In the IB Economics exam, excelling in your Paper 1 essay is crucial to performing well. This also sets you up to enjoy 7 points for Economics.
Paper 1 evaluates your ability to apply theoretical knowledge to real-world situations, assess economic policies, and clearly communicate your understanding in essay format.
In this guide, we’ll break down everything you need to know to prepare efficiently and score well on your Paper 1 exam.
As a professional IB Economics tutor at EconPrep, I’ve helped many students navigate the complexities of the subject. In this comprehensive guide, I’ll share strategies, study tips, and practical insights that will help you sharpen your skills and boost your performance on Paper 1.
Let’s dive right in!
1. Study for Paper 1 and Paper 2 Simultaneously
A common misconception is that you should focus on Paper 1 and Paper 2 separately during your revision.
In reality, both papers share several key skills, including the ability to explain, diagram, and evaluate economic concepts.
By revising for both papers at the same time, you’ll build a stronger foundation for writing high-quality essays under timed conditions.
The writing styles for both papers also overlap significantly—especially in terms of explanation and evaluation. This means that improving your response structure for one paper will benefit your preparation for the other.
Start by familiarizing yourself with the types of questions that appear in each paper and develop your ability to tackle both simultaneously.
2. Understand and Master IB Command Terms
One of the first steps in mastering Paper 1 is becoming intimately familiar with the IB command terms.
These terms are used in every exam question and are key to understanding what the examiner is asking for.
Here’s a breakdown of some essential command terms and how to approach them:
- Define: Provide a clear and concise definition of an economic term. Keep it simple but precise.
- Explain: Offer a detailed description of a concept, theory, or process, ensuring that the key points are well articulated.
- Evaluate: This term requires you to provide a balanced assessment of an issue. You need to weigh both the advantages and disadvantages of a concept, policy, or situation, supported by real-world examples.
- Discuss: Present a thorough argument, considering different perspectives. Like evaluation, this requires you to analyze and provide a balanced view, discussing both sides before forming a conclusion.
We explain IB Command Terms in more detail in our IB Economics Paper 1 Ultimate Guide.
Tip: Practice using these terms in your exam-style responses. Understanding how to address each command term will ensure that you don’t lose marks due to misinterpretation.
3. Build a Personal Library of Real-World Examples
A significant component of Paper 1 is applying theoretical knowledge to real-world examples.
To perform well, it’s important to have a collection of relevant, up-to-date examples for each economic concept.
By building your personal library of real-world cases, you will be able to respond effectively to any question that requires you to apply theory to practice.
Here’s how you can efficiently build your example library:
- Start Early: Begin collecting real-world examples as soon as you start your course. Don’t leave this task until the last minute.
- Use ChatGPT and Google: To quickly generate relevant examples, use tools like ChatGPT to brainstorm potential examples and cross-check them using Google to ensure their accuracy and relevance.
- Be Selective: Choose examples that clearly demonstrate the concept in question and ensure they are recent or pertinent to current global economic issues (e.g., trade wars, climate change policies, inflation, etc.).
4. Structuring Your Paper 1 Responses
Effective structuring is critical to writing coherent and well-organized responses under exam conditions.
The two key components of Paper 1 are Part (a) and Part (b), and each requires a slightly different approach.
Below are the best practices I share with my students to maximise their scores for Paper 1 exams.
Before Writing: Use Your Reading Time Wisely
During the initial five minutes of reading time, it’s important to plan your response carefully. This is the time to:
- Review All Questions: Look through both parts (a) and (b) of each question. Choose the question that you are most comfortable answering in terms of content.
- Prioritize Part (a): In most cases, Part (a) is easier to handle than Part (b), so if you’re unsure, start with the question that allows you to secure marks for both parts.
- Don’t Rush: Make sure to spend some time planning your answer—at least 5 to 10 minutes—to ensure clarity and coherence in your response.
Part (a): Knowledge and Application
Part (a) of the question typically requires you to define terms, explain concepts, and apply your knowledge. Here’s how to approach it:
- Be Clear and Concise: Use the IB textbook to define key terms accurately. Avoid over-explaining—keep your answers precise.
- PEEL Structure: The PEEL (Point, Explanation, Example, Link) structure is an excellent framework for organizing your responses. Make sure you begin with the main point, explain it clearly, provide a relevant real-world example, and link it back to the question.
- Diagrams: In economics, diagrams are often necessary to support your explanations. Ensure your diagrams are neat, properly labeled, and relevant to the question. A poorly drawn diagram can cost you valuable marks, so take the time to get it right.
- No Evaluation: Avoid evaluating the concept in Part (a). Keep the focus on explanation and application.
Part (b): Evaluation and Synthesis
Part (b) requires a higher level of analysis and synthesis. You need to demonstrate your ability to evaluate an issue from multiple perspectives. Here’s how to approach it:
- PEEL Structure with Evaluation: Continue using the PEEL structure, but ensure that your evaluation is balanced. Present arguments for and against the policy or economic event in question, supported by your real-world examples.
- Real-World Examples: Incorporate relevant, specific examples to strengthen your evaluation. Ensure that your examples are well-researched and demonstrate a clear understanding of the economic concepts involved.
- Balanced Perspective: Your evaluation should consider different viewpoints. Avoid discussing only one side of the argument, and ensure that your conclusion is based on a fair assessment of the evidence.
5. Time Management: Stay on Track
Time management is a critical skill for Paper 1. You have a limited amount of time to complete both parts of the exam, so you must manage it effectively.
- Part (a): Allocate about 35 minutes to Part (a). Focus on clarity and detail, but avoid over-writing.
- Part (b): Spend around 40 minutes on Part (b). Take the extra time to develop your evaluation thoroughly.
6. Key Takeaways
Here’s a quick recap of the most important strategies to keep in mind while preparing for Paper 1:
- Revise for both Paper 1 and Paper 2 simultaneously to build complementary writing skills.
- Master IB command terms to ensure your responses align with the examiner’s expectations.
- Create a library of real-world examples to illustrate your understanding of economic concepts.
- Use the PEEL structure for both Part (a) and Part (b) to maintain clarity and coherence.
- Allocate your time wisely to ensure you complete both parts of the exam in a structured and effective manner.
- Evaluate thoroughly in Part (b) by considering different perspectives and providing a balanced conclusion.
Conclusion
Preparing for IB Economics Paper 1 is a challenging but rewarding process. By following these strategies, understanding key economic concepts, and applying them with real-world examples, you’ll be well-equipped to tackle any question that comes your way.
Keep practicing, stay organized, and, if needed, consider professional support to ensure you perform at your best.
Good luck with the IB!
Remember—if you need personalized help, I’m here to guide you every step of the way.
