In the IBDP, Economics is a Group 3 subject with a broad, reading-intensive syllabus assessed through Paper 1, 2, and 3. In particular, Paper 1 is an extended response paper based on all units of the syllabus. Each question is made up of two parts: part (a) requires students to explain a concept, and part (b) is a follow-up question which requires students to evaluate or discuss the given concept using real-world examples. As an Economics HL student, I’ll share a few key tips that helped me succeed in the IBDP Economics course and, in particular, on Paper 1. Hopefully it will be a lot of help for you as well!
#1: Effective time-management
Time-management is an essential skill to have for Paper 1. You have 1 hour and 15 minutes to write one essay consisting of two parts, and part (b) may require more of your time since it asks you to think critically and evaluate concepts. It is important to plan ahead on how much time you spend for each part of the question. During the exam, glance at the clock after each major section to ensure you stay on track and adjust your pacing if needed. Additionally, make sure to leave 5 minutes at the end of your essay in order to re-read everything and make sure that all your diagrams are fully labelled and correctly drawn.
#2: Paragraph structure
I believe this is a point that is often overlooked in Paper 1, but it’s crucial to keep in mind. Clear organisation not only improves readability but also shows the examiners that you have addressed every element of the question, which can make all the difference. Begin your essay with a brief introduction that restates the question and outlines the concepts you will cover. As you write, keep the command terms and relevant terminology in mind and tailor your depth of analysis accordingly. Revisit the question often to ensure you have answered every part, as it is easy to drift off topic when discussing all the economic concepts needed. Make sure to cover everything the question asks you for. You can ensure this by going back to the question from time to time to check if any points you have not yet addressed. Then, cover the missing points in the remainder of your essay. This approach also ties back to time-management, helping you use your exam time efficiently while ensuring a complete and structured response.
#3: Vocabulary and terminology
To start strongly, it is important to begin your answer by defining all key terms in the question. In the opening lines of part (a), define all key terms exactly as they are used in the syllabus. Additionally, any new concepts introduced later in your essay should also be defined or elaborated on briefly when they first appear. Furthermore, using correct symbols and units throughout (e.g., PED > 1 for elastic) should be precise. Consistent terminology shows understanding of the subject and helps avoid uncertainty. When introducing models or theories, briefly explain underlying assumptions, such as ceteris paribus or perfect competition, to strengthen the clarity and accuracy of your argument.
#4: Diagrams and graphs
Another point to keep in mind is to ensure that all your diagrams are correctly drawn and fully labeled. While you will often need to include diagrams for either part of the question and they are highly encouraged, some questions may not require them, so always follow the prompt carefully. When necessary, they should be clear, proportional, and accurate in order to represent the concepts you are discussing. It is a good idea to revisit your diagrams after completing your essay to make sure everything is correct about them. In addition, always explain and refer to your diagrams (e.g. “In Figure 1…”) directly in your paragraphs rather than letting them stand alone. This shows how they support your argument and ensures they are fully integrated into your answer, helping to illustrate key concepts and reinforce your points.
Conclusion
I hope you found these tips helpful and made you more confident about Paper 1 in Economics. The most important thing is to prepare, understand the material, and manage your time well. I’m confident that you’ll do great! Best of luck!