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IB Economics SL Study Guide & Review

Connect economic models, accurate diagrams, causal explanation, real-world evidence and evaluation, then prepare deliberately for the complete current IB Economics SL papers and commentary portfolio.

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  1. 01Learn concepts
  2. 02Practise questions
  3. 03Review mistakes

Syllabus knowledge tree

Explore the IB Economics SL syllabus

The current IB Economics SL syllabus uses four units and nine key concepts to connect microeconomics, macroeconomics and the global economy. Use the live 27-Topic map to select the next model without importing HL-only extensions.

4
syllabus groups
27
mapped topics

Preview the course map

Explore the course units and topics. Sign in to open the full mastery workspace and see your progress.

Unit 1 Introduction to economics
1.1 What is economics?
1.2 How do economists approach the world?
Unit 2 Microeconomics
2.1 Demand
2.2 Supply
2.3 Competitive market equilibrium
2.5 Elasticities of demand
2.6 Elasticity of supply
2.7 Role of government in microeconomics
2.8 Market failure - externalities and common pool or common access resources
2.9 Market failure - public goods
Unit 3 Macroeconomics
3.1 Measuring economic activity and illustrating its variations
3.2 Variations in economic activity - aggregate demand and aggregate supply
3.3 Macroeconomic objectives
3.4 Economics of inequality and poverty
3.5 Demand management - monetary policy
3.6 Demand management - fiscal policy
3.7 Supply-side policies
Unit 4 The global economy
4.1 Benefits of international trade
4.2 Types of trade protection
4.3 Arguments for and against trade control/protection
4.4 Economic integration
4.5 Exchange rates
4.6 Balance of payments
4.7 Sustainable development
4.8 Measuring development
4.9 Barriers to economic growth and/or economic development
4.10 Economic growth and/or economic development strategies

How to study IB Economics SL

IB Economics SL becomes manageable when each model is practised as an argument. Use the syllabus map to define the problem, construct and label the diagram, explain the causal chain, apply a specific real-world example, test assumptions and reach a qualified judgment. Redraw diagrams from memory and narrate every shift or movement; a correct shape without economic reasoning will not produce a complete response.

Use Concept to rebuild theory, Mastery to retrieve definitions, diagrams and examples, and the Question Bank to apply them under command terms. After marking, classify the first lost mark as concept, diagram, causal chain, data use, example, command term or evaluation. Repair that category and retry one matched response before moving to another unit.

Practise each Economics demand differently

Match diagram construction, causal analysis, data response and evaluation to the question instead of memorising one essay structure for every unit.

Microeconomic models and intervention

Demand, supply, elasticity, government intervention and market failure

Redraw the model with complete labels, show the change and narrate the causal chain. Apply one named policy or market example, then evaluate assumptions, stakeholder effects and time horizons.

Practise microeconomics

Macroeconomic objectives and policy

Growth, inflation, unemployment, equity and demand- or supply-side policy

Connect the policy instrument to the transmission mechanism and diagram before judging outcomes. Compare objectives, stakeholder effects, lags and constraints using a specific economy rather than generic claims.

Practise macroeconomics

Global and development economics

Trade, protection, exchange rates, development strategies and sustainability

Trace the policy through prices, quantities, incomes and stakeholders. Use a relevant country example, distinguish short- and long-run effects, and test whether the evidence supports the final judgment.

Practise the global economy

Paper 1 essays and Paper 2 data

Extended argument, real-world evidence, source extraction and seven-part response

For Paper 1, plan model, example, counterargument and judgment. For Paper 2, annotate supplied data and reuse it throughout calculations, explanations and evaluation instead of writing a memorised essay.

Open exam-style questions

Where to start

Begin from one known model or use mixed questions to reveal the first repeatable diagram, evidence or evaluation failure.

Choose your starting point

  1. I know the weak Topic

    Open its exact syllabus position and identify the model, diagram, evidence and evaluation required within SL scope.

    Browse the syllabus

  2. I do not know what is weak

    Attempt a short mixed set and begin with the first repeated conceptual, diagram or evidence-use error.

    Open mixed questions

Choose the right starting point

  1. Build the model and diagram

    Define assumptions, draw and label the diagram, then explain each causal link before adding an example.

    Review a Concept

  2. Retrieve usable evidence

    Recall one specific policy or event and explain exactly how it supports or challenges the model.

    Check Mastery

  3. Apply, evaluate and repair

    Answer the command term, test assumptions, reach a judgment and retry after classifying the first loss.

    Practise questions

IB Economics SL assessment format

External assessment contributes 70% and the three-commentary portfolio contributes 30%. SL preparation should separate extended argument, data-led application and evidence-based evaluation.

Paper / componentQuestionsTime% of grade
Paper 125 marksAnswer one of three extended-response questions; each choice contains a 10-mark part and a 15-mark part across the four units.How to prepare: Practise sustained model-based argument with accurate diagrams, specific real-world evidence, counterargument and a qualified judgment.1 hour 15 minutes30%
Paper 240 marksAnswer one of two data-response questions; the chosen question has seven parts across shared content and excludes HL extension material.How to prepare: Annotate and reuse supplied evidence throughout calculations, diagrams, explanations and evaluation instead of reproducing a memorised essay.1 hour 45 minutes40%
Internal assessment portfolio45 marksThree commentaries of no more than 800 words each, using different non-introductory units, news sources and key concepts.How to prepare: Select current articles with a clear economic issue, apply one focused model and make evaluation answer the evidence rather than summarizing the news.20 recommended course hours30%

SourceInternational Baccalaureate Organization · IB Economics SL subject briefIB Economics · First assessment 2022; last assessment 2029

IB Economics SL questions

Choose one model if the weakness is known; otherwise attempt a mixed set. Rebuild the diagram, explain the causal chain, add one specific real-world example and classify the first lost mark before choosing the next review action.

Redraw each diagram from memory with complete axes, curves and equilibrium labels. Narrate every shift or movement, connect it to the economic mechanism, then apply a real example and test the assumptions behind the predicted outcome.

Paper 1 tests one sustained extended-response argument supported by real-world evidence. Paper 2 is a seven-part data response, so preparation should focus on extracting, calculating and repeatedly applying supplied evidence across shorter connected tasks.

Both levels submit a portfolio of three commentaries, each no more than 800 words, based on different non-introductory units, published news sources and key concepts. The portfolio is weighted 30% at SL and 20% at HL.