The Internal Assessment (IA) is a vital component of the IB Economics curriculum. It provides you with the opportunity to demonstrate your understanding of key economic concepts and their application in real-world scenarios. To help you write a successful Economics IA, here’s a step-by-step guide.
Step 1: Cover Page
Start your IA with a cover page that includes the following details:
Your IA title
The IB Number (in the format “ABC123”)
Article source and title
Session (i.e., May 2022)
IA word count
Step 2: Choosing the correct IA Article
The first section of your IA should focus on the article you’ve chosen. Choose a relevant article that features relevant economic theorems, economic data, and stakeholders that can be applied to your commentary. Use appropriate terminology and make references to the article. Your commentary should evaluate a proposed economic solution that a country is using to combat a given economic problem. This will allow you to evaluate its effectiveness and impacts on stakeholders. For example:
“Malaysia’s proposed sugar tax to combat obesity”
“Australia’s interest rate cut in response to the COVID19 pandemic”
“America’s fiscal stimulus in response to the COVID19 pandemic”
“UK’s tariff on electric cars from EU”
Your commentary should include:
- Appropriate economics concepts for discussion (tax, subsidies, price controls, interest rates, or more)
- A good breadth of stakeholders analysis (consumers, producers, government, society)
- Data or statistics to reference in your diagrams
- Reference to key economic concept (allocative efficiency, intervention, and more) in the new Economics syllabus
Step 3: The IA Commentary
The third section of your IA is where you’ll provide your economic analysis. This section should be divided into an introduction and a body.
Start by highlighting the relevant key concepts and outlining supporting economic theory from your chosen article. Keep in mind that reference to a chosen economic lens(e.g. sustainability) is important in the new economics IA. Focus on your chosen lens and get straight to the point.
Body (500 words)
In the body of your IA, provide an economic analysis of what happens in the article and evaluate how it is relevant or not relevant to the theorem. You must show the linkages between different aspects of theory and how they relate to your chosen article. Be sure to address the following:
Explain the economic problem and proposed economic solution
Analyze how the proposed solution will work in theory
Explain relevant economic theories. Make sure you make an evaluative link to the chosen key economic concept in your evaluation.
Reference relevant economic diagrams to support your analysis.
Synthesis (100 words)
To provide a well-rounded analysis, consider the perspectives of different stakeholders. This could include consumers, producers, government officials, and society as a whole. Analyze how the proposed economic solution will affect each group and consider potential trade-offs or unintended consequences.
Conclusion: (100 words)
The IB Economics syllabus includes a list of command terms that describe the types of tasks you may be asked to complete in your IA.In your conclusion, make sure you reference these terms and use them appropriately to give a balanced view on your chosen work. Examples of command terms include “evaluate,” “analyze,” “explain,” and “compare.”
Common Mistakes to Avoid
One of the most common mistakes made by students is failing to provide detailed explanations of relevant economic theorems or failing to link them back to the article. For instance, a student may write something like: “When the government implements contractionary fiscal policy by raising taxes and increasing spending, aggregate demand rises, which results in economic growth.” However, it is important to take it one step further by linking the theorem to appropriate case material and diagrams.
By following these steps, you’ll be well on your way to writing a successful Economics IA. Remember to choose an appropriate article, use relevant economic concepts, and link your analysis back to the article. Don’t forget to proofread your work and make sure it meets the word count requirement. If you need extra help with your IA, consider reaching out to QE. With our guidance and expertise, you can receive valuable feedback and insights that can help you produce a top-notch IA that meets all!