IB Economics Required Diagrams

Complete Guide to IB Economics Diagrams

Mastering economic diagrams is essential for IB Economics success. The IB requires you to construct and explain specific diagrams for each syllabus section. This guide organises all required diagrams by topic, with HL-only diagrams clearly marked in bold.

What You Need to Know:

• All diagrams must be accurately drawn and fully labelled

• You must explain the economic concepts the diagrams illustrate

• HL students have additional diagrams beyond the SL requirements

• Practice drawing these from memory - exams don't provide templates

How to Master IB Economics Diagrams

Essential Practice Strategies

• Draw from memory: Practice constructing each diagram without looking at examples. In exams, you'll need to draw them accurately without templates

• Label everything: Every axis, curve, shift, and area must be clearly labelled. Missing labels cost marks

• Explain IB Economics theory: Drawing the diagram is only half the task - you must explain what it shows and why it matters

• Link to IB Economics real-world examples: Connect each diagram to current economic situations or case studies you've studied

HL Students: Additional Requirements

If you're taking Higher Level Economics, pay special attention to diagrams marked in bold throughout this guide. These include:

• All market power diagrams (perfect competition, monopoly, monopolistic competition, oligopoly)

• Phillips curve analysis

• Money market equilibrium

• Comparative advantage with linear PPCs

• J-curve and Marshall Lerner condition

• Crowding-out effect

• Construction of Lorenz curves from data

Common Mistakes to Avoid

• Drawing supply curves downward sloping or demand curves upward sloping

• Forgetting to show the shift vs movement distinction

• Not labelling equilibrium points clearly (E1, E2, etc.)

• Missing arrows to show direction of shifts

• Incomplete labelling of welfare areas (consumer surplus, producer surplus, deadweight loss)

Ready to Practice?

This guide provides the complete list of required diagrams, but understanding comes from practice. Work through each section systematically, starting with the foundation concepts and building up to more complex diagrams.

For detailed explanations, worked examples, and practice questions for every diagram, check out our comprehensive IB Economics Diagrams resources.