Answering Economics Case Study Questions
When it comes to Economics Paper 2, many students fumble with the idea of applying economic theories in real-life case studies. However, it’s not the regurgitation of facts, memorised real life examples, or definitions, as many students think that matters. Instead, it’s the requirement of understanding economic concepts with application to real life news headlines.
IB Economics Case Studies have become increasingly harder in today’s uncertain economic climate. As a result, questions are asked based on multiple topics, including Section 3 and 4 of the syllabus and even a blend of both Micro and Macro concepts. This implies that it’s neither how hard you work, nor is it being able to bank on International and Developmental parts of the syllabus, but rather, how you tailor your study techniques to answer the demands and complexities of said questions.
As a guest writer who has scored 38/40 for Paper 2, I would like to share some tips with you, allowing you to tackle this paper using the NMN (‘emi-nem’ LOL) acronym easily.
#1 Never Leave Your Paper Blank
When tackling Paper 2 questions, many students tend to read only the case studies without annotating. This is a sure-fire way to miss the crux of the case study and exclude certain points that should be incorporated in your final analysis.
The best advice I can give would be to highlight the points relevant to the case study and subsequently, find out how they can fit into the narrative of your part d) question.
Furthermore, humans have a high tendency to forget things in exam conditions, thus not annotating your case studies increases the chances you may make mistakes. By annotating case studies consistently, it becomes easier for one to be able to identify the key points to incorporate into the answers.
You should be highlighting certain points, such as, “Poor governance has led to an issue of widespread corruption and funds diverted away from institutional reforms like education and infrastructure developments.” By doing this, the main point of poor governance being an impediment to the economic development of the country can be easily encapsulated in your answer. This creates a mental framework in your mind, demonstrating clear understanding of the context of the case study/country.
#2 Most of the Focus should be on Part d) Questions
Each case study should be approached with a time limit of 45 minutes. With the demands of each questions from part a) to d) in mind, this would be my recommendation:1. Part a) - c): 20 mins
2. Part d): 25 mins
Part a) to c) should be done in the shortest time frame, because based on the mark scheme, being awarded the highest mark is not difficult. They simply require full, detailed relevant explanations and elaborations, something that you will definitely have gotten the hang off before your IB Examinations.
When answering these questions, you may use the standard PEEL format (which I personally do not use), or write out full explanations as seen in the Economic study guides, with the context of the question in mind. Most importantly, ANSWER the question directly, keeping in mind that the examiners are mainly looking out for the correct keywords, economic theories, and relevant points.
#3 Never Study International & Developmental for Paper 2 Only
The IB syllabus is getting increasingly cross-sectional, meaning that Micro and Macro questions can be tested in Paper 2 as well. This means you cannot exclude any parts of the syllabus. Hopefully, since Paper 1 is usually the day before Paper 2, you would have less trouble recalling Micro and Macro concepts.
What I would like to stress is: Do not assume Paper 2 will test International and Developmental only, but rather, study smart such that regardless of the situation, you will have the ability to integrate concepts from the earlier syllabus into your answers.
Especially for students that take Higher Level Economics, IB has consistently tested students on Theory of the Firm in part b) or c) questions, resulting in students being easily confused. However, in a situation that that does not occur, you should have studied the syllabus sufficiently to not be stumped by the question.
Final Words
With today’s economic volatility and a stalling global recession caused by the pandemic, there are many case studies IB are able to test on this year. The many articles being published currently about stimulus COVID-19 packages; restructuring of the economy; rampant unemployment, can be used for your IAs.
The key to answering CSQ questions well would be finding out how you are able to link your economic concepts with the real life world. For practice, you should begin by reading the news, as that will allow you to kick-start your journey to a grade 7 in IB.
When you come across headlines such as “COVID-19 has led to the Fed buying back bonds”, ask yourself “What does this entail?”, “What economic policy is the government trying to do here?” and “Does it really work?”. With the desire to learn and understand more about the real world, you will be able to utilise the knowledge learnt in the classroom efficiently, allowing you to better understand the concepts taught in Economics.
Thus, your responses to CSQs will become more polished and in depth, allowing you to put on the thinking cap of an economist and soar to greater heights.
