IB Economics Student IA Guide Free Preview

IB Economics Step-By-Step IA Guide

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Step 1 – Welcome!

Hello and welcome to the first module of our comprehensive guide to writing the Internal Assessment (IA) for IB Economics! In this section, we will explore the purpose of the IA, its structure, and the assessment criteria. Our aim is to make this process as clear and straightforward as possible, helping you to connect real-world news articles to the economic theories you’ve learned in class.

The Purpose of the IA

The IB Economics IA is designed to bridge the gap between theoretical knowledge and real-world application. Its primary purpose is for students to demonstrate their ability to apply economic concepts and theories to actual news articles. By doing so, students not only deepen their understanding of economics but also develop critical thinking and analytical skills.

Here’s why the IA is so important:

Real-World Application: The IA encourages you to look beyond textbooks and see how economic theories play out in everyday situations.
Critical Analysis: It challenges you to critically analyze news articles, assess their economic implications, and apply relevant theories.
Skill Development: This exercise hones your skills in research, analysis, and evaluation, which are crucial for your academic and professional future.

Structure of the IA

The structure of the IA in IB Economics is straightforward. It consists of three economic commentaries, each focusing on a different unit of economics: Microeconomics, Macroeconomics, and Global Economics.

Three Commentaries: You will write one commentary for each unit—Micro, Macro, and Global. This means you will complete a total of three commentaries.
Economic Analysis: Each commentary requires you to select a recent news article and apply appropriate economic analysis to it.
Key Concepts: Each IA must focus on one of the nine Key Concepts. Importantly, you cannot repeat a Key Concept across your three commentaries.

Detailed Information

Here are the detailed guidelines to keep in mind while working on your IA:

Number of Commentaries: You will write three commentaries, one for each unit—Microeconomics, Macroeconomics, and Global Economics.
Contribution to Course Grade: The IA accounts for 30% of the total course grade for Standard Level (SL) students and 20% for Higher Level (HL) students.
Key Concept Focus: Each IA commentary must have a Key Concept focus from one of the nine Key Concepts. You may not repeat a Key Concept focus across your commentaries.
Instructor Feedback: Your instructor is only allowed to give written feedback on your draft one time, so make sure to take full advantage of this feedback.
News Article Criteria: The news article you select must be published within the last year and you may only use the news source for one commentary.
Word Count: Each commentary has a maximum word count of 800 words. This means you need to be concise and to the point in your analysis and evaluation.

Assessment Criteria (Simplified)

Your IA will be assessed based on specific criteria. These include the use of diagrams, accurate economic terminology, application and analysis of economic theories, and evaluation of economic implications. We will go over these criteria in detail in the next step.

Conclusion

Understanding the purpose, structure, and assessment criteria of the IA is crucial for your success. By following these guidelines, you will be able to produce insightful and high-quality commentaries that showcase your understanding of economics and your ability to apply it to real-world situations.

Stay tuned for the next module, where we will delve into selecting a topic for your IA. Remember, this is your opportunity to connect classroom knowledge with the world around you. Happy learning!

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Step 2 – Mark Scheme

In this step, we will delve into the detailed assessment criteria for the IB Economics Internal Assessment (IA). Understanding these criteria is essential for achieving high marks and producing a high-quality IA. Each criterion is designed to assess different aspects of your economic understanding and analytical skills.

Criterion A: Diagrams

To get full marks:

Relevant: Your diagram must be directly related to the economic concepts discussed in the article.
Accurate: Ensure the diagram correctly represents the economic theory or concept.
Correctly Labeled: Every component of the diagram should be labeled accurately, such as axes, curves, equilibrium points, etc.
Full Explanation: Include a comprehensive explanation of the diagram, detailing what it shows and how it relates to the article.

Example: If you’re discussing a supply and demand issue, include a supply and demand graph. Label the axes (Price and Quantity), the curves (Supply and Demand), and the equilibrium points. Explain how changes in the article affect the curves and the equilibrium.

Criterion B: Terminology

To get full marks:

Relevant Economic Terminology: Use economic terms that are relevant to the article
Appropriate Usage: The terms should be used correctly and appropriately throughout your commentary.

Example: If the article discusses inflation, use terms like “inflation rate,” “CPI (Consumer Price Index),” “cost-push inflation,” and “demand-pull inflation” correctly and in context.

Criterion C: Application and Analysis

To get full marks:

Relevant Economic Theory: Apply economic theories that are relevant to the article throughout your commentary.
Effective Economic Analysis: Provide a thorough analysis that explains how the economic theories apply to the real-world situation described in the article.

Example: If the article is about government intervention, discuss theories related to market failure, public goods, and externalities. Analyze how the government intervention addresses these issues and its potential impact.

Criterion D: Key Concept

To get full marks:

Identification of Key Concept: Clearly identify one of the nine Key Concepts from the IB Economics syllabus.
Link to the Article: Fully explain how the key concept is linked to the article.

Example: If the key concept is “Efficiency,” explain how the article demonstrates economic efficiency or inefficiency, and analyze the implications of this in the context of the article.

Criterion E: Evaluation

To get full marks:

Judgements: Make informed judgements about the economic issues discussed in the article.
Supported by Effective and Balanced Reasoning: Ensure your judgements are supported by balanced and well-reasoned arguments.

Example: If evaluating a policy, consider both the potential benefits and drawbacks. Discuss different perspectives, such as short-term vs. long-term effects, or the impact on different stakeholders.

Criterion F: Commentary Requirements

To get full marks:

Word Limit: Ensure your commentary does not exceed the 800-word limit.
Appropriate Source: The article must be from a source not used before, and it must be published within the last year.
Article Length: The article should be one page or highlighted to one page if it is longer.
Proper Citations: Include proper citations and a works cited section.

Example: Verify that your article meets the criteria for publication date and length. Use appropriate citation styles (like APA or MLA) to reference your article and any other sources used.

Conclusion

By understanding and adhering to these assessment criteria, you can maximize your marks and produce a high-quality IB Economics IA. Each criterion focuses on a specific skill or aspect of your analysis, ensuring a comprehensive evaluation of your economic understanding and ability to apply theory to real-world situations.

Stay tuned for the next module, where we will discuss how to choose an appropriate article for your IA. Remember, attention to detail and thorough understanding of these criteria are key to your success. Happy learning!

Step 3 – Selecting A Topic

In this step, we will focus on one of the crucial steps in completing your IB Economics Internal Assessment (IA) – finding the right news article. Selecting the appropriate article is foundational to your IA, as it will be the basis for your entire economic analysis and commentary. Here, we’ll provide general tips, rules, and expert advice to help you make the best choice.

General Tips and Rules

Choose an Article That Interests You
- Interest Matters: Select an article on a topic you find intriguing. This will make the process of analysis and writing more engaging and enjoyable for you.

Length of the Article
- Optimal Length: Aim for articles that are neither too long nor too short. A recommended length is between 300-600 words. This provides enough material to analyze without overwhelming you with too much information.

Economic Content
- Relevance: Ensure the article is connected to economic content relevant to your course. This will help you apply the economic theories and concepts you’ve learned.

Language
- Translation: If you find an article in another language that interests you, you are allowed to translate it into English. Ensure the translation is accurate and retains the original meaning.

Avoid Overanalyzed Articles
- Simplicity: Don’t choose articles that already contain extensive economic analysis, such as those from The Economist. These articles might leave little room for your own analysis.

Data Availability
- Quantitative Elements: Look for articles that include data such as numbers, statistics, and percentages. These elements will provide a solid foundation for your economic analysis and diagrams.

Expert Tips

Intervention In The Article

- Evaluation Ease: Articles involving government intervention (such as taxes, subsidies, regulations, demand-side policies, supply-side policies) are particularly useful. They provide clear opportunities for evaluation and application of economic theories.

Sufficient Information

- Content Depth: The article doesn’t have to be of a certain length, but it should contain enough information for you to quote from or extract figures. Ensure there’s enough substance to support your analysis.

Curriculum Alignment

- Course Concepts: The economic concepts discussed in the article must reflect those taught in the IB Economics course. Avoid articles discussing topics outside the scope of your curriculum (e.g., consumer subsidies if not covered in your course).

Full Comprehension

- Understanding: It is essential that you fully comprehend and understand the article. This will make your analysis more accurate and insightful.

Conclusion

Finding the right article is a critical step in your IA journey. By following these general tips and expert advice, you can select an article that not only meets the criteria but also sparks your interest and aligns with the economic concepts you’ve learned. This will set a strong foundation for your analysis and help you achieve a high-quality IA.

Step 4 – Selecting Diagrams

In this step, we will focus on identifying appropriate diagrams and key economic concepts for your IB Economics Internal Assessment (IA). These elements are crucial as they help illustrate and support your analysis of the article. The diagrams should be directly related to the content of the article, and the key concepts should align with the economic issues discussed.

Choosing the Best Diagrams

Direct Relevance to the Article
- Article Content: Select diagrams that are directly related to the economic content of your article. This will ensure your analysis is clear and precise.
- Available Data: If the article provides numbers or data, use them to create your diagrams. This adds credibility and depth to your analysis.

First Diagram: Illustrating the Problem
- Economic Issues: The first diagram should illustrate the economic problem or issue discussed in the article. Common examples include diagrams for externalities, inflation, unemployment, or any other form of economic disequilibrium.
- Example: If the article discusses pollution, an externalities diagram showing the negative externality and the resulting inefficiency can be used.

Second Diagram: Showing the Intervention
- Type of Intervention: The second diagram should depict the type of intervention suggested in the article and show how it addresses the problem.
- Example: If the article suggests a tax to reduce pollution, the second diagram should illustrate how the tax shifts the supply curve, leading to a more efficient outcome.

Examples of Common Diagrams

- Supply and Demand: To show market equilibrium, price controls, taxes, and subsidies.
- Externalities: To illustrate positive or negative externalities and their impacts.
- AD-AS Model: For macroeconomic issues like inflation or unemployment.
- Lorenz Curve: To show income inequality.
- Production Possibility Curve (PPC): To demonstrate opportunity cost and efficiency.

Identifying Key Economic Concepts

Relevance to the Article
- Article Analysis: The key concept focus should be directly related to the article’s content. Choose a concept that best represents the main economic issue discussed.

Unique Key Concept for Each Commentary
- Non-Repetition: Remember, you must select a unique key concept for each of your IA commentaries. This ensures a diverse analysis across different economic topics.

Typical Key Concepts for Different Units

Microeconomics:

- Intervention: Government policies, taxes, and subsidies.
- Efficiency: Market efficiency and welfare.
- Change: Economic changes and market dynamics.
- Opportunity Cost: Trade-offs and resource allocation.

Macroeconomics:

- Intervention: Fiscal and monetary policies.
- Economic Well-being: Impacts on living standards and economic stability.
- Equity: Income distribution and social equity.
- Sustainability: Long-term economic and environmental health.

Global Economics:

- Interdependence: Global trade and economic relationships.
- Intervention: Trade policies and international agreements.
- Sustainability: Sustainable development and global impacts.
- Economic Well-being: Global poverty, development, and economic progress.

Conclusion

Identifying the right diagrams and key economic concepts is vital for a successful IA. The diagrams should visually represent the economic issues and interventions discussed in your article, while the key concepts should align with the article’s content and the broader economic themes. By carefully selecting these elements, you will strengthen your analysis and provide a clear, coherent commentary.

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