What is IB Economics?

If you’re selecting your options for the International Baccalaureate (IB), you might be wondering about the different Individuals and Societies courses in the Diploma Programme.

IB Economics (opens in a new tab) helps you to understand the complexities of economic activities in a rapidly changing world.

This guide breaks the course down so you can decide whether to take it, and at which level.

Key Takeaways

• IB Economics uses theories, models and key concepts to examine the ways in which economic choices are made

• You can take it at Standard Level (SL) or Higher Level (HL)

• Assessment is three components (SL) or four components (HL)

What is IB Economics?

IB Economics is a two-year IB Diploma Programme course, designed to develop your understanding of microeconomics, macroeconomics and the global economy.

It is part of Group 3: Individuals and sSocieties in the list of IB subjects.

What you'll study

IB Economics splits its content across four units. These are listed below, alongside some examples of subtopics in each:

1. Introduction to Economics

• What is economics?

• How do economists approach the world?

2. Microeconomics

• Demand

• Supply

3. Macroeconomics

• Objectives

• Supply-side policies

4. The global economy

• Benefits of international trade

• Types of trade protection

Standard Level vs Higher Level

The content and assessment structures are the same for SL and HL, but there are some key differences:

SL requires around 150 teaching hours. You’ll be assessed in three components.

HL requires around 240 teaching hours. You’ll be assessed in four components rather than three.

Ultimately, HL has more depth and breadth than SL and requires a higher level of competency.

How IB Economics is assessed

The table below includes an overview of each component, including similarities and differences between SL and HL:

What grades are available?

IB Economics is graded using the standard IB grade scale: 1-7, with 7 being the top mark.

For more information, read our guide on what counts as a good IB score.

Is IB Economics right for you?

If you’re interested in business, economics or finance, IB Economics is definitely worth considering.

If you’re not interested in current affairs or essay-writing, think twice before committing.

How to prepare for IB Economics

• Decide whether you’re taking SL or HL

• Learn IB command terms like ‘define’, ‘analyse’, ‘discuss’ and ‘evaluate’

• Read our breakdown of IB Economics topics and our guide on how to revise for IB Economics to give you an idea of what to expect

Frequently Asked Questions

Do I need to take HL Economics for a university economics degree?

For economics courses at top UK universities like Cambridge and the London School of Economics (LSE), HL Economics or Maths is often required or strongly preferred. 

Lower-tariff economics courses accept SL alongside other strong subjects. Check each university's entry requirements on their websites to be sure.

How hard is IB Economics compared to A Level Economics?

IB Economics and A Level Economics cover similar core content, including microeconomics and macroeconomics. The assessment is different, but the workload is comparable. This makes the level of difficulty fairly consistent for both.

Read our guides to find out more about the differences between IB and A Level and whether IB Economics is hard.

What is the IB Economics Internal Assessment?

The internal assessment is a portfolio of three commentaries. These are based on different units of the syllabus (except the introductory unit) and come from published extracts from the news media, analysed using different key concepts.

It's worth 30% at SL and 20% at HL.

How much maths is in IB Economics HL?

There is some maths – mainly basic algebra, percentages and graph interpretation – but the course focuses more on understanding concepts and applying them analytically.

Strong writing skills, logical thinking, and the ability to apply theory to real situations matter more than advanced mathematics.

Should I take IB Economics at SL or HL?

SL will suit you better if you want economics as a strong supporting subject.

You should take HL if you’re aiming for a degree in economics, especially from a Russell Group university.