How to I approach the 10 mark question on paper 1?
Start by defining the key economic terms which are used in the question. This is absolutely essential. After your definitions move on to the next paragraph. In the second paragraph you need to explain the relavant economic theory. A diagram is almost always necessary. In the final paragraph include a real life example. This is key to scoring in the 8-10 point range.
AL
Related Economics IB answers
All answers ▸Should the government intervene in cases of market failure?
State the key assumptions and characteristics of a competitive market and outline the difference between the short-run and the long-run.
Explain the effect on GDP of an expansionary monetary policy (10)
Explain the impact that a rise in the world price of oil might have on aggregate supply and gross domestic product (GDP) in an economy