Summer Glau

Economics
Economics Paper 1 Tips

How about we change the topic to Econs Exam Tackling Thread, and accommodate tips for paper 1, 2 and 3, all in one place?

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I'm actually working on tips for paper 2 SL (same as paper 3 HL) so I will get those up as soon as I finish! I didn't take econ HL though so I know very little about paper 2 HL :/ If anyone has tips for that you're more than welcome to share (same for the other papers). :)

Hmm if you guys want I could put all the papers in one thread...

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I have mocks going on right now so I'm a bit pressed for time, but once they're done I'll put up tips for Paper 2. It'll be good to have all the tips in one place. Or maybe we can have a thread for HL and one for SL ( I don't know if the assessment criteria is different for both - Is it? Sorry, no one in my school takes SL econs so..).

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I'm actually working on tips for paper 2 SL (same as paper 3 HL) so I will get those up as soon as I finish! I didn't take econ HL though so I know very little about paper 2 HL :/ If anyone has tips for that you're more than welcome to share (same for the other papers). :)

Hmm if you guys want I could put all the papers in one thread...

You dont have any latest eco HL papers(2011)? my exams are in may so i really need to solve some latest papers.

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Mnemonic for determinants of demand/supply.

P-Price T-Taste

I-Industry I-Income

T-Technology P-Population

T-Taxes (Subsidies) P-Price of other products (Substitutes/Compliments)

S-ExpectationSSS S-ExpectationSSS

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Hi,


 


i've uploaded my notes and summaries for History and Economics for IB and A-Level examinations here:


 


aibnotes.blogspot.com


 


Among other topics, you'll find "Government macroeconomic policy objectives and indicators of national economic performance"


 


Hope you find them useful


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Hi, quick question but I always get confused over whether to use the LRAS or SRAS diagram when they ask for the macro part in paper 1. Would you only use SRAS hen showing increases in the costs of production?

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does the mark scheme for the part a questions in paper 1 always mention to include 1 diagram or could there be instances when the mark scheme in the top band marks says to include 2 or more than 1 diagrams? Because my teacher said that once you put a diagram you're good but my friend told me that his teacher marked him down for putting only 1 diagram, and we both had the same question for practise.

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Hello, can you give any advice on using real world examples for answering paper 1 questions? It seems pretty difficult to me to use real world examples for macroeconomics.

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Hey could someone send me a good link to some past papers, I would really appreciate it.  

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On 3/26/2017 at 2:16 AM, tw85246 said:

Hello, can you give any advice on using real world examples for answering paper 1 questions? It seems pretty difficult to me to use real world examples for macroeconomics.

Don't sweat about real life examples, especially for macro. There's really not many examples apart from common ones e.g. inflation in japan/venezuela, unemployment in spain etc. etc.

Students generally aren't expected to excel in Paper 1, as can be discerned by the boundaries: 36-38/50 is enough for a 7. That means you only need to score 18-19/25 per question, which isn't easy, but not overtly difficult either – and can definitely be achieved even without examples. Such an element imo is too stressed upon – the amount of effort needed to know all specific examples for each micro and macro subtopic and then being able to apply them is time better spent elsewhere as the usual difference between a good response without an example and a good response with an example is about ~4/25 marks. That means with perfect understanding of the theory, you can achieve 42/50, more than you need for a 7, without even knowing examples. 

It's better simply to master the theory and your diagrams rather than wasting precious time learning specific real life examples and applying them – it's needed for the highest of mark bands, but even to get a 7 you don't need to do so. 

Also worth noting that a lot of the Paper 1 questions nowadays have a built-in premise that you can simply extrapolate upon to whatever country you live in e.g. question about monopoly power regarding supermarkets you can simply use a real life supermarket name/brand from your country. 

Edited by IB`NOT`ez

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