Ib Economics Coursework Help

 

Economics teacher support material 2

Student A: Example 1

Bank voted 8-1 to maintain rates

The Bank of England voted eight to one to keep interest rates on hold at 5%, minutes of its last meetingshow.

Inflation has risen in recent months, driven by high oil and food prices, making policymakers reluctant to cut ratesdespite the cooling economy.March's 0.8% monthly rise in consumer prices was the steepest for nearly seven years."Given the sharp rise in inflation in April it is not surprising that eight of the nine-strong Monetary PolicyCommittee (MPC) voted in favour of interest rates on hold two weeks ago," said George Buckley, headeconomist at Deutsche Bank.Recent figures showing weakness in both the manufacturing and service sector have increased pressure on theMPC to cut rates to 4.75%."Most believe that a significant slowdown is required to get inflation back to target and were concerned thatanother cut this month would give the impression that the committee was targeting growth, not inflation."

IB Economics Grading

IB Econ Grading

The formal IB Economics Level grading guidelines (following the most recent exams) is as follows. So when you do your practice questions, this is what we will use to determine your IB Grade. These are based on the latest IB Economics exams levels (which change very slightly each year).

PercentLevel
77 - 1007
64 - 766
51 - 635
39 - 504
27 - 383
13 - 262
00 – 121

For ‘other’, non-IB type assignments, quizes, tests, etc we use the normal Humanities Grade Boundaries:

Humanities Grading

The grade boundary for assessments that are not formal IB Economics material. This would include presentations, posters, multiple choice quizzes. We call these marks the OFS “Humanities Grade Boundaries.”

PercentLevel
80 - 1007
70 - 796
57 - 695
44 - 564
30 - 433
20 - 292
0 - 191

Assessment Outline - HL

EXTERNAL ASSESSMENT (4 hours) 80%Paper 1 (1 hour and 30 minutes) 30% Spend 45 minutes on each essay question. Roughly 2 minutes per mark (1.8 minutes exactly).

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% Spend 45 minutes on each data response question

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% Spend 30 minutes on each essay question

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). Many question parts require the use of a calculator. Graphic display calculators (GDCs) are allowed during the examination, and students should be familiar with their use. Full details are given in the section “Use of calculators”.

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)

 

How Exam Questions Are Marked

 

Paper 1: Extended-response questions (25 marks)

You have 1.5 hours to answer 2 questions

This is higher paper 1 (HP1) . We aren't sure yet how much choice you will get.

Do the DEED in both parts and note that, in the 15-mark part, you'll need to include a real-life example to score above a level 7 and (of course) you need to evaluate. The 15 mark part will always ask you to evaluate. Part (a)  [10 marks]

Level 0 Completely inappropriate answer. (0 marks)

Level 1 Little understanding of the specific demands of the question. Very little recognition of relevant economic theory. Relevant terms not defined. Significant errors. (1–3 marks)

Level 2 Some understanding of the specific demands of the question. Some recognition of relevant economic theory. Some relevant terms defined. Some errors. (4–6 marks)

Level 3 Understanding of the specific demands of the question. Relevant economic theory explained and developed. Relevant economic terms defined. Few errors. Where appropriate, diagrams included.(7–8 marks)

Level 4 Clear understanding of the specific demands of the question. Relevant economic theory clearly explained and developed. Relevant economic terms clearly defined. No major errors. Where appropriate, diagrams included and explained. Where appropriate, examples used. (9–10 marks)

Part (b)  [15 marks]

Level 0 Completely inappropriate answer. (0 marks)

Level 1 Little understanding of the specific demands of the question. Very little recognition of relevant economic theory. Relevant terms not defined. Significant errors. (1–5 marks)

Level 2 Some understanding of the specific demands of the question. Some recognition of relevant economic theory. Some relevant terms defined. Some errors. (6–9 marks)

Level 3 Understanding of the specific demands of the question. Relevant economic theory explained and developed. Relevant economic terms defined. Few errors. Where appropriate, diagrams included. An attempt at evaluation.(10-12 marks)

Level 4 Clear understanding of the specific demands of the question. Relevant economic theory clearly explained and developed. Relevant economic terms clearly defined. No major errors. Where appropriate, diagrams included and explained. Where appropriate, examples used. Evidence of appropriate evaluation. (13–15 marks)

Data-response questions Each question is worth [20 marks].

45 minutes per question 

This is higher paper 2 (HP2). The exam will be 5 questions and you'll choose 2 to do in 1.5 hours.

Tips from Mr McCarthy: Try not spend more than 2 mins per mark. So for the evaluation question D try to allow at least 16 minutes but probably slightly longer. Remember this exam requires lots of reading time, so factor this in to your time management. The shorter question B and C should take about 6-8 mins each.

(Click here for preparation strategies for this question type)

The assessment criteria apply to all questions.   Part (a) (i)  [2 marks]

Level 0 Wrong Definition. (0 marks)

Level 1 Vague definition. (1 mark)

Level 2 Precise definition, or vague definition with appropriate example. (2 marks)

  Part (a) (ii)  [2 marks]

Level 0 Wrong Definition. (0 marks)

Level 1 Vague definition. (1 mark)

Level 2 Precise definition, or vague definition with appropriate example. (2 marks)

Part (b)  [4 marks]

Level 0 Inappropriate answer. (0 marks)

Level 1 Identification of appropriate theory. (1-2 marks)

Level 2 Correct application of appropriate theory. (3-4 marks)

Part (c)  [4 marks]

Level 0 Inappropriate answer. (0 marks)

Level 1 Identification of appropriate theory. (1-2 marks)

Level 2 Correct application of appropriate theory. (3-4 marks)

 Part (d)  [8 marks]

Level 0 No valid discussion. (0 marks)

Level 1 Few relevant concepts recognized. Little discussion, or only basic understanding.  (1–2 marks)

Level 2 Relevant concepts recognized and developed in reasonable depth.  Some attempt at application and analysis.  (3–5 marks)

Level 3 Relevant concepts developed in reasonable depth demonstrating effective evaluation, supported by appropriate evidence or theory. (6–8 marks)

* If there is no direct reference to the data, then candidates may not be rewarded beyond Level 2.

 

Group 3 Grade Descriptors

Grade 7 Excellent performance

Demonstrates: conceptual awareness, insight, and knowledge and understanding which are evident in the skills of critical thinking; a high level of ability to provide answers which are fully developed, structured in a logical and coherent manner and illustrated with appropriate examples; a precise use of terminology which is specific to the subject; familiarity with the literature of the subject; the ability to analyse and evaluate evidence and to synthesize knowledge and concepts; awareness of alternative points of view and subjective and ideological biases, and the ability to come to reasonable, albeit tentative, conclusions; consistent evidence of critical reflective thinking; a high level of proficiency in analysing and evaluating data or problem solving.

Grade 6 Very good performance

Demonstrates: detailed knowledge and understanding; answers which are coherent, logically structured and well developed; consistent use of appropriate terminology; an ability to analyse, evaluate and synthesize knowledge and concepts; knowledge of relevant research, theories and issues, and awareness of different perspectives and contexts from which these have been developed; consistent evidence of critical thinking; an ability to analyse and evaluate data or to solve problems competently.

Grade 5 Good performance

Demonstrates: a sound knowledge and understanding of the subject using subject-specific terminology; answers which are logically structured and coherent but not fully developed; an ability to provide competent answers with some attempt to integrate knowledge and concepts; a tendency to be more descriptive than evaluative although some ability is demonstrated to present and develop contrasting points of view; some evidence of critical thinking; an ability to analyse and evaluate data or to solve problems.

Grade 4 Satisfactory performance

Demonstrates: a secure knowledge and understanding of the subject going beyond the mere citing of isolated, fragmentary, irrelevant or ‘common sense’ points; some ability to structure answers but with insufficient clarity and possibly some repetition; an ability to express knowledge and understanding in terminology specific to the subject; some understanding of the way facts or ideas may be related and embodied in principles and concepts; some ability to develop ideas and substantiate assertions; use of knowledge and understanding which is more descriptive than analytical; some ability to compensate for gaps in knowledge and understanding through rudimentary application or evaluation of that knowledge; an ability to interpret data or to solve problems and some ability to engage in analysis and evaluation.

Grade 3 Mediocre performance

Demonstrates: some knowledge and understanding of the subject; a basic sense of structure that is not sustained throughout the answers; a basic use of terminology appropriate to the subject; some ability to establish links between facts or ideas; some ability to comprehend data or to solve problems.

 Grade 2 Poor performance

Demonstrates: a limited knowledge and understanding of the subject; some sense of structure in the answers; a limited use of terminology appropriate to the subject; a limited ability to establish links between facts or ideas; a basic ability to comprehend data or to solve problems.

Grade 1 Very poor performance

Demonstrates: very limited knowledge and understanding of the subject; almost no organizational structure in the answers; inappropriate or inadequate use of terminology; a limited ability to comprehend data or to solve problems.

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