IB Economics flashcards

There are roughly twenty to thirty diagrams you should be comfortable drawing from memory, covering markets, elasticity, market failure, macroeconomic models, and international trade. Each diagram needs accurate labels and the ability to show shifts or changes. Practising them by hand repeatedly is far more effective than simply looking at them in a textbook, as exams require you to produce them quickly and correctly.

Both are essential and work best together. Without solid theory you cannot answer questions well, but theory alone does not prepare you for the specific demands of exam questions. A good approach is to consolidate a topic using notes and flashcards first, then immediately attempt a past paper question on that topic so you can see how the knowledge is actually tested and where your gaps remain.

Evaluation means making reasoned judgements rather than just listing points. Practise asking yourself after every argument: does this always hold, under what conditions might it fail, and what does the evidence suggest? Reading quality economic commentary and model answers helps you see how strong evaluative language works in practice. Over time, building a bank of standard counter-arguments for common policies, such as taxation or trade protection, speeds this up considerably.

Start by mapping every topic and identifying which areas feel weakest. Allocate more revision time to those areas rather than spending most of your time on content you already know well. Use a rolling schedule that returns to earlier topics regularly so knowledge does not fade. Grouping related ideas, for example linking exchange rates to the current account and development finance, also helps you see connections that often appear in higher-level exam questions.