Things to Know About IB Economics Changes

1. Things to Know About IB EconomicsChanges If you take your IB examsin the coming year, you will be studying the new Economics course! Changes happened in the year 2022 because the syllabus of economics is the same from the last 9 years soyou will be the guinea pigof new material. We at ReWisertook the time to collate the newsubject guide and compare itwith the old one tosee how different the syllabuswouldbe!Wehavehighlightedsomeofthedifferencesthatyouneedtobeaware of.Keep reading to understand. Revised Approach Dependent on Holistic Content Assessment What do you mean by "holistic" in the context of the updated IB Economics syllabus? This means that assessment brings together different curriculum aspects instead of breaking themdown and testing them one by one. For this reason, IB Economics students should actively seek connections, similarities, and differences between the concepts in the courses. With the "big picture" in mind, consider makingVenn diagrams a part ofyour study timetable. The change in assessment does not mean that students cannot use previous IB Economics material to prepare for the updated tasks. Rather, we would recommend that students practiceanswering them from a broaderperspective.

2. RevisionstoPaper1andPaper2 BothSL (Standard Level)and HL (HigherLevel) students arerequired to write Papers1 and 2.OnlyHL studentsgowith anadditionaltask calledPaper3. Earlier, Paper 1 had Section A and Section B, which tests Microeconomics and Macroeconomics concepts. Section A and Section B had 2 subsections, with the first usually requiring explanation and the second generally requiring discussion. For both Section A and Section B, students had the option to choose any one question to answer out of two. All subsectionswere compulsory for the selectedquestion. The structure of Paper 2 was also similar. It consisted of Section A and Section B which covered International and Developmental Economics. Both questions had four subsections, andstudents again had a choice ofquestions. From May 2022, Paper 1 has become an "extended response paper that now assesses the entire syllabus" in keeping with the new holistic nature of IB Economics. Paper 2 consists of bothquantitative and qualitativedata based onreal-world scenarios orcase studies. For the revised version of Paper 2, students should feel comfortable working with both math and written text related to economics. Graphic literacy is a requirement, so students should be familiar with a variety of visual representations of economic data throughout the calendar year. RevisionstotheInternalAssessmentPortfolio The Revised Internal Assessment Portfolio requires students to analyze 3-course concepts from the list: Scarcity,Choice, Efficiency,Equity, EconomicWelfare,Sustainability, Change, Interdependence, and Interference. Students should use this assignment to demonstrate howtheir three selected concepts apply tothe real world. Toprepare for this assignment throughout the schoolyear, students must keep up with major developments in the world of economics. Ways to do this can include reading financial news inpublicationssuchasTheWallStreetJournal,whichwillhelpstudentsbecomefamiliar withfinancial terminology, relevant graphs, charts, and trending topics. Students need to be aware of these major changes in the IB Economics syllabus to avoid unpleasantsurprises and prepare fortheir best. To knowmore, you can alsoread IB's officialexplanation of these amendments. If you need any personal assistance, reach out to our experts here. We are extremely happyto help in whatever way we can.