Comprehend these concepts to ace Your M23 IBDP Economics Exam

Navigating through a curriculum that hasn't been thoroughly tested can be challenging. Nonetheless, congratulations on your success in completing the IBDP!

As you approach the finals, it's worth noting that there may be limited resources available to prepare for the new IB Economics syllabus, which has undergone significant changes in the past two years.

M23 Economics Exam is scheduled in Week 3, Paper 1 and 3 on 15th May 2023 followed by Paper 2 next day. It's crucial to be mindful of the distinct features and formats of each exam paper. Let's examine successful approaches for gracefully addressing the unique characteristics and structures of individual exam papers, as it is pivotal to be mindful of them:

IBDP Economics Paper 1 Strategy:

Facts:

  • Both SL and HL students have 75 minutes to each this combination of 10 and 15 marks
  • The part (b), 15 marker questions is based on real-world example.
  • You are expected to choose one set of extended response question out of three.

Predicted Concepts from each topic in SL:

  • Topic 2: Elasticity of Demand
  • Topic 3: Macroeconomics Objectives
  • Topic 4: Economics Integration

Predicted Concepts from each topic in HL:

  • Topic 2: Market Failure – Market Power
  • Topic 3: Demand Management – Monetary and Fiscal
  • Topic 4: Types of Trade Protection and Economic Growth.

Word of Advice:

  • Effective time management is crucial to avoid last-minute rushes and allocate enough time to each question.
  • Understand the relevance of the "DEED" method.
  • Write the answer like you are explaining it to a non-specialist.
  • Familiarize yourself with the syllabus and have explicit knowledge of its content.
  • Practice solving past papers and evaluate your performance critically, as if you were an examiner.
  • Assess your answers rigorously to identify areas for improvement and refine your exam preparation strategies.

 

IBDP Economics Paper 2 Strategy:

Facts:

  • This has a data response section and a final extended response question (15-mark essay) to be answered in 105 minutes.
  • Definitions and diagrams may be tested
  • Students must choose one question from a choice of two, each divided into seven parts (a-g).
  • As an essay, your response to part (g) must have a body, introduction and conclusion.
  • The weighting of Paper 2 is 40% for SL and 30% for HL

Word of Advice:

  • In part (b), there is no need to explain your diagram unless asked for in the question.
  • In parts (c) to (f), for 4-mark questions that require a diagram, you will need to construct a relevant and accurate diagram that is fully labelled (for 2 marks) plus write a precise and concise explanation of the diagram (for another 2 marks). The explanation need only be one or two paragraphs in length.
  • As part (g) is an essay, it is recommended that you spend about 45 minutes answering the question with the following components:
  • Introduction - Provide definitions for key terms from the question.
  • Body - Organize paragraphs using the PEEL framework (Point, Evidence, Explanation, Link), referring to the text and data, and applying relevant economic theories/concepts. Optional: use diagrams to support analysis.
  • Conclusion - Evaluate based on texts/data and relevant economic analysis. Fully justify the answer to the question.

 

IBDP Economics Paper 3 Strategy:

Facts:

  • This is for HL students only, with mostly quantitative questions but includes policy questions that are qualitative in nature.
  • Students answer the two compulsory questions in 1 hour 45 minutes.
  • The questions are subdivided into parts (a) and (b). Part (a) has
  • subparts, where part (b) is a 10-mark essay.
  • In an essay question worth 10 marks, requiring you to make policy recommendations using economic analysis and evaluation

Word of Advice:

  • Calculations in part (a) subparts (i to viii) may be required.
    • Answers must be given to two decimal places to avoid penalties for rounding errors.
    • Final answers must be given in correct units (e.g. currencies, weights, time periods, percentages) to avoid losing marks.
    • Penalties may be applied for rounding errors, failure to show answers to two decimal places, and incorrect units, resulting in potential loss of six marks (10% of the paper).
    • The Own Figure Rule (OFR) may be applied by examiners for errors carried forward to later parts of the question, so clear and appropriate working out is necessary to apply the OFR.
  • Part (b) responses are 10-mark questions in Paper 3.
    • These responses require making policy recommendations based on stimulus materials.
    • Advisable course of action should be presented with appropriate use of text and/or data related to the given situation, problem, or issue.

Understand the Significance of "DEED" method

Comprehending the significance of the "DEED" method, which stands for Definitions, Explanations, Examples, and Diagrams, is crucial for success in IB Economics HL and SL exams. Many students neglect to implement this method during exams, leading to lower grades. By practicing and structuring their answers according to mark schemes, students can simplify the process of writing answers, even under exam pressure.

Believe in your capabilities and remember that you possess greater intelligence than you may realize. Wishing you the best of luck!

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