How I Structure My IB Economics Exam Review Sessions...
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Before we begin this week, I want to take a moment to send a message of love to all of our colleagues in the Middle East, and to those who have family and loved ones there, whose lives may have been shaken by the recent escalation of conflict. Having never lived through war myself, I can only imagine the uncertainty and fear some may be feeling right now. I also know that many within our global community may be watching these events unfold with deep concern for friends, colleagues, and former students in the region. I am one of them. Wherever you may be, from Tehran to Beirut to Jerusalem to Dubai to Riyadh, and anywhere in between, I hope that you and your families are safe and surrounded by the support you need. May this conflict end soon, and with as few lives lost as possible. This week’s newsletter grew out of the many emails I’ve received asking how I structure my IB Economics exam review sessions in terms of content. Because it is the 64-million-dollar question at this time of year for IB Economics Teachers… In terms of content, how should review sessions be structured in the weeks leading up to the IB Economics exams? It is such an important question because review time is limited. No one has the luxury of revisiting every single corner of the syllabus in depth. So the real issue becomes this… Where should you focus your time to give students the greatest return on their effort? Or better said, give them the best chance to earn the marks they desire. Here is how I think about it. If there are roughly ten lessons available for structured review of content (as opposed to skills), I break them down strategically across Microeconomics, Macroeconomics, The Global Economy, and Market Power. The goal is not to re-teach the course. The goal is to sharpen the areas that most consistently appear on the IB Exams in the past. Let’s walk through it. Microeconomics: Government Intervention and Market Failure Microeconomics can feel enormous during review season. But not all topics carry equal weight. Over the years, I have found that focusing on two core areas pays the biggest dividends. Government Intervention Students should have mastery of the four key diagrams:
If they understand these thoroughly, they can handle almost any scenario in which a government steps into a market to alter outcomes. Market Failure The four externality diagrams are equally critical. Students must be able to explain why the market fails and justify government solutions. Conveniently, those solutions often loop directly back to indirect taxes and per-unit subsidies, which reinforces the earlier diagrams. Here are the four Market Failure diagrams…
Elasticities also weave into this review. Understanding elasticity strengthens students’ explanations of why governments tax certain goods or subsidize others. If students are strong in these diagrams and the logic behind them, Microeconomics becomes far less overwhelming. Macroeconomics: Anchor Everything to AD-AS and Government Objectives In Macroeconomics, everything flows from the two Aggregate Demand and Aggregate Supply Diagrams.
Students need mastery of both. If they can draw, label, and explain both models confidently, they can handle most Macroeconomic “problems” the IB presents. From there, review should center on three government objectives:
Most Macroeconomic questions ultimately circle back to one or more of these. Then comes “solutions” to these Macroeconomic “problems”. Students must be comfortable explaining both…
More importantly, they should understand how these policies shift aggregate demand and how they address unemployment, inflation, or economic growth concerns. When students see Macroeconomics as a connected system rather than isolated topics, their answers become far more coherent. The Global Economy: Be Selective and Strategic The Global Economy is broad. Trying to cover everything evenly during review is rarely efficient. Instead, I focus on the following... International Economics: Free Trade and Protectionism
And they must know the three key protectionism diagrams:
These three appear frequently and are highly versatile across both Paper 1 and Paper 2. International Economics: Exchange Rates & Balance of Payments Students should be fully comfortable with the exchange rate diagram and the relationship between currency movements and the balance of payments. This is one of the most consistently examined areas. Development Economics There are no diagrams here, but strong conceptual understanding matters. I encourage students to focus on the impact of these three aspects of development…
The key in Development Economics is that students truly review the material and develop a clear understanding of the impact of development. They need to recognize that most international development funding flowing into developing nations is directed toward improving education, healthcare, or infrastructure. One of the coolest insights a former student shared with me was this: many of the goals and objectives in Development Economics are almost exactly the same as the macroeconomic goals and objectives for development. The difference is simply the source of the money. In Macroeconomics, the funding comes from within the country. In Development Economics, the funding comes from outside the country. I thought that was an incredibly astute observation, and I’ve repeated it ever since. It’s a powerful way to bring cohesion to students’ understanding and help them see how the different areas of economics connect.. Market Power: Center on Cost, Revenue, and Profit For Higher Level students, Market Power deserves concentrated review. Everything should be anchored to cost, revenue, and profit. Students must master the profit diagrams for:
If they can clearly explain profit outcomes in each structure and discuss efficiency and welfare implications, they will be well-positioned for any HL question. Final Thoughts…. In the end, the review process is about focus, clarity, and building students’ confidence. I hope these insights into which parts of the curriculum to prioritize help you think more intentionally about how to structure your IB Economics review plan. Of course, there is another layer to this work. Beyond content, we need to ensure that students are confident in the Five Essential Skills: Language, Calculations, Diagrams, Analysis, and Evaluation. These skills are foundational, and they ultimately determine how effectively students can communicate what they know on the exam. If you are interested in going deeper into how to integrate those five essential skills into your teaching and review sessions, I have written more about that in a previous newsletter. Here’s the link. Have a look, if you think it would be helpful. I hope this brief insight into how I have always organized content review sessions proves helpful in your classroom. See you next week and may peace return again. Upcoming Professional Development Opportunities... Theory of Knowledge New Teacher Workshop - July 23rd & 24th, 2026 - Designed for teachers new to Theory of Knowledge, this two-day training co-taught by Brad Cartwright and Sofía Elizalde offers a clear, practical roadmap for teaching TOK with confidence. Together, we will explore the core components of the IB Diploma Programme, the purpose and structure of the TOK course, key assessment criteria, the TOK Exhibition, the TOK Essay, and classroom strategies that support thoughtful discussion, meaningful reflection, and strong student writing. An Early Bird Discount is available--use coupon code EARLYBIRDTOK at checkout. IB Economics New Teacher Training - July 25th & 26th, 2026 - Designed specifically for teachers new to IB Economics, this two-day teacher training program will give you a practical roadmap to begin your IB Economics teaching career feeling confident, prepared, and calm. Brad Cartwright |