If you need a little help in your IB Economics SL/HL class, this study guide is for you. I’ve gathered all of the best FREE online IB Economics Study Guides and Notes into one useful article. I order this IB Economics Study Guide using the IB Economics Syllabus.
How to Use These IB Economics Notes and Study Guide
If you are looking for help with one topic, use the Command + F function on your keyboard to search this article for that topic. For instance, if you want to learn more about Markets, use Command + F to bring up the search function. Type in “Markets” and it’ll bring up all of the study materials for Markets.
I separate the resources into:
- Quick reference: one-page summary of material if you just need a quick refresher.
- Longer notes: notes (generally 3-10 pages) if you need more of an in-depth explanation.
How Should You Use This Article During the School Year?
Use this guide throughout the school year to help you prepare for in-class tests. Make sure you’re learning the material during the school year and not waiting to cram until right before the IB Economics exam.
What are the Best Study Practices During the School Year?
You should practice related IB Economics past paper questions as you learn new subjects in class. Find IB Economics HL and IB Economics SL past papers, Free and Official, in our other article. Also, if you’re having a hard time learning in class, you should also be reading the corresponding chapter in a textbook or study guide.
Common Study Mistakes for IB Economics SL/HL
If you struggle with IB Economics SL/HL, you can’t fall behind; there are too many subjects to learn. You need to master the topics during the school year to ace your IB Economics papers. Some common mistakes are:
- Avoiding the topics you don’t understand in class. If you didn’t learn it in class, you need to look for help elsewhere whether through this IB Economics study guide or tutoring.
- Waiting to study until a week or two before the papers. There are a lot of concepts to master. A week or two is not enough time to learn them all (that is why IB Economics is taught over 1 to 2 years). Learn the topics as you’re supposed to learn them in class. Use this study guide if you need extra help:
Section 1: Microeconomics
- Longer notes: Basic Definitions
- Longer notes: PPF and PPC
- Longer notes: Free Market vs. Planned Economy
1.1 Competitive markets: demand and supply (some topics HL only)
- Quick reference: Markets
- Longer notes: Markets
- Quick reference: Demand
- Quick reference: Supply
- Quick reference: Market equilibrium
- Quick reference: The role of the price mechanism
- Quick reference: Market efficiency
- Longer notes: Elasticities
- Quick reference: Price elasticity of demand (PED)
- Quick reference: Cross price elasticity of demand (XED)
- Quick reference: Income elasticity of demand (YED)
- Quick reference: Price elasticity of supply (PES)
1.3 Government intervention (some topics HL extension, plus one topic HL only)
1.4 Market failure (some topics HL only)
- Longer notes: Market Failure
- Quick reference: The meaning of market failure
- Quick reference: Types of market failure
1.5 Theory of the firm and market structures (HL only)
- Longer notes: Theory of the Firm (HL)
Section 2: Macroeconomics
- Longer notes: Measuring National Income
- Longer notes: Introduction to Development
- Longer notes: Unemployment and Inflation
- Longer notes: Distribution of Income
2.1 The level of overall economic activity (one topic HL extension)
2.2 Aggregate demand and aggregate supply (one topic HL only)
2.3 Macroeconomic objectives (some topics HL extension, plus one topic HL only)
- Longer notes: Macroeconomic Models
2.4 Fiscal policy
2.5 Monetary policy
2.6 Supply-side policies
- Quick reference: Evaluation of supply-side policies
- Longer notes: Demand-side and Supply-side policies
Section 3: International Economics
3.1 International trade (one topic HL extension, plus one topic HL only)
- Longer notes: Reasons for trade
- Longer notes: Free trade and protectionism
- Longer notes: World Trade Organization (WTO)
3.2 Exchange rates (some topics HL extension)
- Longer notes: Exchange rates
3.3 The balance of payments (one topic HL extension, plus some topics HL only)
3.4 Economic integration (one topic HL extension)
- Longer notes: Economic integration
3.5 Terms of trade (HL only)
- Longer notes: Terms of trade
Section 4: Development Economics
4.1 Economic development
4.2 Measuring development
4.3 The role of domestic factors
4.4 The role of international trade (one topic HL extension)
4.5 The role of foreign direct investment (FDI)
4.6 The roles of foreign aid and multilateral development assistance
4.7 The role of international debt
4.8 The balance between markets and intervention
- Longer notes: Sources of Economic Growth and/or Development
- Longer notes: Consequences of Growth
- Longer notes: Barriers to Economic Growth
- Longer notes: Growth and Development Strategies
- Longer notes: Evaluation of Growth and Development Strategies
Learn more about IB Economics:
Learn more about other IB classes:
- Where to Find IB Physics Past Papers - Free and Official
- Every IB English Past Papers Available: Free and Official
- Every IB Math Past Papers Available: Free and Official
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