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Unit 3.1: Measuring economic activity and illustrating its variations27 February 2020

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the first macroeconomics unit, unit 3.1: Measuring economic activity and... more

Paper 3 style questions (HL only)1 January 2021

This page contains direct links to paper three type questions. Unless otherwise stated these are in the style of the new syllabus, marked out of 30 and include a policy response question. Paper 3 question... more

Examination papers (new syllabus)30 July 2020

This page includes links to examination style questions written by myself and based on the IB model. Markschemes for the examination papers are included and cannot be accessed online, making them ideal... more

Unit 1-2: Microeconomics12 December 2020

This page contains 7 paper one style questions for the new syllabus. The questions were written by myself based on the information contained in the new curriculum document.1. (a) Explain how the burden... more

Paper 1 style examination questions15 December 2020

This section of the site provides you with the opportunity to set examination style questions for the new syllabus, starting August 2020. The following questions are all IB paper 1 in type and include... more

Calculating national incomefree23 February 2021

This lesson focuses on how national income is measured. Your classes will need to understand the fact that national income can be calculated in different ways but that the answer should be the same -... more

Unit 3.2: Variations in economic activity—aggregate demand and aggregate supplyfree27 March 2020

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the macroeconomics unit, unit 3.2: Aggregate demand and supply. Under... more

GDP / GNI as a measure of living standards7 February 2021

This lesson looks at the difference between GDP and GNI, which many economists believe is the more accurate measure of a nation's wealth. It also considers an even more accurate measurement of income,... more

Paper one style examination questionsfree16 March 2020

This page includes links to examination style questions written by myself and based on the IB model. Markschemes for the examination papers are included and cannot be accessed online, making them ideal... more

Paper 2 style examination questions30 December 2020

This section of the site provides you with the opportunity to set examination style questions for the new syllabus, starting August 2020. The following questions are all IB paper 2 in type and include... more

Aggregate demand and supplyfree8 January 2021

This page introduces the concept of aggregate demand and aggregate supply and your students will need to understand that the AD of an economy is the sum of the collective individual demand curves. You... more

Unit 2.11: Market power (HL only)free31 January 2021

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the new microeconomics unit, 2.11: Market power. Under the old syllabus... more

Equilibrium in macroeconomics (neo-classical perspective)8 January 2021

Why using the monetarist / new classical model, is the long run aggregate supply curve (LRAS) vertical at the full employment output level.Lesson time: 70 minutesLesson objectives: more

Examination papers (old syllabus) 28 February 2020

Direct access to each component of this section can be accessed via the following links: This section includes a range of sample paper one style questions, with worked answers. The exam cd's published... more

Components of aggregate demand8 January 2021

This section looks at the components of aggregate demand and how changes in one or more of the components - C, G, I or (X-M) will change the level of aggregate demand.What are the components of aggregate... more

National income statistics7 February 2021

This lesson begins by looking at national income statistics and why governments collect this data. A simple way for your classes to understand this concept is to think about national income statistics... more

Units 1-2: Microeconomicsfree27 February 2020

This section of the Inthinking website is devoted to materials that support the new curriculum - that is, the curriculum that will first be assessed in May 2022, as well as the existing one assessed for... more

Unemploymentfree7 February 2021

This page looks at unemployment, specifically a definition of unemployment, how it is calculated and the social and economic costs of unemployment.How do we classify a person as unemployed and how is... more

Paper two style case studies16 March 2020

This section contains paper two type questions which are on global economics - international economics and development economics. More information on helping your students succeed in this paper can be... more

Paper 3 question economic activity (HL only)22 September 2020

This lesson will provide your classes with practise taking paper three type questions, which are in a short answer format.Maximum mark for this question is 30Zarundi is a small Pacific island nation whose... more

Perfect competition (HL only)31 January 2021

This is the beginning of the section on perfect competition. There are a number of paper one questions on this topic, some of which are included on this site. This lesson looks at the conditions of... more

The business cycle2 July 2020

This page introduces the concept of the business cycle which you will focus on during the coming weeks. I have placed this topic in unit 3.1 but it could easily be completed as part of the section on... more

Paper 1: Extended response paper16 March 2020

This paper contributes 20% towards the final grade for HL students and 30% of the grade in SL. Candidates complete 1 question from a choice of 3, in an extended time of 1 hour and 15 minutes. Responses... more

Equilibrium in macroeconomics (keynesian perspective)8 January 2021

This lesson looks at the macroeconomic equilibrium from a keynesian perspective. Start this lesson off with a simple survey, do your IB students support a keynesian or neoclassical view of economics.... more

Costs of production (HL only)free7 January 2021

This page begins the section of the course on revenues and costs of a business. I find that I am very often surprised by the confusion that the word cost means to many IB economics students, with so... more

Unit 3: Macroeconomics free11 December 2020

This is the link page to sub-pages, containing lesson plans and learning activities for the first unit of the IB economics course. Under the new syllabus there is now a specific section entitled 'introduction... more

Market failure (HL and SL)18 March 2021

This data response paper on price controls can be completed as a homework or class work exercise and should be completed in around 95 minutes. The question and mark scheme is based on the IB approach... more

Monopoly (HL only)31 January 2021

This lesson focuses on monopoly structures and specifically the way that a monopoly is able to take advantage of barriers to entry to establish their position as the only firm within the industry. It... more

Oligopoly (HL only)31 January 2021

This lesson focuses on the market structure of oligopoly and the characteristics that this market structure possesses. An effective way to teach this topic is to focus on a local business such as local... more

Paper 3 question on revenue and costs (HL only)13 December 2020

This page contains a paper three type question on cost. The questions are based on the style of questions from the new syllabus and contain short answer and quantitative responses plus a policy response... more

Paper 3 question market structures (HL only)14 December 2020

This page contains two paper three type questions on microeconomics, both written according to the new syllabus. An answer sheet is included on the following page. Allow one hour, 45 minutes for this... more

Monetary policy 9 January 2021

This will look at monetary policy and how governments can employ monetary policy measures to influence the aggregate demand curve.How do central banks, through changes to interest rates, exchange rates... more

Unit 3.3: Macroeconomic objectivesfree27 February 2020

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the macroeconomics unit, unit 3.3. Under the old syllabus this unit was... more

Textbook5 April 2021

textThe aim of this book is to support students and teachers as they follow the new IB Economics course specification which starts in 2020 and has its first assessment examinations in 2022. more

Production (HL only)15 March 2021

This page begins unit 2.12 and focuses on the relationship between output, time and variable inputs into a business. This includes the concept of diminishing returns. A simple exercise to start off... more

Unit 1.1 and 1.2: Exam questions demand and supply2 October 2018

This section of the site provides you with the opportunity to set examination style questions on supply and demand. The following questions are all IB paper 1 in type and include a mark scheme. The... more

Chapter 2: Microeconomics8 January 2021

This chapter includes the remaining units in microeconomics. Demand and supply make up the market equilibrium section, while the units (1.3-1.5) covered under the old syllabus, are now covered by units... more

Economic profit (HL only)3 April 2021

This lesson looks at the different types of economic profit − normal (zero profit), abnormal (economic profit) and loss (negative economic profit). Implicit costs (that make up economic profit) are... more

Unit 2.8-2.10: Market failure free29 July 2020

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the microeconomics unit,2.8: Market failure. Under the old syllabus this... more

Unit 1.3 and 1.4: Exam questions 11 January 2020

This page continues with examination style questions, this time focusing on units 1.3 and 1.4 of the course - government intervention and market failure. The following questions are all IB paper 1 in... more

Mark scheme question 1 demand and supply10 March 2019

This exercise consists of a question in two parts. The first is best completed as a two part question, each worth 5 marks. One of these illustrating the burden of tax paid by producers and consumers... more

Paper 3 question on market equilibrium (HL only)29 March 2021

This page contains paper three type questions, written for the new syllabus. These are good practise for students taking the subject at higher level, but may also be good practise for standard level... more

Paper 2: Data response paper16 March 2020

Paper two makes up 30% of the final grade at Higher level and 40% at Standard level. This paper now contains just two questions and candidates are required to answer one of these in one hour and 45 minutes. more

Paper 3 question on government intervention (HL only)4 February 2021

This page contains a paper three type question on the impact of government intervention on a market. It was written using the new syllabus guidelines.Lesson time: 55 minutesLesson objectives: more

Internal assessment free18 February 2021

The Internal assessment is an important component of the IB economics course and is compulsory for SL and HL students. The requirements for SL and HL students are the same. In completing the IA students... more

Unit 2.8: Merit goods free6 February 2021

This lesson looks at another reason for market failure in economics - the under supply of merit goods in an economy. I find that students will sometimes confuse the concepts of merit goods and positive... more

Unit 3.5 and 3.6: Demand management - fiscal and monetary policyfree27 February 2020

This is a link page to sub-pages, containing lesson plans and learning activities, which provide activities and lesson plans for the macroeconomics unit, unit 3.4 and 3.5: Demand management - fiscal and... more

Monopolistic competition (HL only)31 January 2021

This lesson focuses on monopolistic competition. Your classes may have been unable to provide an example of a pure perfectly competitive market but will be able to provide several examples of industries... more

Unit 2.9: Economics of the environment and public goods 31 January 2021

This lesson aims to introduce the concept of market failure. I like to start by asking my classes two questions. Number one what is a market place? You can even draw this on the whiteboard and then... more

Unit 3-4: Macroeconomics and the global economy7 December 2020

This page contains 8 paper one style questions for the new syllabus. The questions were written by myself based on the information contained in the new curriculum document. All questions are suitable... more