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Ready to own economics? Alright, here we go! We’ll tackle this paper part by part.
For paper 1, you will always have a choice of 4 questions. Each question has 2 parts, part A and part B. Each question usually relates to a specific section of the syllabus. For example, there could a question about price ceilings from microeconomics, a question about unemployment from macroeconomics, and so on. And you just have to choose ONE out of the four! So, it makes sense to pick the easiest question! Pick the question that you are most knowledgeable about and could write a lot about.
So during your 5 minute reading time, this is what you should be doing. Read all the questions and think about which question you want to do. Usually people will really like one question and instantly know that they found their soul mate question.
(OK, a bit of an exaggeration, but you get what I mean, right? Think through the different things you could say, the diagrams you could draw, etc. )In the case that you are stuck between two (or more) questions, then think about part B. Remember that part B is more important since it is worth more marks (15 for part B vs 10 for part A). Which question do you think you would be able to best evaluate? Go for that question.
Now that we got the basic structure down, let’s move on to the different parts of the question.
Part A
Part A of paper 1 always asks you to explain something. It is worth 10 marks. It may ask something like “Explain different factors that cause a change in the nation’s exchange rate.”
So what do you do first?
OMG HELP ME I’M GONNA FAIL I’M BLANKING OUT!!!!
Right, remember to chill out before you start. You’ve prepared for this (or at least I hope you did), so don’t panic! Even if ideas don’t come to your head right away they will once you start writing! So take a deep breath before you start and relax your body.
DEFINE any economic terms you see in the question! Show the examiners that you’re not confused by fancy-shmancy economics terms! Show them that you know what they are asking you. Plus you really should define them because you get marks for doing so
So define any economic term you see in the question. Always include an example to back up your definition! Even if your definition is not totally correct but your example is good, you can still get full marks for your definition.For example, an exchange rate is one currency expressed in terms of another currency. An example would be that 1 US dollar is equal to 30 yen.
Sure, this exchange rate may not be the actual exchange rate, but it shows understanding of what an exchange rate is. It shows that you understand the concept, which is what your examiner is looking for.
Next, answer the question! Attack the question! If it asks you to explain a concept, do that!
For example, we know that a change in supply or a change in demand could affect the value of an exchange rate compared to another. Some things that could cause a change in supply are…and then you ramble on about the different factors. Then state the effects of an increase in supply of a certain currency...
A picture is worth a thousand words. And the best picture you could draw on your exam paper is a diagram to SHOW what you are talking about! If you say that there will be a decrease in the demand for a good/service, show it on a diagram! Make sure that you include all your labels, like axis labels, equilibrium points, etc. Also MAKE YOUR DIAGRAMS BIG. I would say to make them at least half a page big. Then, your examiner will be able to see nice and clearly what you're talking about, and they don't have to strain their eyes to peer into some tiny corner of your page to get the idea of what's going on. Remember, happy examiner = better chance of scoring high. Any label that you were taught to include on a specific diagram, include it! Then you can mention the effects of an increase/decrease in supply/demand, etc as shown on your diagram.
Time management is key! Don’t spend too long on this question! Remember part B? Part B is worth 15 marks and part A is only worth 10 marks. Spending too much time on part A means that you’ll have to rush through part B. You should have a better answer for part B because it is worth more marks. Since you have 1 hour to write paper 1, I would spend roughly 25 minutes on this section. Once you’ve passed 25 minutes, stop writing for part A and move on to part B!
Part B
Ok, so we’ve reached the dreaded part B. It will always start with the word Evaluate. Some of you may be wondering what evaluation is. Evaluation is basically the effects of whatever is happening on different people. It is very important that you know how to evaluate here!
Example: Evaluate the effect of a lower exchange rate on a nation’s economy.
You might be thinking “What on earth am I supposed to say? That question is sooooo broad!” Yes, it is a broad question! It’s broad so that it can accommodate many different points of view and many possible answers. It’s impossible to talk about ALL the possible effects of a lower exchange rate on a nation’s economy, especially in a time of 35 minutes (given you spend 25 minutes on section 1).
So what do you do then?
Focus on one effect at a time. For example, you could say that a lower exchange rate will result in inflation due to an increase in demand from foreigners for domestic goods, then write about that and show it on a diagram. Now that you’ve explained to your examiner why inflation would occur, then you can mention all good and bad things that come with inflation as part of your evaluation. Inflation is usually a sign that an economy is growing and that people are buying more. Real estate owners would win because the value of their assets would increase. People who borrow money from a bank would also be positively affected because the value of the money they borrow is worth more than its value when they repay it. However, customers would lose because their purchasing power decreases. Lenders would also lose because they are repaid with money that is worth less now than when it was borrowed from them.
In evaluation, you can also talk about businesses, the government, etc. Basically just talk about anyone/anything that could be affected.
See how both sides of the effects of inflation are incorporated? That’s what you have to do when you evaluate. Talk about the good, the bad, and the ugly.
After you talk about one point in depth (inflation) then you can move onto another if you have time. But make sure you’ve covered the important points first.
Prioritize, prioritize, prioritize. IB likes to see people prioritize their points. There really isn’t a right answer as to which point should be the most important in your discussion. As long as you can justify your prioritizing, then it should be fine. Start with phrases like “The most significant effect of this policy is…” to show prioritization.
Don’t forget about structure! The IB doesn’t have a set rule on whether you should write in point form or in sentences. However I would say that writing in full sentences looks a lot more professional. You want your examiner to have a good impression of you right? Not the impression that you’re cutting corners…
It’s also good, wherever possible, to organize your thoughts into paragraphs so that you can clearly distinguish between different ideas. This being said, this is not an essay. Do not waste time writing an introduction and concluding paragraph. At most you could write a sentence or two, but it’s better to spend your time writing about things that can actually gain you marks.
Well that's it for now...if anyone has any more tips to add, feel free to add on =D
