Are you looking forward to taking the IB Economics exams in 2022? Then you will need to be aware about the newest changes to the syllabus. The understanding you have on these changes will assist you to be ready for the exams and overcome struggles that would come on your way.
What are the new changes in IB Economics all about?
The IB Economics Syllabus remained unchanged for a duration of 9 years. However, it went through some significant changes in the recent past. That’s mainly because the existing IB Economics was quite out of date. Hence, some new content was added to the syllabus. You will need to understand that you are the guinea pigs who will be testing the new IB Economics syllabus. However, you don’t have to worry too much about anything as we will be sharing all details with related to the changes. Based on the information we share; you will be able to get through the exams with less hassle.
Addition of new units to the IB Economics syllabus
We can see the addition of some new units to the IB Economics syllabus. As you already know, the existing syllabus had four main units. You can still see those units, but there are some changes. You need to be aware of these changes before you go ahead with economics tuition.
- Introduction to Economics – It consists of 10 teaching hours that explains the basics of economics and the work done by economists.
- Microeconomics – It consists of 35 teaching hours, and covers some important concepts of economics, such as supply and demand, market failure, and government intervention.
- Macroeconomics – This part of the syllabus has 40 teaching hours, and it covers subjects such as demand side policies, objectives of macroeconomics, measures of economic activity, and supply side policies.
- The Global Economy – The final section contains 45 teaching hours, where you can learn about protectionism, international trade, balance of payments, exchange rates, and barriers to development.
Exams and IA Weighting
Another change that you need to keep in mind is that the IA commentaries now worth up to 30% of the grade. Moreover, Paper 1 will carry a weightage of 30% as well. Hence, the paper 2 will carry a weightage of 40%. As you can see, the weightage of paper 1 has reduced significantly in the new syllabus.
Changes to the HL Paper 3
The new IB Economics syllabus has introduced some changes to Paper 3 as well. You will not be able to find the usual format as per the new changes. In fact, the Paper 3 is now called a policy paper. You should provide answers to two compulsory questions in the paper. This paper would cover quantitative elements that you can find in the IB Economics syllabus. Hence, you should be good with explanations and definitions. In the last section of each question, you will be asked to provide a recommended policy for the situation provided.
Overall, the new IB Economics syllabus focuses more on sustainability. You can discover a large number of topics with related to sustainability. Exploring the relationship between poverty and sustainability, sustainable development goals, and the definition of sustainability are some of the lessons that you have to go through.
Final words
These are the most prominent changes that you can find in the new IB Economics syllabus. Keep these changes in mind when you are getting ready for the exam. Then you will not encounter any surprises.
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