IB Diploma · Economics
IB Economics revision for HL and SL
For the IB Diploma Programme Economics guide (first assessment 2022). Practise on the November 2022 HL papers and about 2,300 IB-style Topic Questions, get instant feedback against the IB markbands, then rewrite and improve.
What you'll study
The IB Economics syllabus on Markaroo
What economics is and how economists approach the world.
- Scarcity, choice and opportunity cost
- Economic models and methods
- The key concepts of the course
How markets work, and what happens when they fail.
- Demand, supply and market equilibrium
- Elasticities
- Role of government in microeconomics
- Market failure
The whole economy, its objectives and the policies used to reach them.
- Measuring economic activity
- Aggregate demand and aggregate supply
- Growth, unemployment, inflation and income distribution
- Fiscal, monetary and supply-side policy
Trade, exchange rates and development.
- International trade and trade protection
- Exchange rates and the balance of payments
- Economic integration
- Sustainable development and economic growth
HL-only content is flagged throughout, and hidden for SL students.
Assessment
The IB Economics papers you can practise
| Paper | Level | What you practise |
|---|---|---|
| Paper 1 | HL and SL | Extended response: a 10-mark part (a) and a 15-mark part (b) |
| Paper 2 | HL and SL | Data response: definitions, calculations, diagrams and a 15-mark discussion using the text and data |
| Paper 3 | HL only | Policy paper: calculations with working, and policy questions |
Answers are marked against the IB markbands for the question: the 10-mark and 15-mark grids for essays, point marking for short answers, and calculations marked with your working. The internal assessment is not marked in the app.
IB and International Baccalaureate are trademarks of the International Baccalaureate Organization. Markaroo is independent and is not affiliated with or endorsed by the IB. The November 2022 papers and markschemes are used under licence and are attempted and marked inside the app, not offered as downloads.
Questions
IB Economics on Markaroo
Which IB Economics syllabus does Markaroo cover?
The current IB Diploma Programme Economics guide, first assessed in 2022, at both Higher and Standard Level. All four units are covered: introduction to economics, microeconomics, macroeconomics and the global economy. You choose HL or SL in the app, and SL students don't see HL-only content.
Are there real IB past papers?
Yes: the November 2022 Higher Level Papers 1, 2 and 3, with the IB's own markschemes, used under licence. Alongside them are about 2,300 Topic Questions written by Markaroo in the Paper 1, 2 and 3 formats. These are IB-style practice questions, not past papers.
What kinds of question can I practise?
Paper 1 extended responses with a 10-mark part (a) and a 15-mark part (b); Paper 2 data response questions, including definitions, calculations, diagrams and the 15-mark discussion; and, for HL, Paper 3 calculations and policy questions. Every Topic Question has a mark scheme, and diagrams where the question needs one.
How does Markaroo mark IB Economics answers?
Instantly, against the IB markbands for that question: the 10-mark and 15-mark grids for essays, point marking for short answers, and calculations marked with your working. You get a mark with feedback on what would move you into the next band, and you can rewrite your answer and have it marked again. Markaroo is a revision tool and does not replace your teacher's or the IB's assessment.
Are the revision notes up to date for the current guide?
Yes. There are 99 revision notes covering the whole syllabus, with 112 diagrams, HL-only content flagged, and real-world examples from India and around the world, such as the Reserve Bank of India, the rupee, GST and India's trade deals. The notes have been checked against the 2022 IB Economics guide. About 900 flashcards go with them, including worked numbers and diagram walk-throughs.
Is there a free plan for IB Economics on Markaroo?
Yes. The free plan gives you your coach, your technique profile and a live predicted grade, 2 written answers marked free, and the first topic of every unit in revision notes and flashcards, including each note's quick-check quiz, which is always free and never uses up your allowance — no card required. Plus unlocks everything from £6.99 a month (add more subjects for £5 each, with a 7-day free trial): unlimited questions and AI essay marking, every topic and the rewrite loop.
Teaching IB Economics? Schools everywhere are welcome, including IB schools in India: book a demo.