How can I achieve a top grade?
Economics is all about models involving assumptions and diagrams. So whenever you're answering a question, you must identify the assumptions relating to it, draw a diagram illustrating your argument and give a detailed explaination of the diagram. Top mark answers will further include examples and evaluation of the economic theories and policies.
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Related Economics IB answers
All answers ▸Assuming an increase in the market demand for petrol, analyse the role of the price mechanism in reallocating resources.
Should the government intervene in cases of market failure?
Explain price elasticity of demand and how this may impact government taxation
Explain one reason why governments impose indirect taxes.