4 Steps to choosing an Economics Commentary article

Many a time, students face difficulty in finding a suitable news article for their Economics Commentaries. These four steps will sort out this problem.

Step 1

Goto google.com

Step 2

Type the keyword on which you want to write your commentary. For example, inflation, fiscal policy, monetary policy, interest rates, etc.

Step 3

Choose News as the option from the Toolbar on the google page.

Step 4

Google will display the latest news articles on that topic. Now, choose a suitable article.
If you don't find a suitable news article then goto Step 5

Step 5

Adjust the publishing date of the article from the left panel to get access to more news articles.

However, the news should not be more than one year old from the time of writing the commentary.

How to draw Economics diagrams

Drawing Cost/Revenue curves and Market structure curves is usually a confusing affair for students. Just follow these 4 steps and you will never go wrong with your diagrams. There is a detailed PowerPoint presentation on dineshbakshi.com which illustrates all these steps. Click here to goto to the Presentation page

Step 1

Draw a Revenue Curve i.e. MR & AR curves

Step 2

Now place revenue curves i.e. AC and MC curves.

• If there is abnormal profit the AC curve will be below the AR curve.
• If there is loss then the AC curve will be above the AR curve.
• If the firm is having normal profit then the AC curve touches the AR curve.

Step 3

Now, identify the output level of the firm. It is always be the profit maximisation level, i.e. the point where the MC cuts the MR.

Step 4

At the profit maximisation level, identify the cost on AC curve and the revenue at AR curve. The difference will give to abnormal profit and loss accordingly.

Congratulations!! You have completed the diagram.

Flashcard quiz- Development Economics

Here is a flashcard quiz on Development Economics unit for IB Economics

Flash Card quiz - International Economics

Here is a collection of important terms for International Economics Unit. Flashcard quiz

Flash Cards - Macroeconomics

Here is a collection of important terms for Macroeconomics. An interesting flashcard quiz.

Flashcard- Microeconomics

Here is a flashcard quiz on Microeconomics terms for Economics students. Check you knowledge.

PowerPoint Presentations for IB Economics

Hi there,

I have recently uploaded a number of PowerPoint Presentations on my site www. dineshbakshi.com.
These PowerPoint Presentations are crisp, to the point and an excellent tool for revision. Teachers are most welcome to use these presentations in their lessons. I have tried to make them colorful and interesting. I am sure our young audience will find them captivating and would appreciate them.
Utmost care has been taken to see that the content is correct and relevant. However if there are any issues regarding the content then please let me know so that I can make the necessary corrections.
Here is the link to these presentations.
Thanks and cheers.

Getting a 7 in IB Economics - Post 1

Dear students,
In this series of 'Getting a 7 in IB Economics' I would be giving you useful tips on how to improve your grades in IB Economics. In this particular post I am going to state 5 things which are a must when it comes to writing an excellent extended response question.

5 Commandments for getting good grades in IB Economics

1. Always define terms accurately: Whenever you use a economic term, define it accurately. When I say ' accurately', I mean  you have to use the key terms which make a definition complete. For example, Inflation is a persistent rise in the average price level of goods and services over a period of time. Here, the key words are 'persistent', 'over a period of time'. Without these key words the definition might be considered as vague and you will end up getting only half the marks.
2. Use diagrams effectively: IB Examiners love diagrams. Use appropriate diagrams to explain your answers/concepts. Students are expected, where appropriate, to include correctly labelled and clearly drawn diagrams.Drawing a diagram is not enough, it has to be explained also. For example, while explaining demand pull inflation on an AD/AS diagram the student can write.... 'The increase in AD from AD1 to AD2 will lead to a increase in real output from Y1 to Y2, however it will also lead to a rise in general price level from PL1 to PL2. 
3. Structure your answer: An extended response questions should have a logical structure. The arguments and discussion should have logical flow. A good answer will have relevant concepts developed in reasonable depth, demonstrate effective evaluation, supported by appropriate evidence or theory.
4. Application : Students are expected, where appropriate, to illustrate their answers with examples in order to reach the highest markbands. Always use real life examples to strengthen your answer. In case you are doing a data response question then refer to the text and make effective use of data presented. 
5. Evaluation is very important: Effective evaluation consists of  considering the short run versus long run consequences of a phenomenon/decision on on different stakeholders. Discussion of its advantages and disadvantages.

 Coming next... Attempting Paper 1

Tips on writing a good Economics commentary

Internal Assessment in IB Economics holds a very important place.

Internal assessment in economics enables students to demonstrate the application of their knowledge and understanding of economic theory to real-world situations.As per the new Economics syllabus , Economics IA has 20% weightage.

Here are a few tips on how to write a good commentary.

First of all the most important aspect is choosing a good article. The following tips will help

• The articles may be from a newspaper, a journal or the internet, but must not be from television or radio broadcasts.
• Avoid choosing long articles.
• Articles should be raw piece of news and should not have too much of analysis done by the author. The article should be more in a reporting style.

Here is a presentation which briefs you with the further details.

Macroeconomics Revision notes

dineshbakshi.com is now updated with fresh revision notes on Macroeconomics, specifically written for IB Economics. These notes are short and crisp and are an ideal revision tool. Each topic is complimented with relevant videos and interactive quizzes.
Moreover, there is a revision question section also, where all the possible questions with suggested answers are listed topicwise.
Now... Learning is fun, indeed !!
Click here to got IB Economics section on dineshbakshi.com

Article Sources for writing Commentaries

Here are some of the websites where you can get good articles for your commentaries.

BBC: www.bbc.co.uk
CNN: http://europe.cnn.com/
Reuters: www.reuters.co.uk
The Guardian: http://www.guardian.co.uk/
The Financial Times: www.ft.com
The Independent: http://www.independent.co.uk/
The Times: http://www.timesonline.co.uk/
The Sunday Times: http://www.timesonline.co.uk/
The Irish Independent: http://www.unison.ie/irish_independent/
The New York Times: http://www.nytimes.com/
The Washington Post: http://www.washingtonpost.com/
The Wall Street Journal : http://online.wsj.com/public/us
Moscow Times (in English): www.moscowtimes.ru
Sydney Morning Herald: www.smh.com.au
To browse other newspapers from across the world, go to: http://www.newsdirectory.com/

If you have some more then please do add them through your comments.

Mind Map on Elasticities

Mind Map on elasticities is available for download on dineshbakshi.com.

This concise mind map has all the essential elements needed to revise Elasticities for IB and A Level Economics.

The topics covered are Price elasticity of Demand, Income elasticity of Demand, Cross elasticity of Demand and Price elasticity of supply.

An excellent tool to get a gist of the whole topic....on one page.

An ideal last minute revision tool...

Download it here and enjoy.

More Mind Maps specifically designed for IB and A Level Economics students....coming soon!!

Answering part d in IB Economics Paper 3 (HL)

What makes the difference?

On very short responses (a half page or less) it is difficult to get above level 1 purely because insufficient points can be explained and there is little possibility of applying theory sufficiently to explain a point to L2 .

Mostly candidates manage to analyse (ie explain a point by applying theory) but are not able to evaluate (i.e. giving an informed judgement based on or linked to material in the text L3). Candidate's often restate material in the text that can appear as though they are answering the question; however, unless they are applying economic theory to explain their answer then often all that they are doing is restating the text.

Often candidate's will also state an answer rather than develop an answer. For example "The government stimulus package will fix the recession". While this may be true, it is stated rather than developed by applying theory. A good response would say something like "the government's stimulus package of X billion euro will stimulate household consumption and possibly investment if it is also targeted at firms. An increase in consumption and investment will result in an increase in AD and thus increase GDP Blah blah blah ..... This is an example of L2 where the candidate is analysing or evaluating economic theory.

To go the next level the candidate needs to continue on saying things like "the problem with stimulating the economy with the X billion euro stimulus package is that the government is likely to incur a budget deficit. Persistent budget deficits lead to increasing indebtedness and if sustained can undermine international confidence in both the government and the economy and their capacity to repay the debt". This can lead to ....".

What is Evaluation?

As we all know evaluation skills are high order thinking skills and play a vital role in making a grade difference. While writing commentaries or attemtping extended response questions or answering data response questions, proper evaluation done will decide whether a student will fall in the top level category or not. Here is a brief expalantion of what is actually expected from a student
Evaluation occurs when a judgment is made. It is the weighing or measuring of factors followed by an attempt to give relative weight to those factors. Questions that begin “evaluate”, “assess”,“critically assess”, “discuss” or “to what extent” require candidates to show their skills of evaluation in order to reach the highest achievement levels.
Invites candidates to make an appraisal of a situation. Candidates should weigh the nature of the evidence available and discuss the convincing aspects of an argument as well as its implications and limitations, and the less convincing elements within an argument. For example:
Evaluate alternative policies designed to reduce inflation.
There are many ways that candidates can be encouraged to improve their skills of evaluation.

• What factors such as causes, consequences or remedies are asked for, candidates should attempt to identify the most important ones and then to justify the reason for the choice.
• When advantages and disadvantages are asked for, candidates should attempt to identify the most important advantage (or disadvantage) and then justify the reason for the choice.
• When strategies are asked for, candidates should attempt to assess the short term and long term implications.
• When data is offered, candidates may question its validity, in terms of whether it is appropriate, whether it is reliable, or whether it is still relevant.
• When summarizing a theory, candidates may question its validity, in terms of whether it is appropriate, whether it is reliable, or whether it is still relevant.

I hope this post helps!!

Mind Maps for IB Economics

dineshbakshi.com has come up with a new collection of IB Economics Mind Maps. These Mind Maps are based on different topics and integrate all important points from the topic and provide a wonderful tool for last minute revision for students.
The latest addition to this collection are the following Mind Maps.
Aggregate Supply

Aggregate Demand

Perfect Competition

Oligopoly

Monopolistic Competition

IB Economics Paper 1 SL details (First examination 2013)

In this post we are going to discuss in details Economics Paper 1 for SL students (as per the new syllabus with first examination in 2013).

Duration: 1 hour 30 minutes

Weighting: 40%

Maximum for paper 1 is 50 marks.

The structure of this paper is the same as HL paper 1 but the questions that require extended responses may be the same as, or different from, the HL paper 1 questions.

• Students answer two questions in total, one from section A and one from section B.

• In each section, students are required to answer one question from a choice of two.

• The questions are each subdivided into two parts, (a) and (b).

Section A

• The principal focus is on section 1 of the syllabus—microeconomics.

• While the principal focus of the questions is on section 1, it is likely that students will be required to draw on other sections of the syllabus.

• The command terms used in each question, or part thereof, indicate the depth required.

• Part (a) of each question requires knowledge and understanding, application and analysis and the selection, use and application of a variety of appropriate skills and techniques. The maximum for this part is 10 marks.

• Part (b) of each question requires knowledge and understanding, application and analysis, synthesis and evaluation, and the selection, use and application of a variety of appropriate skills and techniques.

The maximum for this part is 15 marks.

• The section A question is worth a total of 25 marks.

Section B

• The principal focus is on section 2 of the syllabus—macroeconomics.

• While the principal focus of the questions is on section 2, it is likely that students will be required to draw on other sections of the syllabus.

• The command terms used in each question, or part thereof, indicate the depth required.

• Part (a) of each question requires knowledge and understanding, application and analysis, and the selection, use and application of a variety of appropriate skills and techniques. The maximum for this part is 10 marks.

• Part (b) of each question requires knowledge and understanding, application and analysis, synthesis and evaluation, and the selection, use and application of a variety of appropriate skills and techniques.

The maximum for this part is 15 marks.

• The section B question is worth a total of 25 marks.

Responses are assessed with an analytic markscheme specific to the question paper, which indicates the required responses, any particular breakdown of marks and the markbands used to allocate marks.

source: IB Economics Guide (first examination 2013)

IB Economics resource list

Textbooks

1. IB Diploma Course Companion: Economics Second Edition: Jocelyn Blink and Author Ian Dorton ISBN: 978-0-19-918499-6 Publication Date: April 2011 (estimated) OUP
2. Economics from a Global Perspective: Alan Glanville ISBN: 0952474654 Glanville books
3. Economics in terms of the Good, the Bad and the Economist: Mattt McGheeISBN: 978-1-876659-22-6 IBID press
4. Economics for the IB Diploma: Ellie Tragakes, ISBN-10: 0521744342 ISBN-13: 978-0521744348 Cambridge University Press

Supplementary books

1. Banker to the poor: the story of the Grameen bank: M. Yunus ISBN: 0143102915
2. The end of poverty: J. Sachs ISBN 0141018666
3. Studies in Economics and Business: Markets and Market Failure: ISBN 9780435330507 Heinemann
4. Studies in Economics and Business: Supply Side Policies: ISBN 9780435330477 Heinemann
5. Studies in Economics and Business: Development Economics: ISBN 9780435330484 Heinemann
6. AP Economics,(answers)John S Morton 3rd edition ISBN1-56183-568-4 Activities, worksheets, quantitative(American curriculum ,be selective, consists of student worksheet)
7. Economics-John Sloman ISBN978-0273655749 (teacher ref)
8. Economics student workbook -John Sloman ISBN 978-0273705178 (quantitative exercises)
9. Everlasting light bulbs: how economics illuminates the world JHN ISBN 978-0954809300 (quick illustrations of economic concepts)
10. Undercover Economist Oxford University Press ISBN13-978-0195189773

Revision guides

1. Economics HL Approach your exams the IB way: Blink and Dorton ISBN 9781906345129
2. Economics SL Approach your exams the IB way: Blink and Dorton ISBN 9781906345136
3. IB Study Guide: Economics for the IB Diploma: C Ziogas ISBN: 9780199152285

Online resources

1. www.dineshbakshi.com huge collection of revision notes, interactive quizzes and other resources for teachers and students
2. http://www.peteranthony.org/
3. http://vimeo.com/16626088? Site with lots of very short videos, including form the world bank (international and development)
4. https://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html Interactive you “fix the budget activity” (macro)
5. http://www.econtalk.org/archives.html 1 hour podcasts
6. http://econblog.aplia.com/ News for Economics students with questions
7. http://www.npr.org/rss/podcast/podcast_detail.php?siteId=94411890 US national public radio podcasts for Planet Money
8. http://welkerswikinomics.wetpaint.com/ Jason Welker’s student wiki on the IB Economics course
9. http://www.cosmolearning.com/economics/videos/ Online economics videos
10. http://data.worldbank.org/ Data bank of economic and development indicators
11. http://www.gapminder.org/world/#;example=75; Data site: graphing and videos
12. http://www.youtube.com/profile?user=EconStories#grid/uploads Fun but informative rap songs about economics!
13. http://www.bized.co.uk/learn/economics/index.htm Learning material for IB Economics
14. http://www.ecb.int/ecb/educational/html/index.en.html European Central Bank: Info on monetary policy, short videos plus the Economia interactive game.
15. Online Tools
16. http://groups.diigo.com/group/econ-teachersOnline bookmarking group that posts articles relate to Economics
17. www.Diigo.com You can set up your own groups of bookmarked articles
18. www.Mindmeister.com Online collaborative mind maps (paying)
19. http://docs.google.com Allows sharing of, and collaboration on, documents and PowerPoints.
20. http://www.netvibes.com/ Personalized home pages that collate your RSS feeds from new sites
21. http://www.aplia.com/

Teacher resource packs

1. AS/A2 International Economics Teacher Resource Pack: B Ellis ISBN: 9780860033608 Hodder Education
2. Friday Afternoon Economics A-Level Resource Pack + CD Author: Ruth Tarrant ISBN: 9780340966624 Hodder Education

Magazine

Economics Review (quarterly for 16-18 year olds): http://www.philipallan.co.uk/economicreview/index.htm

Assessment Outline for New IB Economics syllabus

Hi everyone,

IB Economics syllabus is changing and will be effective for students appearing for Examinations in year 2013 and after. But if you have your examinations before 2013 then this post is not for you.

We will just take an a broad overview of the assessement for the new syllabus.

Economics SL

External assessment (3 hours) 80%

Paper 1 (1 hour and 30 minutes) 40%
An extended response paper (50 marks)
Assessment objectives 1, 2, 3, 4
Section A
Syllabus content: section 1—microeconomics
Students answer one question from a choice of two. (25 marks)
Section B
Syllabus content: section 2—macroeconomics
Students answer one question from a choice of two. (25 marks)

Paper 2 (1 hour and 30 minutes) 40%
A data response paper (40 marks)
Assessment objectives 1, 2, 3, 4
Section A
Syllabus content: section 3—international economics
Students answer one question from a choice of two. (20 marks)
Section B
Syllabus content: section 4—development economics
Students answer one question from a choice of two. (20 marks)

Internal assessment (20 teaching hours) 20%
This component is internally assessed by the teacher and externally moderated by the IB at the end of the course.
Students produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media.
Maximum 750 words x 3 (45 marks)

Economics HL

External assessment (4 hours) 80%

Paper 1 (1 hour and 30 minutes) 30%
An extended response paper (50 marks)
Assessment objectives 1, 2, 3, 4
Section A
Syllabus content: section 1—microeconomics
Students answer one question from a choice of two. (25 marks)
Section B
Syllabus content: section 2—macroeconomics
Students answer one question from a choice of two. (25 marks)

Paper 2 (1 hour and 30 minutes) 30%
A data response paper (40 marks)
Assessment objectives 1, 2, 3, 4
Section A
Syllabus content: section 3—international economics
Students answer one question from a choice of two. (20 marks)
Section B
Syllabus content: section 4—development economics
Students answer one question from a choice of two. (20 marks)

Paper 3 (1 hour) 20%
HL extension paper (50 marks)
Assessment objectives 1, 2 and 4
Syllabus content, including HL extension material: sections 1 to 4—microeconomics,
macroeconomics, international economics, development economics
Students answer two questions from a choice of three. (25 marks per question)

Internal assessment (20 teaching hours) 20%
This component is internally assessed by the teacher and externally moderated by the IB at the end of the course.
Students produce a portfolio of three commentaries, based on different sections of the syllabus and on published extracts from the news media.
Maximum 750 words x 3 (45 marks)

source: IB Economics Guide 2013 copyright ibo.org

Next post will carry a detailed overview of the External Assessement details for IB Economics HL and SL. So keep in touch

Welcome to IB Economics

This blog is specifically written for students and teachers who are involved with IB Economics. It contains links to revision notes and other resources which will help IB Economics students to improve their grade. This blog also contains resources such as Powerpoint Presentations, Mind Maps, Worksheets, Internal Assessment and Extended Essay guidance for both teachers and students.

I am sure you all will gain a lot from this blog.

Moreover I would like to inform you that dineshbakshi.com is coming up with an all new section for IB Economics which will contain high quality resources absolutely free of cost. Visit http://www.ibeconomics.dineshbakshi.com

We would recommend you to please subscribe to this blog so that you are updated with the latest resources appearing on this blog.

So sit back and keep in touch!!

regards,

Dinesh Bakshi