Answer: The internal Assessment is a crucial component of IB Economics. It allows students to independently investigate an economic issue, apply economic theories, and develop research and analytical skills. The IA provides an opportunity for students to connect theoretical concepts with real-world situations.

Paper 1 focuses on multiple-choice questions that test fundamental economic concepts, theories, and definitions. In this paper, SL students answer 30 questions within one hour while HL students answer 40 questions within one hour and fifteen minutes.
Paper 2 delves into data response questions that assess students’ ability to apply economic theories to real-world situations effectively.
Paper 3 is exclusive to HL students as they face extended response questions that test their ability to synthesise knowledge across different areas of the syllabus. Students have two hours and fifteen minutes to answer two out of four available essay-style questions

IB Economics provides a solid foundation for students pursuing further studies in economics, business, finance, or related fields. The program enhances critical thinking skills, analytical abilities, and the capacity to apply economic theories to real-world problems, preparing students for higher education and future careers in various economic sectors.

Writing an Extended Essay (EE) for IB Economics involves conducting independent research on a specific economic question or issue. Here is a step-by-step guide on how to write an Extended Essay in IB Economics:

1. Choose a Relevant Topic:
   Select a topic that is both interesting to you and falls within the scope of IB Economics. Ensure that the topic is specific enough to allow for in-depth analysis.
2. Formulate a Clear Research Question:
   Develop a concise and focused research question that your essay will aim to answer. Make sure it is clear, specific, and directly related to economic concepts.
3. Conduct Preliminary Research:
   Familiarize yourself with the existing literature on your topic. This will help you refine your research question and identify gaps in the current knowledge.
4. Develop a Solid Thesis Statement:
   Craft a thesis statement that clearly outlines the main argument or position you will be taking in your essay. This statement should align with your research question.
5. Create an Outline:
   Organize your thoughts and structure your essay by creating a detailed outline. Include sections for the introduction, literature review, methodology, analysis, conclusion, and bibliography.
6. Introduction:
   Start with a compelling introduction that provides background information on the topic, states your research question, and presents your thesis statement. Clearly outline the scope and purpose of your essay.
7. Literature Review:
   Review existing literature related to your topic. Discuss key theories, models, and research findings relevant to your research question. Identify any controversies or gaps in the literature.
8. Methodology:
   Clearly explain the methodology you will use to conduct your research. Describe the data sources, data collection methods, and any analytical techniques you plan to apply.
9. Analysis:
   Present your analysis in a structured manner, using economic theories and concepts. Support your arguments with data and evidence. Discuss any limitations in your analysis.
10. Conclusion:
    Summarize your key findings, restate your thesis in light of the evidence, and discuss the implications of your research. Address any limitations and suggest areas for future research.
11. Bibliography:
    Provide a comprehensive list of all the sources you used in your research. Follow a consistent citation style (e.g., APA, MLA, Chicago).
12. Appendix:
    Include any supplementary material, such as raw data, charts, or additional information that supports your analysis.
13. Revise and edit:
    Review your essay for clarity, coherence, and consistency. Check for grammatical errors and ensure that your arguments are well-supported and logically presented.
14. Seek feedback:
    Share your essay with teachers, peers, or mentors to get constructive feedback. Consider making revisions based on their suggestions.
15. Meet Formatting Requirements:
    Ensure that your essay adheres to the IB’s formatting guidelines, including word count, font size, and referencing style.
    By following these steps, you can develop a well-researched and coherent extended essay in IB Economics. Remember to start early, manage your time effectively, and stay focused on your research question throughout the writing process.

IB Economics covers a range of topics including market structures, supply and demand, elasticity, market failure, fiscal policy, monetary policy, international trade, development economics, and more.