New IB Economics Syllabus (2022 onwards)

The new IB Economics syllabus (starting 2022) promises to be even more rigorous than before. Where the old HL syllabus (2013-2021) had 24 subtopics, it now has 31 subtopics. Hence, a lot more content is taught in schools, albeit squeezed into the same number of teaching hours. For example, in the new syllabus, there seems to be a greater emphasis on the historical context of Economics models, as well as the critique of profit-maximising behaviour of consumers and producers, and behavioural economics in action.

In IB, different subtopics require different levels of understanding (ONE of the four):

AO1 – Knowledge and Understanding (easiest)

AO2 – Application and Analysis 

AO3 – Synthesis and Evaluation (hardest)

AO4 – Selection, Use and Application of a variety of appropriate techniques and skills 

Tackling the old syllabus was no mean feat – the existing rigour already had students burning the midnight oil, attempting to understand and memorise necessary content. With additional content, it is about to become even tougher to score. With Mr Hong’s help, you are given a significant advantage in terms of being able to understand and memorise content more efficiently.

NEW EXAM FORMAT (first exam in 2022)

Apart from content being covered in greater depth, the format of the papers may make the exam more stressful given the greater demands made on students.

Paper 1 (1h 15 min): TWO sets of “a Part (a) question [10 marks] and a Part (b) question [15 marks]”; an extended response paper. All Units 1 – 4 are tested. *Note that previously, only two units were tested for Paper 1.

IBO Sample Economics Paper 1 Questions: 

1. Explain two tools open to a central bank to conduct expansionary monetary policy.
2. Using real-world examples, evaluate the effectiveness of monetary policy to achieve low unemployment.

Note: Extensive knowledge of economics real world examples is very important. That is our students are given access to such a knowledge bank, which is frequently being updated. Check this out for a sample of the economics real world examples we provide.

Paper 2 (1h 45 min): Data response paper, where data from a given text must be used; two sets of questions with parts (a) to (d). All units are tested. *Note that previously there were few questions to be answered. From 40 to 50 marks now.

IBO Sample Economics Paper 2 Question: 

Using an exchange rate diagram, explain how an increase in the interest rate by the Nigerian central bank may prevent the continued fall in the value of the naira.

Paper 3 (1h 45 min): A policy paper (policy recommendation), based on all units of the syllabus.

IBO Sample Economics Paper 3 Question: 

Using the data provided, and your knowledge of economics, recommend a policy that could be introduced by the government of Country X in response to the expected fall in the world price of coffee.

The lengthier and more intellectually more demanding Paper 3 exam (previously a Math-based paper lasting only 1h), as well as the increased rigour for both Papers 1 and 2, make tackling the new syllabus a lot more difficult.

Fortunately, Mr Hong’s academic rigour, 24 years of tutoring and valuable real-world experiences puts him well-ahead of the curve in economics tuition. He has also analysed and understood the demands of the new syllabus thoroughly. Knowing “what IB is looking for” in answering questions, it is easy for him to continue training students to achieve 7 points – making something hard, easy.

Find out why this is the top IB Economics Tuition.

While above analysis is based on HL Economics, SL Economics have also become similarly more difficult. Check out this post if you are still tossing between IB HL and SL Economics.