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.

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