IB Economics Revision Guide
Everything you need to revise for IB Economics — topic breakdown, revision timetable, exam tips, and AI-powered study tools.
IB Econ Topics to Revise
Introduction to Economics
Scarcity, choice, opportunity cost, economic systems, and the basic economic problem.
Microeconomics
Demand, supply, market equilibrium, elasticity, government intervention, and market failure.
Macroeconomics
GDP, inflation, unemployment, aggregate demand and supply, fiscal and monetary policy.
The Global Economy
International trade, exchange rates, balance of payments, economic integration, and development.
Econ Revision Timetable (10 Weeks)
Week 1–2Microeconomics: demand, supply, equilibrium, elasticity
Week 3–4Government intervention & market failure
Week 5–6Macroeconomics: GDP, inflation, unemployment, policy tools
Week 7–8The Global Economy: trade, exchange rates, development
Week 9–10Past papers, diagram practice, weak area revision
Top Econ Revision Tips
- Master your diagrams — demand/supply, AD/AS, tariffs, subsidies. Clean, labelled diagrams earn marks fast.
- Always define key terms at the start of every answer — examiners look for this.
- Learn the difference between "movement along" and "shift of" a curve — the most common mistake.
- For evaluation questions, consider short-run vs long-run effects and stakeholder perspectives.
- Practice real-world examples for every topic — examiners reward applied knowledge.
- Use Aimnova flashcards for key definitions and practice questions for diagram skills.