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 ▸Is a firm earning abnormal profits in perfect competition productively and allocatively efficient?
State the key assumptions and characteristics of a competitive market and outline the difference between the short-run and the long-run.
How can I get 8 points out of 8 in Question d of the Economics HL Paper 2?
Distinguish between direct and indirect tax.