Ah yes Economics Paper 1. If you’re an Economics student, either SL or HL, you’ll know that it can be tough to score enough marks to get into those higher grade boundaries. So if that’s exactly how you’re feeling, fear not. There are ways you can score higher marks.
- Ib Economics Paper 1 Sample Answers 2019
- Ib Economics Paper 1 Sample Answers Class
- Ib Economics Paper 1 Sample Answers Pdf
Nov 23, 2019 Tips for writing IB economics paper 1 All questions on the paper are divided into two parts. Part (a) is worth 10 marks and part (b)15 marks. Remember that you will get five minutes reading time before you can start writing.
In this article I’m going to cover the following points:
Ib Economics Paper 1 Sample Answers 2019
- This IB Economics workbook is meant to enable students to ace their Paper 3 examinations. Consisting of more than 20 questions spanning across Microeconomics, Macroeconomics and International Trade, it provides the necessary range and depth to help students tackle Paper.
- Ib Economics Paper 1 Sample Answers Pdf. Taking the IB Economics exam will be nerve-wracking no matter what. However, taking practice tests with past papers beforehand will be a huge advantage since you'll know the test format and be used to the length and style of the test.
- What DEED/DEEDE stands for
- Using DEED/DEEDE
- Practice makes perfect
- Getting your teacher’s help
You can also check out my other article on the Economics Internal Assessment to see how DEED is used there if you’re interested.
So let’s get into. Just how DO you nail Economics Paper 1?
What does DEED/DEEDE Stand For?
If you haven’t read my Econ IA then I’ll catch you up to speed real quick. If you have read it then you can skip to the “Practice Makes Perfect” section.
Now, for those of you who are new to the acronym, DEED or DEEDE, here’s what they mean:
D – Define
E – Example(s)
E – Explain
D – Diagram(s)
As for the other one, DEEDE is basically all of the above with the inclusion of the extra ‘E’ which stands for Evaluation because that’s essentially what the extra 5 marks are in the 15 mark questions.
Just to be clear, you can mix it up if you like. When you answer your 10/15 mark questions in Economics Paper 1, you don’t necessarily need to follow the DEED format. You can put your explanations before examples or define your terms at the very end. As long as it has a good flow that examiners can follow. That’s the important part.
DEED and DEEDE are checklists for what your answer need to contain.
Using DEED/DEEDE In Economics Paper 1
‘Define’ means you need to define the terms you’re going to use in your answer. For example, if you were going to mention terms like ‘opportunity cost’ or ‘demand/supply’, you would need to define what these mean.
You need to remember that when you write Paper 1, you need to do so as if you’re explaining to someone who’s never ever studied Economics before.
‘Example(s)’ means you should give either real life examples or hypothetical situations. So for example (pun not intended), you could write something like:
“The opportunity cost for the government of country X in lowering income taxes on consumers could be reduced government spending as the government receives some of it’s revenue from taxes”
‘Explain’ means you need to elaborate on the theory in your answer. For example, let’s take a look at 10 marker from the November 2015 HL Economics Paper 1:
Explain why a government might decide to impose an indirect tax on the consumption of cigarettes
In this instance, the ‘Explain’ part of your answer would include mentioning things like increasing government spending and reducing consumption of cigarettes since they’re demerit goods. Remember that you should be writing as though you were explaining to someone with no knowledge in Economics.
So for example, a sample response might be:
“A government may impose indirect taxes to increase government revenue and therefore increase government spending, which could benefit the economy. It might also impose indirect taxes to discourage smoking and subsequent passive smoking, both of which are health risks to consumers.”
Something like that.
The ‘Diagrams’ part is pretty self-explanatory. Depending on the question, you will need to draw an appropriate graph to go with your answer. For full marks, you need to focus on the details such as correct labelling and clarity so make sure to make the diagrams large.
As for the ‘Evaluation’ part of DEEDE, this is where you’re essentially doing a ‘advantages vs. disadvantages’ assessment. Be careful though. It’s not a simple as it sounds.
A question might ask you to ‘Discuss’, ‘Evaluate’, or any other relevant term. So you’ll need to be careful with how you word your answer so that’s it’s NOT just a blunt list of pros and cons that doesn’t sound like it’s answering the question at all.
Also be aware that the ‘Evaluation’ part is ONLY for the 15 mark questions in your Economics Paper 1.
For example, the 15 mark question following the 10 mark question before is the following:
Discuss the possible consequences of the imposition of an indirect tax on cigarettes for the different stakeholders in the market
Your response might look a little something like this. Remember that ‘Discuss’ is the keyword so make it sound like you’re discussing:
“The consequences of the imposition of such a tax will likely fall on producers and consumers of cigarettes. Producers will lose out as demand for their product will fall as a result of higher prices due to the tax. Consumers may also lose out because cigarettes are addictive and so may choose to continue paying higher prices.
On the other hand, the government may benefit as government revenue might increase leading to increased government spending, which would also benefit the economy. Second hand or passive smoking by consumers who don’t smoke could also decrease as a result of the tax which. Additionally, some smokers my be discouraged from the higher prices and could quit smoking completely”
Whether the above sample response is any good is up for debate but the point of me writing it is for you to get an idea of how you could format your answers.
Practice Makes Perfect
Ib Economics Paper 1 Sample Answers Class
Oh wait you thought this was going to be simple? Nah. Sorry to disappoint but 90% of whatever grade you’re eventually going to get is going to come from practice.
That applies to pretty much all your subjects when it comes to exams. Economics Paper 1 is definitely something you’re going to have to do a lot of practice runs on so get a chunky stack of blank paper out and prepare for some long, arduous hours of work.
Ib Economics Paper 1 Sample Answers Pdf
Try to prioritize polishing up your 15 markers. You’re pretty much getting a 2 for 1 deal since 15 markers are basically 10 mark questions plus an evaluation.
Since you’ve got an hour and 30 minutes for your exam and you need to answer two 10 mark questions as well as two 15 mark question, you need to use your time efficiently.
That’s 45 minutes per pair of questions. Remember, your 15 mark questions usually take more time so make sure to give more time for those.
A combo that worked for me was spending 18 minutes on the 10 marker and 27 minutes on the 15 marker. You can organize your own time however you like but try timing yourself when practicing. Your performance under pressure is key to a good answer.
Teacher’s Feedback
If possible, try to get some feedback from your teachers. They are immensely helpful for your Economics Paper 1 practice. They can spot areas that need improvement and what you’re doing well.
Even sending one or two over could give you a good idea of where you need to work on. Even if the feedback is harsh, take advantage of it. There can be some brutal teachers but trust me, they’re doing it for your own good. The harsher, the better. You kind of need that brutality.
Anyway I digress. The bottomline here is that any and all feedback is good feedback. Especially from teachers.
I wrote another article that kind of acts as an extension to this one. It has the same past paper questions but I go more in depth with DEED/DEEDE and long answer response structuring. Here’s the link.