
IB Economics: A Complete Guide (2025)
Contents
Are you ready to master the complexities of the IB Economics course? IB Economics is a popular subject within the International Baccalaureate Diploma Program (IBDP). This comprehensive guide is designed to help you navigate the program's structure, content, examination techniques, and revision strategies. By the end, you'll be able to decide for yourself the Pros and Cons of Taking IB in High School in the context of IB Economics, and equip yourself with the essential tools to excel in your studies of IB economics. Let's dive in!
Why Study IBDP Economics?
Choosing Your IB Subjects is a personal choice, but statistics and evidence can offer some insights on whether it's the right choice for you! IBDP Economics is one of the most popular subjects in the International Baccalaureate (IB) curriculum, with over 28,500 students taking the course in 2024. With a mean grade of 5.1 for HL and 4.8 for SL, it is both academically rigorous and rewarding. But why do so many students opt for IB Economics? Here’s why:
- High Relevance in a Globalised World – Understand how economies function, what drives economic growth, and how policies impact societies on both national and international levels.
- Strong Skill Development – Develop critical thinking, problem-solving, and data analysis skills, highly valued by universities and employers.
- Pathway to Prestigious Careers – Economics is a gateway to fields like finance, business, policymaking, and international relations.
- Competitive Academic Performance – A significant percentage of students score 5 or above in both HL and SL, showing that strong preparation leads to success.
- Encourages Responsible Citizenship – Gain insights into sustainable policies, inequality, and economic decision-making, preparing students to make informed contributions to society.
By choosing IBDP Economics, students not only prepare for university but also equip themselves with the tools to navigate and shape the global economy.
Boost your grades with our revision platform, used by 100,000+ students!
Access thousands of practice questions, study notes, and past papers for every subject.
IB Economics Syllabus (2025)
The IB curriculum constantly go through rounds of review every few years, and IB Economics is no exception. Overall, the IB Economics syllabus is structured to provide students with a deep understanding of economic theories, real-world applications, and policy implications. It covers four main areas: Microeconomics, Macroeconomics, The Global Economy, and Development Economics.
IB Economics Syllabus Overview
The IB Economics syllabus is divided into four core areas:
- Microeconomics – Examines consumer and producer behaviour, market structures, elasticity, market failure, and government intervention.
- Macroeconomics – Focuses on aggregate demand and supply, national income, inflation, unemployment, economic growth, and fiscal and monetary policies.
- The Global Economy – Covers international trade, exchange rates, balance of payments, trade policies, and economic integration.
- Development Economics – Explores economic growth strategies, sustainable development, and policies for improving living standards in less-developed countries.
The curriculum also incorporates nine key economic concepts—scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention—ensuring a more analytical and interconnected approach to the subject.
IB Economics Curriculum Updates (2025)
While the core syllabus has remained the same as the one introduced in August 2020 and is expected to remain in effect until 2029, the subject has experienced the following tweaks:
- Greater emphasis is placed on real-world applications through the lens of key economic concepts.
- The internal assessment (IA) now requires students to compile a portfolio of three commentaries based on news articles, analysing them through the prescribed economic concepts.
- The syllabus encourages an inquiry-based learning approach, focusing on analytical and evaluative skills.
The IB Economics course remains a highly relevant and rigorous subject, equipping students with critical thinking, problem-solving, and data analysis skills. Check out the official IB Economics HL Subject Brief and IB Economics SL Subject Brief for the most updated curriculum.
Have a look at our comprehensive set of IB Economics SL and IB Economics HL resources, developed by expert IB teachers and examiners:
📚 View IB Economics SL Practice Questions
📚 View IB Economics HL Practice Questions
📚 View IB Economics SL Study Notes
📚 View IB Economics HL Study Notes
📚 View IB Economics SL Past Papers
📚 View IB Economics HL Past Papers
Is IB Economics Hard?
Are you wondering whether IB Economics is hard and whether you should pick it? Many students wondering about the difficulty level of IB Economics that it tend to record one of the highest average grades among all IB subjects, reaching 5.1 while the average across the board is 4.9. This makes IB Economics often considered as one of the Easiest IB Subjects. However, mind that the perceived challenge also varies based on individual factors such as prior knowledge, interest in the subject, and study habits:
- Prior Knowledge: Students with a background in economics or related subjects may find the material more accessible, while those new to the field might need additional time to grasp fundamental concepts.
- Interest in the Subject: A genuine interest in economics can enhance motivation and engagement, making it easier to understand and retain complex theories. Conversely, a lack of interest may lead to challenges in maintaining focus and enthusiasm.
- Study Habits: Effective study strategies, such as regular review sessions, active participation in class, and utilization of diverse resources, can significantly impact a student's ability to comprehend and apply economic principles. Poor study habits may hinder progress and contribute to the perception of the subject being difficult.
Even for students without prior knowledge, however, proper preparation, dedication and development of good study habits will guarantee you success in this subject. Read the last few sections of this blogpost to find out how!
Are you up for even more challenge? Read our article on the Hardest IB Subjects to find out if any of those IB subjects are right for you!
IB Economics SL & HL grade distributions in 2024
Mean grade of IB Economics SL and HL candidates in 2024
IB Economics Vs A-Level Economics
When choosing between IB Economics and A-Level Economics, it's essential to understand their differences in curriculum structure, assessment methods, and educational approaches. Below is a comparison to assist in making an informed decision.
Aspect | IB Economics | A-Level Economics |
---|---|---|
Curriculum | Four main areas: Microeconomics, Macroeconomics, The Global Economy, and Development Economics. | Two main components: Microeconomics and Macroeconomics. |
Nine key concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. | Recent updates have increased focus on international and global issues, such as climate change. | |
Assessment Methods | External Assessment: Written examinations covering all syllabus areas covering 80% of the final grade. | Primarily relies on written examinations, including multiple-choice questions, data response questions, and essays. |
Internal Assessment: Portfolio of three commentaries based on real-world economic events, accounting for 20% of the final grade. | ||
Educational Approach | Encourages critical thinking by analyzing diverse perspectives through internal assessments. | Emphasizes mastering technical knowledge and understanding economic models. |
Aligns with the IB program's goal of developing open-mindedness and global awareness. | Focuses on the application of economic theories to real-world scenarios. |
Key Differences between IB vs A-Level Economics
Curriculum Breadth:
IB Economics
: Offers a comprehensive curriculum with a global perspective, covering various economic areas and emphasizing interconnectedness.A-Level Economics
: Focuses more narrowly on microeconomics and macroeconomics, with recent updates incorporating global issues like climate change.
Assessment Style:
IB Economics
: Combines internal assessments with external exams, allowing students to explore real-world economic issues in depth.A-Level Economics
: Relies heavily on external examinations, assessing students' understanding through various question formats.
Skill Development:
IB Economics
: Aims to develop critical thinking, analytical skills, and a global outlook.A-Level Economics
: Focuses on building a strong foundation in economic theories and their practical applications.
Understanding these distinctions can help students choose the program that best aligns with their academic goals and learning preferences. For more information on the differences between these two qualifications, read our article on IB vs A-Levels. Whichever curriculum you take, however, rest assured that you can also seek help from IB Economics Tutors or A-Level Economics Tutors if need be.
Choosing Between IB Economics SL and HL: A Comprehensive Guide
Selecting the appropriate level of IB Economics—Standard Level (SL) or Higher Level (HL)—is a crucial decision that can influence your academic experience and future opportunities. This guide provides a detailed comparison to assist you in making an informed choice.
Comparison table: IB Economics SL vs HL
Aspect | Standard Level (SL) | Higher Level (HL) |
---|---|---|
Curriculum | Covers core topics: Microeconomics, Macroeconomics, International Economics, and Development Economics. | Includes all SL topics with additional depth, plus exclusive HL content such as Theory of the Firm and advanced macroeconomic concepts. |
Teaching Hours | Approximately 150 hours. | Approximately 240 hours. |
Assessment Components | Paper 1: Extended response (30%). | Paper 1: Extended response (20%). |
Paper 2: Data response (40%). | Paper 2: Data response (30%). | |
Internal Assessment: Portfolio of three commentaries (30%). | Paper 3: Policy paper (30%). | |
Internal Assessment: Portfolio of three commentaries (20%). | ||
Mathematical Demand | Minimal quantitative analysis. | Requires higher quantitative skills, including mathematical calculations and data analysis. |
Depth of Study | Provides a broad overview of economic principles. | Offers an in-depth exploration of economic theories and their applications. |
Key Differences between IB Economics SL vs HL:
Curriculum Depth:
- SL: Provides a foundational understanding of economic concepts.
- HL: Delves deeper into economic theories, offering a more comprehensive analysis.
Assessment Structure:
- SL: Assessed through two external papers and an internal assessment.
- HL: Includes an additional external paper (Paper 3) focusing on policy analysis, requiring advanced critical thinking and quantitative skills.
Mathematical Rigor:
- SL: Involves basic quantitative analysis.
- HL: Demands a higher level of mathematical proficiency, including complex data interpretation and application of quantitative methods.
How should you choose between IB Economics SL vs HL?
If you're still unsure which level to choose in IB Economics, consider the following factors:
Academic Strengths:
- If you have strong analytical and mathematical skills, HL may be more suitable.
- If you prefer a qualitative approach with less emphasis on mathematics, SL could be a better fit.
Interest in Economics:
- A keen interest in exploring economic theories in depth aligns well with the HL curriculum.
- For a general understanding of economics without extensive detail, SL is appropriate.
Future Aspirations:
- If you plan to pursue economics or related fields at the university level, HL provides a strong foundation.
- For those considering other disciplines, SL offers valuable economic insights without the additional workload of HL.
By carefully evaluating your academic strengths, interests, and future goals, you can choose the IB Economics level that best aligns with your aspirations. If you're interested in the subject but haven't developed a strength in it yet, remember that IB Economics Tutors can help!
Number of IB Economics SL & HL candidates in 2024
IB Economics Grading System and Exam Format (2025)
Understanding the IB Economics assessment structure and grading system is crucial for effective preparation. Below is a detailed overview tailored for the 2025 examination cycle.
IB Grading System Explained
The International Baccalaureate (IB) employs a grading scale from 1 to 7 for each subject, with 7 being the highest achievable score:
- 7: Excellent
- 6: Very Good
- 5: Good
- 4: Satisfactory
- 3: Mediocre
- 2: Poor
- 1: Very Poor
To be awarded the IB Diploma, students must:
- Accumulate a minimum of 24 points across their subjects.
- Successfully complete the core components: Theory of Knowledge (TOK), the Extended Essay (EE), and Creativity, Activity, Service (CAS).
For a comprehensive understanding, refer to our separate article on the IB Grading Scale.
IB Economics Exam Format (2025)
The IB Economics assessment comprises both external and internal evaluations, varying slightly between Standard Level (SL) and Higher Level (HL). Here are the updated exam formats for standard level (SL) and higher level (HL):
IB Economics Standard Level (SL) Exam Format (2025):
Paper 1: Extended Response | Paper 2: Data Response | Internal Assessment | |
---|---|---|---|
Duration | 1 hour 15 minutes | 1 hour 45 minutes | N/A |
Weighting | 30% of total grade | 40% of total grade | 30% of total grade |
Format | Answer one question from a choice of three, covering any part of the syllabus. | Answer two questions from a choice of three, each based on a data extract or case study. | Portfolio of three commentaries analyzing current economic events using different key concepts. |
Calculator | Not permitted | Permitted | Permitted |
IB Economics Higher Level (HL) Exam Format (2025):
Paper 1: Extended Response | Paper 2: Data Response | Paper 3: Policy Paper | Internal Assessment | |
---|---|---|---|---|
Duration | 1 hour 15 minutes | 1 hour 45 minutes | 1 hour 45 minutes | N/A |
Weighting | 20% of total grade | 30% of total grade | 30% of total grade | 20% of total grade |
Format | Answer one question from a choice of three, encompassing the entire syllabus. | Answer two questions from a choice of three, each based on provided data or case studies. | Answer two compulsory questions involving quantitative and qualitative policy analysis. | Portfolio of three commentaries analyzing current economic events through various key concepts. |
Calculator | Not permitted | Permitted | Permitted | Permitted |
IB Exam Schedule 2025
For the May 2025 examination session, the Economics exams are scheduled as follows:
Wednesday, May 7, 2025 | Thursday, May 8, 2025 | |
---|---|---|
Morning Session | Economics HL Paper 1 | Economics HL/SL Paper 2 |
Economics SL Paper 1 | - | |
Afternoon Session | Economics HL Paper 3 | - |
For a detailed timetable, please refer to the IB Exam Schedule 2025.
By familiarizing yourself with the IB grading system and the specific exam formats for Economics SL and HL, you can better strategize your study approach and enhance your performance in the assessments.
Get expert help with your IB Economics
The world's leading online IB Economics tutoring provider trusted by students, parents, and schools globally.
Achieving a Top Score in IB Economics: A Comprehensive Guide
Securing a 7 in IB Economics requires a strategic and disciplined approach. Below are key strategies to enhance your preparation and performance:
1. Master the Syllabus
- Understand Core Concepts: Familiarize yourself with essential economic terminologies and theories. A solid grasp of these fundamentals is crucial for both comprehension and application.
- Utilize Diverse Resources: Engage with textbooks, scholarly articles, and reputable online platforms to deepen your understanding.
2. Develop Effective Study Habits
- Create a Structured Study Plan: Organize your revision schedule well in advance, allocating specific time slots for each topic. This approach ensures comprehensive coverage and prevents last-minute cramming.
- Practice Active Recall and Spaced Repetition: Employ these techniques to enhance memory retention and facilitate long-term learning. Use resources that encourage active recall, such as IB Economics Q&A Revision Notes, to further facilitate your learning.
3. Hone Analytical and Evaluation Skills
- Practice with Past Papers: Regularly attempt previous exam papers under timed conditions to familiarize yourself with the exam format and identify areas for improvement.
- Incorporate Real-World Examples: Demonstrate the application of theoretical concepts by referencing current economic events in your essays and discussions.
4. Master Diagrammatic Representations
- Practice Drawing and Interpreting Diagrams: Ensure you can accurately and efficiently create and explain key economic diagrams, as they are integral to illustrating concepts.
5. Optimize Internal Assessment (IA) Performance
- Select Relevant Articles: Choose current and pertinent economic issues for your commentaries.
- Apply Economic Theories Effectively: Analyze your chosen articles through the lens of appropriate economic theories, demonstrating depth of understanding.
6. Manage Exam Time Efficiently
- Allocate Time Wisely: Prioritize questions based on their mark allocation and your confidence in addressing them.
- Monitor Progress: Keep track of time during the exam to ensure all questions are attempted thoroughly.
By consistently implementing these strategies, you can enhance your understanding, boost your confidence, and increase your chances of achieving a top score in IB Economics.
IB Economics Internal Assessment (IA) Overview
The IB Economics Internal Assessment (IA) is a critical component of the curriculum, allowing students to apply economic theories to real-world scenarios. Below is a structured overview of the IA's key elements:
Purpose
- Apply economic theories to current events.
- Enhance analytical and evaluative skills.
- Develop independent research abilities.
Structure
- Number of Commentaries: Three
- Word Limit per Commentary: 800 words
- Content Focus: Each commentary must cover a different section of the syllabus: Microeconomics, Macroeconomics, International Economics or Development Economics
Assessment Criteria
The IA is evaluated based on six criteria, totaling 18 marks:
Criterion | Description | Marks Available |
---|---|---|
A: Diagrams | Inclusion of relevant, accurate, and correctly labeled diagrams with full explanations. | 3 |
B: Terminology | Appropriate use of economic terminology throughout the commentary. | 2 |
C: Application and Analysis | Application of relevant economic theories to the article with effective analysis. | 3 |
D: Key Concept | Identification and thorough explanation of a key economic concept in relation to the article. | 3 |
E: Evaluation | Supported judgments with effective and balanced reasoning. | 4 |
F: Rubric Requirements | Adherence to the following: | 3 |
Each commentary covers a different part of the syllabus. | ||
Each article is from a different and appropriate source. | ||
Articles were published no earlier than one year before the writing of the commentary. |
Tips for Success
Article Selection:
- Choose recent articles (published within the last year) from reputable sources.
- Ensure each article aligns with a specific syllabus section.
Planning and Organization:
- Outline your commentary to ensure a logical flow of ideas.
- Integrate relevant diagrams that are well-labeled and explained.
Critical Analysis:
- Apply economic theories effectively to the article's context.
- Provide balanced evaluations, considering multiple perspectives.
Adherence to Guidelines:
- Strictly follow the word limit of 800 words per commentary.
- Ensure proper referencing and citation of sources.
By meticulously following these guidelines and focusing on thorough analysis, students can excel in the IB Economics Internal Assessment. If you're looking for inspiration on your IA, read our article outlining 60 IB Economics IA example titles.
Top Resources For Excelling in IB Economics
Achieving success in IB Economics requires utilizing a variety of high-quality resources. Below is a curated list of top materials to enhance your understanding and performance:
1. Comprehensive Textbooks
- IB Economics Course Companion: Published by Oxford University Press, this textbook aligns with the IB syllabus, covering microeconomics, macroeconomics, international economics, and development economics. It includes global examples and case studies to contextualize theoretical concepts.
2. Practice with Past Exam Papers
- International Baccalaureate Repository: Accessing past exam papers is crucial for familiarizing yourself with exam formats and identifying areas needing improvement. These can often be obtained through your school or the official IB website.
3. Concise Revision Notes
- TutorChase: This website provides succinct revision notes classified into both IB Economics HL Study Notes and IB Economics SL Study Notes, catering students at various levels and aiding in efficient review and concept reinforcement.
4. Personalized Tutoring
- Private IB Tutors: Engaging with a private IB Economics tutor can offer tailored guidance, clarify challenging topics, and provide strategies specific to IB Economics assessments.
5. Educational YouTube Channels
- EconplusDal: This channel offers free video tutorials that simplify complex economic theories, making them accessible and engaging. It's a valuable tool for visual learners seeking to reinforce classroom learning.
By integrating these resources into your study routine, you can develop a comprehensive understanding of economic theories and effectively prepare for your IB Economics assessments.
Career Opportunities with an IB Economics Background
Studying IB Economics opens the door to a diverse range of career opportunities across multiple industries. The analytical, problem-solving, and data interpretation skills gained from the course are highly valuable in various professional fields. Below are key career paths for IB Economics graduates:
1. Finance and Investment
- Roles: Investment Banker, Financial Analyst, Asset Manager
- Key Skills: Economic modeling, risk assessment, portfolio management
- Why IB Economics Helps: Understanding economic trends, market fluctuations, and financial decision-making is crucial in this field.
2. Public Policy and Government
- Roles: Policy Analyst, Economic Researcher, NGO Consultant
- Key Skills: Data interpretation, evidence-based policy recommendations, macroeconomic analysis
- Why IB Economics Helps: Governments and NGOs rely on economic research to shape policies on issues such as poverty, healthcare, and environmental sustainability.
3. Business and Consulting
- Roles: Management Consultant, Business Strategist, Market Research Analyst
- Key Skills: Cost-benefit analysis, strategic decision-making, problem-solving
- Why IB Economics Helps: Consultants use economic principles to optimize business operations, improve efficiency, and advise on growth strategies.
4. Marketing and Consumer Insights
- Roles: Marketing Manager, Pricing Analyst, Brand Strategist
- Key Skills: Demand forecasting, price elasticity analysis, behavioral economics
- Why IB Economics Helps: Understanding market dynamics and consumer behavior helps businesses develop effective marketing and pricing strategies.
5. Data Science and Analytics
- Roles: Data Analyst, Economic Forecaster, Business Intelligence Analyst
- Key Skills: Statistical analysis, predictive modeling, data interpretation
- Why IB Economics Helps: Economics provides a strong foundation in data analysis, essential for making informed business and policy decisions.
Why IB Economics is Valuable in Today’s Job Market
- Interdisciplinary Applications: The course covers financial markets, economic policies, and business strategies, making it relevant across industries.
- Critical Thinking and Problem-Solving: Employers highly value the ability to assess data, evaluate scenarios, and propose logical solutions.
- Global Perspective: Understanding international trade, development economics, and macroeconomic trends prepares students for careers in multinational organizations.
By leveraging the skills gained from IB Economics, students can explore a wide array of career opportunities, ensuring both professional success and meaningful contributions to the global economy.
Final Thoughts
In conclusion, this blog post summarises the reasons why you should choose IB Economics, how difficult it is, and how to effectively prepare for success. It provides an overview of its most updated syllabus, exam format, and key components, including the grading system and internal assessment structure. Additionally, it compares SL and HL to help students make informed decisions about their course level. Practical revision strategies, top study resources, and career opportunities for IB Economics graduates are also explored. By understanding these aspects, students can approach the course with confidence and develop essential skills for university and beyond.
FAQ
What Is A Good IB Economics Score?
A good score in IB Economics is determined by several factors, including understanding and application of economic concepts, critical thinking, and analytical skills. To gauge what is considered a good score, it's important to consider the grading scale used by the IBDP. In IB, the final grade for each subject is on a scale of 1 to 7, with 7 being the highest achievable score.
In order to aim for an impressive score, students should set their sights on achieving a grade of 6 or 7. These grades are above the average HL grade, which was 5.63. Scoring a 6 or 7 demonstrates a strong command of the subject matter and signifies exceptional performance. To attain such grades, consistent effort and dedication throughout the two-year program are necessary, along with performing well on internal assessments and external examinations. Accomplishing high grades significantly contributes to earning an IB diploma with an overall score that is considered excellent.
Are there any prerequisites for IBDP Economics?
There are no specific prerequisites or recommended prior knowledge for students intending to enrol in the International Baccalaureate Economics course.
However, possessing a strong foundation in mathematics and analytical skills can be advantageous, as these competencies are essential for understanding economic theories and models.
Additionally, an interest in current events, politics, and global affairs can be beneficial for engaging with the subject matter effectively.
Ultimately, success in this course depends on the student's willingness to think critically about complex issues and develop their own perspectives on various economic topics.
How Does The IB Economics Course Prepare Students For University-Level Economics Studies And Real-World Applications?
The IB Economics course provides a comprehensive foundation for students pursuing university-level economics studies and real-world applications by fostering critical thinking, analytical skills, and a deep understanding of economic theories and principles.
Through its rigorous curriculum, the course covers both microeconomics and macroeconomics concepts, and economic integration as well as international and developmental economics issues.
Students are exposed to diverse perspectives on economic policies, enabling them to evaluate the effectiveness of various approaches in addressing contemporary global challenges.
Additionally, the IB Economics course places a strong emphasis on research skills through the completion of an Internal Assessment and encourages active engagement with real-world economic events via regular discussions and debates.
By fostering these essential skills and knowledge areas, graduates of the IB Economics program are well-prepared for advanced studies in economics and can confidently apply their understanding to practical situations in both professional and personal contexts.
What Are Some Common Challenges Faced By IB Economics Students?
In the IB Economics course, students often face challenges related to understanding complex economic theories, grasping quantitative skills, managing time effectively, and meeting assessment requirements.
To address these challenges effectively, educators can employ a variety of strategies such as breaking down complex concepts into simpler components, providing real-world examples for better comprehension, offering additional resources and support for quantitative skill development, encouraging effective time management through setting realistic goals and deadlines, and providing clear guidelines and expectations for assessments.
This multifaceted approach ensures that students are well-equipped to overcome common obstacles in the IB Economics course and excel in their academic pursuits.
Need help from an expert?
The world’s top online tutoring provider trusted by students, parents, and schools globally.
Study and Practice for Free
Trusted by 100,000+ Students Worldwide
Achieve Top Grades in your Exams with our Free Resources.
Practice Questions, Study Notes, and Past Exam Papers for all Subjects!
Need Expert Economics Help?
If you’re looking to boost your IB grades, get in touch with the TutorChase team and we’ll be able to provide you with an expert IB Economics tutor
. We’ll be there every step of the way!

Charlie
Professional tutor and Cambridge University researcher

Written by: Charles Whitehouse
LinkedInCharles scored 45/45 on the International Baccalaureate and has six years' experience tutoring IB and IGCSE students and advising them with their university applications. He studied a double integrated Masters at Magdalen College Oxford and has worked as a research scientist and strategy consultant.