The Ultimate Guide to Scoring a 7 in IB Economics IA: Tips and Strategies for N24/M25

Author: David Greene, IB Economics Teacher and Examiner

Introduction

The IB Economics Internal Assessment (IA) is a critical component of your IB Diploma, and it’s one of the areas where you can really showcase your understanding of economic concepts. As an IB Economics teacher and examiner, I’ve seen what it takes to score a 7. This guide will walk you through the strategies and tips to help you achieve top marks in your Economics IA for the N24 and M25 sessions.

Step 1: Choose a Relevant and Engaging Article

Your Economics IA is based on an article that you select, so the first step is to choose wisely. The article should be relevant to the syllabus and offer plenty of scope for analysis using economic theories.

Pro Tip: Look for articles that discuss current economic issues like inflation, unemployment, or international trade. These topics often provide rich material for analysis.

Example: An article discussing the impact of recent interest rate changes on consumer spending would be ideal. It allows you to explore macroeconomic theories like monetary policy and its effects on aggregate demand.

Step 2: Outline Your Commentary

Once you’ve selected your article, it’s time to outline your commentary. Your IA should follow a clear structure:

• Introduction: Briefly introduce the article and state the economic theories you will use in your analysis.
• Analysis: Break down the economic concepts and apply them to the scenario described in the article.
• Evaluation: Critically evaluate the economic outcomes and discuss alternative scenarios or policy responses.
• Conclusion: Summarize your findings and reflect on the overall economic impact.

Pro Tip: Use diagrams where possible. Diagrams are a great way to illustrate your analysis and can earn you extra marks.

Step 3: Use Clear and Concise Language

Your IA should be clear, concise, and focused. Avoid jargon and overly complex sentences. Remember, your goal is to demonstrate your understanding of economic theories and how they apply to real-world situations.

Example: Instead of writing, “The nominal GDP growth rate is indicative of the aggregate demand conditions prevailing in the macroeconomic environment,” you could say, “The rise in GDP shows that overall demand in the economy is increasing.”

Step 4: Include Real-World Examples

Incorporate real-world examples to support your analysis. This not only makes your IA more interesting but also shows the examiner that you can apply economic concepts to actual events.

Pro Tip: Keep up with the latest economic news and trends. Including recent data or referencing current events can make your commentary more relevant and impactful.

Step 5: Revise and Proofread

Once you’ve written your first draft, take the time to revise and proofread. Look for any areas where your analysis could be clearer or where you could add more detail. Also, check for grammatical errors and ensure that your diagrams are correctly labeled and referenced.

Pro Tip: Ask a peer or teacher to review your IA. Fresh eyes can often spot mistakes or unclear sections that you might miss.

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FAQ Section

Q1: How long should my IB Economics IA be?

A: The IB Economics IA should be approximately 750 words. This word count excludes diagrams, titles, and citations, so make sure to use your words wisely and stay within the limit.

Q2: Can I choose any article for my IA?

A: The article must be related to the IB Economics syllabus and provide enough material for analysis. It should be recent (published within the last year) and from a credible source like a newspaper, journal, or online news site.

Q3: How important are diagrams in my IA?

A: Diagrams are essential in your IA. They help illustrate economic concepts and demonstrate your ability to apply theory to real-world situations. Make sure your diagrams are clear, correctly labeled, and relevant to your analysis.

Q4: What economic theories should I include in my IA?

A: The theories you include will depend on the topic of your article. Commonly used theories include supply and demand, elasticity, market structures, and fiscal or monetary policy. Choose theories that best explain the economic issues discussed in your article.

Q5: How do I evaluate the economic outcomes in my IA?

A: Evaluation involves discussing the potential impact of the economic issue on different stakeholders (e.g., consumers, businesses, government) and considering alternative scenarios or policies. It’s important to show a balanced view and consider both short-term and long-term effects.

Conclusion

Scoring a 7 in your IB Economics IA is challenging, but with the right approach, it’s definitely achievable. By carefully selecting your article, structuring your commentary, and applying economic theories effectively, you can create an IA that stands out. Remember to revise thoroughly and use diagrams to enhance your analysis. Good luck with your N24 and M25 Economics IAs!