IBs Internal Assessment gives you a chance to gain a good score of 7. As it makes up to twenty percent in your final grading. Few quick tips that will definitely help you to complete your IB Economics Internal Assessment.
Choose your topic wisely
For IB Internal Assessment choose the topic which will provide you the most relevant association with your course structure.
- Always remember to choose wisely, avoid topics which do not provide clear and detailed analysis for evaluation.
- Make sure you choose the topic for which you are well equipped.
- Do not go for tough-topic, it will not help you to gain extra credit.
- See for topics which have clear diagrams, perfect association with your syllabus and you have good knowledge.
- Few suggestions are on topics, such as tariffs and quotas, interest rates, exchange rates, unemployment, taxes and subsidies.
- For instance, one can take taxes and subsidies as a topic. This topic is very wide and provide unlimited amount of resources from which you can extract data as well as information. It also gives clear idea of practical implications by providing approachable diagrams and market analysis.
- As it is widely used topic, one can also look for past works done on this topic which will help you in your analysis and findings.
Choice of article
A bad article or an article which is too old or not an authentic one can put you in a difficult situation.
Choose your article from a reputable and authentic source, be it any article published in a well-known journal such as Economics and Political Weekly, American Economic Journal, Journal of Finance, Journal of Public Economics or any newspaper daily such as BBC News, The Guardian, CNN, Financial Times.
Avoid using sources and websites of which you have never heard of. Do not limit yourself, try to explore a wide range of articles and choose the most appropriate one. Search for the topics and articles which are relevant to the present economic scenario.
This will help you in better evaluation and analysis of the current economic conditions of your surroundings.
Focus on diagrams
Diagrammatic representation is the most important aspect in economics.
- Draw neat and clean diagrams.
- Make sure you do not forget to label your diagrams properly.
- Never miss legends, titles, labels, and indications on your diagrams.
- Do not try to copy your diagrams.
- There are times when diagrams given in your book might not be that much relevant to the information on which you are working. In this case, modify your diagrams wherever required. Add relevant indicators in your diagrams.
- If possible use charts as well as statistical graphs using any basic software, such as MS-EXCEL. This will enhance your subject matter and empirical evidences adds more value to your subject matter.
A well-prepared diagram takes you closer to a score of 6. But to have a score of 7 you have to explain your diagram in words. Explain the working of concepts, and variables used.
Structure your writing
- Make a brief introduction where you can explain the theories and variables used. Do not include all definitions, rather go for definitions of some key terms which you feel like are important to mention. Summaries your findings in a few lines, in this part.
- Point out the problem in which you are working upon and associated market behavior. For example, say government is thinking of imposing taxes in alcohol buying. This may influence each and every sector which involves usage of alcohol in their products for instance medicines. This sector will also have impacts with tax imposition on alcohol consumption.
- Analyze the problem and coin a solution to that problem. When you know what you are trying to solve them you know the answer how it will be solved. You can maybe use cheap alternatives, if possible or work on research and development to come up with new technological innovation which is cheap and reliable.
- Work on policy implications of the solutions proposed. Only theoretical solutions won’t do well. You need to imply them to current economic scenario. Say, shifting or sharing of taxes may not reduce the demand and consumption thus will reduce the impact on market.
- Conclude your findings, solutions, and analysis and policy recommendations. It will be a kind of recap for your analysis.
Evaluation is the most important aspect of your writing. If you do not include the evaluation part, your writings will seem to be incomplete. Examine your theory, propose solutions, give conclusion, take few assumptions, and finally define advantages and disadvantages of your proposed recommendations.
Try to imply these solutions to real world economies, model your recommendations with different variables. And bang on you are done with your internal assessment.