Crucial Tips for IBDP Economics M24 Exam Success

Navigating an untested curriculum can pose challenges, but congratulations on completing the IBDP! As you gear up for the finals, it's important to acknowledge the scarcity of resources for the new IB Economics syllabus, which has undergone significant changes recently.

The M24 Economics Exam is set as the last examination, with Papers 1 and 3 scheduled on May 15, 2024, followed by Paper 2 the next day. Understanding the distinct features and formats of each exam paper is crucial. Let's explore effective strategies for addressing the unique characteristics and structures of these papers.

IBDP Economics Paper 1 Approach:


  • SL and HL students are allotted 75 minutes each for this combination of 10 and 15 mark questions.

  • The 15-mark questions (part b) require real-world examples.

  • You are required to select one set of extended response questions out of three.

Projected Topics for SL:

  • Topic 2: Demand Elasticity

  • Topic 3: Macroeconomic Goals

  • Topic 4: Economic Integration

Projected Topics for HL:

  • Topic 2: Market Imperfections – Market Dominance

  • Topic 3: Demand Regulation – Monetary and Fiscal Policy

  • Topic 4: Forms of Trade Barriers and Economic Expansion

Practical Tips for Success:

  • Mastering time management is essential to prevent rushed responses and ensure adequate time allocation for each question.

  • Grasp the significance of the "DEED" approach.

  • Articulate your answers as if you're explaining to someone unfamiliar with the subject.

  • Thoroughly acquaint yourself with the syllabus and possess a clear understanding of its content.

  • Engage in practicing past papers and evaluate your performance objectively, as if you were assessing someone else's work.

  • Conduct a rigorous assessment of your responses to pinpoint areas for enhancement and fine-tune your exam preparation tactics.

IBDP Economics Paper 2 Approach:

Key Points to Note:

  • Paper 2 comprises a data response segment and a final extended response (15-mark essay) to complete within 105 minutes.

  • Expectations may include testing definitions and diagrams.

  • Students must select one question from a pair, each consisting of seven parts (a-g).

  • For the essay portion (part g), structure your response with an introduction, body, and conclusion.

  • Paper 2 carries a weightage of 40% for SL and 30% for HL.

Guidance for Paper 2 Response:

Essential Tips:

  • In part (b), there's no requirement to elaborate on your diagram unless specified in the question.

  • For parts (c) to (f), addressing 4-mark questions with a diagram involves constructing a pertinent and accurate diagram with full labelling (earning 2 marks) and providing a concise explanation (another 2 marks). Keep the explanation brief, spanning one or two paragraphs.

  • Regarding part (g), an essay, allocate approximately 45 minutes for a comprehensive response with the following components:

--> Introduction - Define key terms from the question.

--> Body - Structure paragraphs using the PEEL framework (Point, Evidence, Explanation, Link), referencing text and data, and applying pertinent economic theories or concepts. Optionally, incorporate diagrams for added support.

--> Conclusion - Evaluate based on texts/data and relevant economic analysis, thoroughly justifying the response to the question.

IBDP Economics Paper 3 Approach (HL Only):

Important Details:

  • Exclusive to HL students, Paper 3 primarily consists of quantitative questions alongside qualitative policy inquiries.

  • Students dedicate 1 hour and 45 minutes to tackle the two mandatory questions.

  • Each question is segmented into parts (a) and (b). While part (a) contains subparts, part (b) entails a 10-mark essay.

  • For the 10-mark essay question, focus on crafting policy recommendations utilizing economic analysis and evaluation.

Tips for Paper 3:

  • Accuracy in Calculations: Ensure precision in calculations for subparts (i to viii) of part (a) by providing answers to two decimal places. Also, maintain correct units for all final answers to avoid penalties.

  • Rounding Errors: Be cautious of rounding errors, as penalties may be applied for failure to show answers to two decimal places, resulting in potential loss of marks.

  • Own Figure Rule (OFR): Apply clear and appropriate working out to avoid errors carried forward to later parts of the question, as the OFR may be enforced by examiners.

  • Part (b) Responses: For 10-mark questions in Paper 3, formulate policy recommendations based on stimulus materials, ensuring relevance to the given situation, problem, or issue through the use of appropriate text and/or data.

Recognize the Importance of the "DEED" Method

Understanding the importance of the "DEED" method, encompassing Definitions, Explanations, Examples, and Diagrams, is essential for excelling in both IB Economics HL and SL examinations. Often overlooked by students, this method is instrumental in structuring answers according to mark schemes, ultimately leading to higher grades. Through consistent practice and adherence to this method, students can effectively streamline their approach to answering questions, even in high-pressure exam situations.

Have confidence in your abilities, as you possess intelligence far beyond what you may perceive. Best of luck on your exams!

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