IB Economics HL
HL Economics in the IB programme focuses on society's use of resources to meet its needs. Using economic models, students analyse the interaction of producers, consumers, and governments to allocate an economy’s factors of production. Across the scope of the two-year course, students evaluate economic structures and government policies' ability to balance production, development, sustainability, and equity.
Course Structure and Content
Higher Level economics students first study Foundations, which is a brief introduction to economics, and then dive into three main units. In Microeconomics, students study the structures of the market system. They examine how the price mechanism (supply and demand) allocates resources in society, what happens when this goes wrong (market failure), and how the government can intervene to improve these outcomes. Macroeconomics follows, looking at how economies produce and how economic policies help to achieve a set of macroeconomic objectives. Finally, the impact of microeconomics and macroeconomics on international trade and economic development are studied in The Global Economy.
HL assessment includes three papers and an internal assessment. In Paper 1, an extended response, students select one question to answer from a choice of three. Paper 2 has two choices, each comprising a series of short answer questions related to a set of extracts and data. Paper 3 relates to specific HL extension material and is a series of short-answer and mathematical tasks. For each question, students write a policy recommendation balancing the strengths and weaknesses of their position.
Tips for Success
- Master the use of economic vocabulary and diagrams. Economics can be a language of its own, but it is easier than it first appears. Developing your ability to speak and think like an economist will help you to succeed in HL econ.
- Use real-world examples (RWEs) to help make economic theories more understandable. Remember, Paper 1 requires students to use RWEs in their responses.
- Fill in any gaps in your understanding. As the course progresses, new economic theories will be based on previously covered theories. Use our tools to pinpoint the areas of study you need most.
RV Economics is designed to maximise your academic results by providing various tools tailored to your learning needs. You'll find videos explanations of questions and specific mark schemes that help you understand how to best answer specific IB question types. Newton AI is standing by to provide quick and targeted feedback to help you develop your skills.
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Frequently Asked Questions
What is IB Econ HL?
IB Economics Higher Level (HL) is one of the individuals and societies courses included in the IB Individuals and Society curriculum. The current IB economics course was introduced in 2023 with the first exams taking place in 2024. The Econ HL course is a traditional human science course, whereby students develop a deep understanding of social studies concepts and interact with both real-world and theoretical problems. The Economics HL course should be considered by students who have moderate to strong analytical skills, and are interested in pursuing courses and pathways involving policy, research, or data analysis after their IB Diploma Program.
What are the assessment items in the IB Econ HL course?
The IB Economics HL course consists of four assessment items that contribute to a student’s overall score for the course. There are three exam papers and an internally assessed portfolio of three commentaries. Paper 1 consists is an extended response paper, Paper 2 is a data response paper, and Paper 3 is a policy paper. The use of a calculator is prohibited for Paper 1, but permitted for Papers 2 and 3.
How should students prepare for IB Econ HL exams?
There are two phases students progress through in their two-year IB Economics HL course: the learning phase and the revision phase. The learning phase occurs in class, with their teacher and textbooks, where students first encounter and explore economic concepts and consolidate their understanding by working through questions specific to the concept they are studying. The revision phase, which is what Revision Village is specifically designed for, is when students consolidate their understanding of all of the concepts in the Econ HL course and appreciate how the concepts are connected. In the revision phase, the most effective strategy is to practice lots of IB Economics HL exam questions to build confidence, reach mastery, and be prepared for the Economics HL examinations.
How does Revision Village support IB Econ students?
Revision Village is specifically designed to support IB students in the revision phase of their IB Economics Higher Level course. Revision Village has four main sections, each for different revision purposes: 1) Questionbank: a large library of IB Economics HL exam questions categorised by topic and ordered by difficulty, 2) Practice Exams: a carefully designed set of quizzes and mock papers for students to use in their final phase of revision, 3) Past Paper Video Solutions: step-by-step video tutorials of past Econ HL exam questions, taught by experienced IB Teachers, and 4) Real World Examples: medium length case studies where students can practice their Paper 2 and Paper 3 skills while acquiring relevant RWEs across the syllabus. Revision Village is the perfect place for IB students to learn, practice and prepare for their IB Economics exam stress-free, with all of the resources they need in one place.