How to Ace an IB Economics Paper 1 Exam on Exam Day

If you’re here, chances are you’re staring down an IB Economics Paper 1 exam and wondering, How can I nail this?

Don’t worry—I’ve got your back.

As an IB Economics tutor, I’ve guided many students toward smashing their Paper 1 exams with clarity and confidence.

Let’s walk through everything you need to know to ace it.

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What is IB Economics Paper 1?

Paper 1 is the written essay portion of your IB Economics exam.

It’s where you show off your ability to:

• Apply economic concepts to real-world scenarios.
• Analyze theories and models.
• Evaluate outcomes using critical thinking.

You’ll face two questions (from microeconomics and macroeconomics), but you only need to answer one. Each question has two parts:

• Part (a): Worth 10 marks. Focuses on explanation and analysis.
• Part (b): Worth 15 marks. Tests evaluation and synthesis.

How to Structure Your Paper 1 Responses

Before Writing

1. Use Reading Time Wisely

The exam starts with a five-minute reading period. Here’s how to use it smartly:

• Review all questions: Don’t rush! Carefully skim both options for microeconomics and macroeconomics.
• Choose strategically: Pick the question you’re confident in answering for both parts (a) and (b). If you’re unsure, prioritize the question you can handle better in part (a).

Pro Tip: Scoring well in part (a) can boost your overall grade significantly, so don’t gamble by choosing a question based on part (b) alone.

2. Plan Your Key Points

• Spend 5–10 minutes outlining your essay before diving in.
• Note down your diagrams, definitions, and real-world examples. These are your anchors for clear, concise answers.

While Writing

Part (a): Explaining Concepts (10 Marks)

What’s Tested?

• AO1: Knowledge and understanding.
• AO2: Application and analysis.
• AO4: Use of appropriate skills (like diagrams).

How to Answer Part (a)

1. Define Key Terms
   • Start your essay by defining the key economic terms in the question. For example, if the question asks about price elasticity of demand (PED), define PED concisely.
   • Example: PED measures the responsiveness of quantity demanded to changes in price, calculated as the percentage change in quantity demanded divided by the percentage change in price.
2. Use PEEL to Structure Your Answer
   • Point: State your answer clearly.
   • Explain: Elaborate using economic theory.
   • Example: Add a real-world example (e.g., the PED of luxury cars is elastic).
   • Link: Tie it back to the question.
3. Include a Diagram
   • Diagrams are your best friend. Use them to visually explain the concept. Ensure they are:
     • Correctly labeled.
     • Relevant to the question.
4. Don’t Evaluate
   • Save evaluation for part (b). Stick to explanation and application here.

Part (b): Evaluating Scenarios (15 Marks)

What’s Tested?

• AO1: Knowledge and understanding.
• AO2: Application and analysis.
• AO3: Synthesis and evaluation.
• AO4: Use of appropriate skills (including diagrams).

How to Answer Part (b)

1. Start with Definitions and Theory
   • Define key terms and briefly outline the relevant economic theory.
2. Use PEEL with Evaluation Focus
   • Point: Make a clear argument.
   • Explain: Use theory to justify your point.
   • Example: Support with a real-world example (e.g., government subsidies for renewable energy).
   • Link: Show how it answers the question.
   • Evaluation: Analyze strengths and weaknesses. Always include opposing perspectives.
3. Pro Tip: If you see words like “always” or “never,” challenge them. For instance, does government intervention always improve efficiency? Consider cases where it might fail.
4. Balance Your Argument
   • Discuss multiple angles:
     • Short-term vs. long-term effects.
     • Winners vs. losers.
     • Efficiency vs. equity.
5. Conclude with a Judgment
   • Summarize your evaluation with a balanced judgment. Highlight which argument is stronger and why.

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Practical Exam Tips

Before the Exam

1. Revise Key Diagrams
   • Familiarize yourself with diagrams like supply and demand, market structures, and AD-AS models.
2. Memorize Definitions
   • Know textbook definitions of key terms by heart.
3. Practice Past Papers
   • Time yourself to simulate exam conditions.

During the Exam

1. Manage Your Time
   • Spend 25 minutes on part (a) and 35 minutes on part (b). Keep an eye on the clock.
2. Write Clearly
   • Use simple language and short paragraphs. Make it easy for the examiner to follow your points.
3. Check Your Diagrams
   • Ensure they’re labeled and accurately drawn.

Key Takeaways

• Use your reading time to choose the best question and plan effectively.
• Stick to structured responses: PEEL for both parts (a) and (b).
• For part (a), focus on explanation and clarity. Skip evaluation.
• For part (b), prioritize balanced evaluation with real-world examples.
• Practice, practice, practice—it’s the best way to improve.