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IB Economics

IB Economics, from theory to real-world policy.

Your tutor explains the diagrams, helps you apply theory to real data, and, at HL, practises the policy questions on Paper 3.

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Explain why the demand for petrol is likely to be price inelastic.[3 marks]

This is worth 3 marks. They go for:

  • Price inelastic demand: a change in price causes a proportionately smaller change in quantity demanded (PED less than 1) (1 mark)
  • There are few close substitutes for petrol in the short run (1 mark)
  • Many drivers see it as a necessity, for example to get to work (1 mark)

Examiner tip: Define the term first, then give reasons. A definition alone gets one mark at most.

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Assessment

How IB Economics is assessed

SL takes Papers 1 and 2. HL also takes Paper 3. Everyone writes a portfolio of three commentaries, worth 30% at SL and 20% at HL.

The course first assessed in 2022.

Standard Level (SL)

  • Paper 1

    Extended response on all units

    Time
    1 h 15 min
    Weight
    30%

  • Paper 2

    Data response on all units

    Time
    1 h 45 min
    Weight
    40%

  • Internal assessment: portfolio

    Three commentaries on news articles

    Time
    20 h in class
    Weight
    30%

Higher Level (HL)

  • Paper 1

    Extended response on all units

    Time
    1 h 15 min
    Weight
    20%

  • Paper 2

    Data response on all units

    Time
    1 h 45 min
    Weight
    30%

  • Paper 3

    Policy paper on all units

    Time
    1 h 45 min
    Weight
    30%

  • Internal assessment: portfolio

    Three commentaries on news articles

    Time
    20 h in class
    Weight
    20%

The portfolio is three commentaries, each on a published news article, from different units and each through a different key concept.

From the official International Baccalaureate syllabus, checked October 2026. Read the syllabus

Syllabus content

What’s on the IB Diploma Economics syllabus

  • Unit 1: Introduction to economics
  • Unit 2: Microeconomics
  • Unit 3: Macroeconomics
  • Unit 4: The global economy

Where marks are lost

Common IB Diploma Economics mistakes

  • Drawing a diagram and never mentioning it.

    Refer to your diagram in the writing: say which curve shifts, and what happens to price and quantity.

  • Paper 1 part (b) with no real-world example.

    Part (b) asks for a real-world example. Name a country, market or policy, and link it to the theory.

  • Treating growth and development as the same thing.

    Economic growth is a rise in real GDP. Development also covers health, education, inequality and living standards.

Six business and economics tutors, six ways to learn

Practise past-paper style questions with the exam coach, drill facts before a test with quick revision, or slow down with a step-by-step tutor. Switch any time.

See how each one teaches How the AI tutor works
  • NoahConcept explainer
  • ChloeStep by step
  • ImranExam coach
  • JadeQuick revision
  • LucasChallenger
  • EsiConfidence builder

Recorded your Economics lesson?

Upload the recording and get notes, a quiz and flashcards made from what your teacher said, ready to revise for IB Diploma Economics.

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FAQ

IB Diploma Economics questions, answered.

It can help you choose an article, link it to a key concept and check your diagram. The commentaries must be your own work.

Yes. Your tutor works through calculations from data and helps you plan a policy recommendation.

Yes. Sketch on the whiteboard or send a photo, and your tutor checks the axes, labels and shifts.

Yes. The free plan includes 5 tutor messages and 15 minutes of calls a day. Pro and Max give you more when exams get close.

Bring your Economics questions.

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More IB Diploma subjects

Economics in other curricula