure of the IB Economics Exams
Before you start revising, you need to understand what the exams look like and what each paper tests.
Standard Level (SL): 2 exam papers
Higher Level (HL): 3 exam papers
Paper | SL / HL | Duration | Marks | What It Tests |
Paper 1 | SL & HL | 1 hr 15 min | 25 | Extended response essays (choice of 3) |
Paper 2 | SL & HL | 1 hr 45 min | 40 | Data response (short + long answers) |
Paper 3 | HL only | 1 hr 45 min | 60 | Quantitative methods and applied calculations |
Tip: Print this table and keep it in your revision planner. Knowing the timing and style of each paper is the first step to effective revision.
Create a Revision Plan Based on the Syllabus
The IB Economics syllabus is split into four main areas:
Introduction to Economics
Microeconomics
Macroeconomics
The Global Economy
To revise efficiently:
Use the official syllabus to tick off every sub‑topic as you go (SL syllabus (opens in a new tab), (opens in a new tab)HL syllabus (opens in a new tab))
Mix content revision (definitions, diagrams) with timed past‑paper practice
Use a weekly planner to allocate time to weaker topics and problem papers
Use Save My Exams IB Economics revision notes and topic questions to test yourself as you go
IB Economics Paper 1: Essay Preparation
Paper 1 is all about structured essay writing and showing that you can explain, analyse, and evaluate economic theory.
Understand Command Terms
Learn the meaning of key IB command terms as they guide your answers:
Explain = Show how or why
Examine = Consider in detail, include strengths and weaknesses
Evaluate = Make a judgment, with evidence and real world examples
Plan Before You Write
A high-scoring essay should include:
Definition of key terms
Accurately drawn diagram(s) fully labelled with titles
Explanation of the theory using the diagram(s)
Evaluation consider limitations or real‑world context with a supported judgement
Tip: Spend 5 minutes planning each essay. Use DP IB Economics Past Papers to practise timed planning.
IB Economics Paper 2: Data Response Tips
Paper 2 tests your ability to interpret economic data and apply your knowledge.
Read the questions first before looking at the data so you know what to look for
Short answers: Be precise, define terms, and use the data
Long answers: Follow the Paper 1 essay structure, but keep answers focused on the data provided
Avoid common pitfalls:
Misreading the data or units
Ignoring the command term
Forgetting evaluation in longer responses
Practise using DP IB Economics Past Papers data response questions with real exam mark schemes to understand how points are awarded.
IB Economics Paper 3 (HL Only): Quantitative Strategies
Paper 3 is all about speed and accuracy with calculations and applied skills.
Memorise all formulas (PED, XED, YED, the multiplier etc.)
Practise using your calculator quickly and check your rounding and units
Work through DP IB Economics Past Papers under timed conditions
Tip: Create a formula flashcard deck to learn step by step over smaller and manageable time frames
Mastering Diagrams and Definitions
Diagrams are your best friend in IB Economics. You must draw, label, and explain them to earn top marks.
Key Diagrams to Learn
Microeconomics
Demand & supply curves (shifts and movements)
Consumer & producer surplus annotations
Positive & negative externalities (merit & demerit goods)
Public goods and common access resources
HL: Perfect competition, monopolistic, oligopoly, monopoly, and price discrimination
Macroeconomics
Circular flow of income
Business cycle
AD/AS diagrams with AD, SRAS and LRAS shifts
Phillips curve (inflation vs unemployment)
Lorenz curve and Gini coefficient
The Global Economy
Production possibility curve (PPC)
Foreign exchange market (appreciation/depreciation)
Tariffs and quotas (trade protection)
How to Revise Diagrams
Draw each diagram from memory and label clearly
Use flashcards for definitions and diagram names
Review DP IB Economics Past Papers examiner‑marked answers on Save My Exams to see what earns full marks
Final Week IB Economics Revision Plan
In the last week before your exams:
Focus on weaker topics. Write them down in a notes app, or a page in your revision planner
Do daily timed practice questions (1 Paper 1 essay + 1 Paper 2 question)
Review common errors in past papers
Sleep well and take short breaks because brain rest is part of good revision
Frequently Asked Questions
Is IB Economics harder at HL?
Yes, mainly because of Paper 3. This involves more evaluation and the additional HL content like market structures. But with consistent practice, you can manage it.
How should I revise if I only have two weeks left?
Prioritise diagrams, command terms, and timed past papers. Skip over‑reading your notes and focus on active recall. You will remember more than you think.
What’s the most common mistake in IB Economics exams?
Forgetting to label diagrams properly
Ignoring the evaluation part of an essay
Running out of time because of poor exam technique planning
Final Thoughts
IB Economics success comes from targeted, paper‑specific revision:
Know the syllabus and focus on the command terms
Practise drawing and explaining diagrams under timed conditions
Use past papers DP IB Economics Past Papers and Save My Exams resources such as SL Revision Notes and HL Revision Notes to build confidence
With a clear plan and focused effort, you can turn your revision into top marks. Good luck! You can do it!
References
DP IB Economics Past Papers [PDFs]
Save My Exams DP IB Economics: SL Revision Notes 2020
Save My Exams DP IB Economics: HL Revision Notes 2020
International Baccalaureate Diploma Programme Subject Brief - Individuals and societies: Economics—standard level (opens in a new tab)
International Baccalaureate Diploma Programme Subject Brief - Individuals and societies: Economics—higher level (opens in a new tab)
Sign up for articles sent directly to your inbox
Receive news, articles and guides directly from our team of experts.
Share this article