The chosen topic may be inspired, for example, by issues raised in the classroom, by current events, by circumstances relating to the immediate environment, or by aspects of the candidate's own socio-economic situation. In every case, students should start from the unknown and discover something new for themselves. A temptation, which should be resisted, is to start from the unknown, to rely on a well-documented topic in economics or information from a relation/family friend in business.

An essay in which there is no personal research, which is dependent entirely on summarising secondary sources and/or which is entirely narrative or descriptive in nature should be avoided.

The following examples are intended for guidance only.

 

Unemployment in the city I live in is better than Unemployment in Asia in the 1990''s

 

Do interest rates affect investment decisions? is better than The Third World Debt Crisis.

 

Competition among petrol stations in my area is better than OPEC 1990 - 2000.

 

In defining the scope of the Economics topic to be treated, candidates might consider undertaking a small scale investigation to test an aspect of received theory. Alternatively, a larger topic might be selected, which would lead to the examination in depth of a small case study.

 

The choice of a micreconomic topic may provide a better opportunity for both originality and clear focus. However, essays in the macroeconomic domain can more than satisy the criteria if a personal approach is introduced by analysing the nature of the macroeconomic theme in specific instances and by particular reference.

 

Measuring the price elasticity of demand for products in the school shop is better than Price Elasticity with Thailands' exports in the 1990's.

 

The effects of price controls - a case study of basic foodstuffs in a suburb of Bangkok is better than The effects of price controls in Thailand.

 

TREATMENT OF THE TOPIC

 

Don't confuse Economics with Business and Organisation. It should be possible to demonstrate that an Economics topic is linked in some way to basic problems of policy or questions like "What?", "how?", "Why?" or "For whom?". Extended Esays based on an 'Enterprise' activity, or involving group work, need to be treated with caution if they are to be submitted as an Extended Essay in Economics.

 

In relation to the collection and presentation of data, the use of clear, relevant diagrams, statistics, tables, histograms and graphs is of particular importance. They should appear in the body of the essay as close as possible to their first reference. Data is useless unless analysed. Where students draw conclusions based on time series data they should be prepared to convert current prices into constant prices.

 

ASSESSMENT CRITERIA

 

J	To what extent does the candidate use appropriate sources of economic information?
Achievement Level
0	The essay contains no evidence of the use of appropriate sources of economic information.
1	The essay contains little evidence of the uses of sources of economic information and these are irrelevant to the aim(s) of the research.
2	The essay contains evidence of a selection of sources of economic information but these are not always consistent with the aim(s) of the research.
3	The essay contains evidence of a considered selection of sources of economic information consistent with the aim(s) of the research.
4	The essay contains strong evidence of an original and considered selection of appropriate sources of economic information consistent with the aim(s) of the research.

K	To what extent does the candidate effectively use the language of economics?
Achievement Level
0	The essay demonstrates no use of economic terminology and no attept to define terms.
1	The essay demonstrates frequently vague and inconsistent use of economic terminolgy. Terms requiring definition are either not defined, or are defined incorrectly.
2	The essay demonstrates generally precise, but not always consistent use of economic terminolgy. Terms requiring definition are either not defined, or are defined ambiguously.
3	The essay demonstrates precise, but not always consistent use of economic terminolgy. Terms are adequately defined where appropriate.
4	The essay demonstrates consistent and precise use of economic terminolgy, including exact definitions where appropriate.

L	To what extent does the candidate understand the relevant economic concepts?
Achievement Level
0	There is no understanding of the relevant economic concepts.
1	There is evidence of only partial understanding of the relevant economic concepts.
2	There is evidence of an understanding of the relevant economic concepts adequate for the purpose of the essay.
3	There is evidence of a sound understanding of the relevant economic concepts.
4	There is thorough understanding of relevant economic concepts.

M	To what extent does the candidate use relevant economic theory in order to answer a research question and/or test a hypothesis?
Achievement Level
0	There is no evidence of economic theory.
1	There is some notion of relevant economic laws and principles, bu there is a failure to explain them clearly or apply them in a logical manner.
2	Relevant theory has been identified, but has not always been clealy explained. The links with the data and the research question or hypothesis are superficial.
3	Known laws and principles have been applied in order to explore possible answer to the research question, and/or to test hypotheses, but there may be some errors in application.
4	Relevant theory has been applied directly and imaginatively in order to explore possible answers to the research question and/or to test hypotheses.

IB Homepage

Extended Essay homepage

General guidelines

General grading criteria

Subject grading criteria