How to Revise for IB Economics

Charlotte

Written by: Charlotte

Reviewed by: Holly Barrow

Published

How to Revise for IB Economics

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:

  1. Introduction to Economics

  2. Microeconomics

  3. Macroeconomics

  4. 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:

  1. Definition of key terms

  2. Accurately drawn diagram(s) fully labelled with titles

  3. Explanation of the theory using the diagram(s)

  4. 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:

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)

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Charlotte

Author: Charlotte

Expertise: Business Content Creator

Charlotte joined Save My Exams in 2024 with over 30 years of teaching experience in Business and Economics. A former Head of Business and Economics, she has inspired thousands of students across diverse settings in Lancashire. Known for her engaging approach, Charlotte also organized educational trips to destinations like New York and Shanghai, expanding students' global perspectives. She is currently an Edexcel A-Level Economics examiner, with over 20 years of experience in exam boards. Charlotte holds a BA (Hons) in Economics and Public Policy from Leeds Metropolitan University and a PGCE from Manchester University. In her spare time, she enjoys walking her Labradors and watching football.

Holly Barrow

Reviewer: Holly Barrow

Expertise: Content Executive

Holly graduated from the University of Leeds with a BA in English Literature and has published articles with Attitude magazine, Tribune, Big Issue and Political Quarterly.

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