5 Things to Know About IB Economics Changes

If you are taking the IB Economics test in 2022, you will be among the first to learn from the updated curriculum. Your class will be the pioneers in trying out new material since the curriculum hasn’t been updated in nine years.

However, rescue specialists can assist you in becoming used to the revised material. For instance, there’s Tribe Topper, which offers instructional materials. They provide relevant information that may be used to study for tests and get top scores.

In this post, we’ll walk you through the major changes to the IB economics curriculum and the minor discrepancies between the old and new materials.

Have a look at these.

  1. New units

Previously, the IB economics curriculum was broken into 4 units; however, the new syllabus rearranges the topics. Whether you take it at SL or HL, your four units will consist of this.

  • Introduction to economics

You’ll spend 10 hours in class discussing topics like “what is economics?” and “how do economists see the world?”

  • Microeconomics

Supply and demand, government intervention, and market failure will be covered throughout the 35 SL and 70 HL instructional hours.

  • Macroeconomics

You will spend 40 hours in class learning about economic activity indicators, macroeconomic goals, demand-side policies, and supply-side policies (for SL) and 70 hours learning about these topics (for HL).

  •  The Global Economy

The course will cover the advantages of international commerce, protectionism, exchange rates, the balance of payments, sustainable development, impediments to development, and methods for development throughout 45 teaching hours for SL and 65 teaching hours for HL.

Changes from the old syllabus

Before introduction to economics was not considered as a full unit and the Global Economy was broken into two smaller units (International and Development)

  • Exam vs. IA Weighing

The IA assessments now count for 30% of your final grade in SL economics. The total value of Paper 1 is 30%, while the value of Paper 2 is 40%. This way, your IA becomes more valuable, while paper 1 becomes less valuable.

In HL Economics, Paper 1 is worth 20%, Paper 2 and Paper 3 are worth 30%, and the Individual Assignment is worth 20%. As a result, document 3 has gained significance, while paper 1 has lost some of its previous worth.

Changes from the old syllabus

  • SL –   Initially IA was worth only 20%, whereas paper 1 and paper 2 were worth 40% each.
  • HL – Initially paper 1 and paper 2 were 30% each, paper 3 was 20% and IA was 20%. 
  • HL Paper 3

The new economics curriculum has a very different Paper 3. Policy papers are the new name for this. In this revised paper 3, you will be asked to answer two compulsory questions. There will be a greater need for definitions and explanations than in the past, but the emphasis is on the quantitative aspects of the curriculum. The last portion of the inquiry will require you to provide an approach to the problem.

Changes from the old syllabus

Paper 3 was a quantitative section with fewer questions requiring explanations and definitions. However, the spotlight is now on this paper, perhaps making it more challenging given the 10% rise in weightage.

  • Increased focus on sustainability

A discussion of sustainability, sustainable development, objectives, and the connection between sustainability and poverty is one of the few new subjects on the curriculum. In addition to devoting a complete chapter to the topic, environmental sustainability is a central theme throughout the course material. As a rule, the IB is eager to include questions on a newly emphasized area of study on the very first examinations in that subject area. If we were in your place, we’d study hard for the test since we expect to see questions on a wide range of sustainable development-related subjects.

  1. Similarities

The new economics curriculum is, overall, not dissimilar to the previous one. The core of the curriculum has not changed despite a reorganization of the units in which certain subjects have been elaborated upon, and others have been eliminated. Exams and individual assignments (IAs) cover much of the same material as before, and the course hasn’t changed much.

There are some subtle differences between the old and new syllabi, and if you use a textbook written for the old syllabus as your primary source of information, you may miss them. However, old exam papers can still be useful study tools because many of the questions on the new syllabi will be very similar.

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