How to Find Perfect Economics Examples for Your IA: A Student’s Guide

Are you struggling to find compelling economics examples for your IA that will impress your examiner?

Finding the perfect economics examples can make or break your Internal Assessment. The right real-world application doesn’t just fill space—it demonstrates your understanding of economic concepts and shows you can connect theory to actual events happening around us.

I remember working on my own economics IA and spending countless hours searching for examples that were relevant, current, and meaningful enough to support my arguments. It was challenging but ultimately worth the effort when my teacher highlighted my examples as the strongest part of my assessment.

Throughout this guide, I’ll share proven strategies for discovering economics examples that will strengthen your IA. We’ll explore various sources—from news articles to government reports—and look at specific examples for both microeconomics and macroeconomics topics. Additionally, I’ll show you exactly how to integrate these examples effectively into your analysis.

Let’s transform your economics IA from theoretical to practical with examples that truly showcase your understanding!

Why Real-World Examples Matter in Your IA

Real-world examples aren’t just decorative elements in your Economics Internal Assessment—they’re essential components that can determine your final grade. The difference between barely passing and achieving a 6 or 7 in IB Economics often comes down to how effectively you incorporate and analyze real-world examples ^[1].

Helps meet assessment criteria

Understanding the assessment criteria is crucial for IA success. The IB Economics IA rubric specifically rewards students who can apply economic theories to real situations. Under Criterion C: Application and analysis (3 marks), examiners assess “the extent to which the student recognizes, understands, applies and analyzes economic theory in the context of the article” ^[2].

To achieve full marks, you must:

• Select relevant economic theories for your article
• Demonstrate clear understanding of these theories
• Effectively use diagrams to analyze content
• Make logical predictions based on economic theories ^[2]

Furthermore, examiners look for evidence of critical thinking through your use of examples. The assessment criteria reward students who can demonstrate their ability to analyze economic issues through real-world applications ^[2]. Including strong examples isn’t optional—it’s expected in paper one part b essays and for HL students in paper three part b policy recommendations ^[1].

Shows application of economic theory – Economics IA

Economic theories can seem abstract until you connect them to real events. Using economics examples helps bridge the gap between theoretical concepts and tangible experiences ^[3]. This connection is vital for your IA because it shows you understand how economics works beyond textbook definitions.

Under Criterion D: Key concept (3 marks), you’re assessed on how well you explain and develop economic theories in the context of your article ^[2]. Consequently, selecting appropriate examples allows you to fully explain relevant theories and their effects.

In fact, the IB guide suggests that articles themselves should NOT contain too much economic theory—this is because you earn marks by recognizing and explaining how economic theories apply to general news articles ^[4]. This demonstrates your ability to identify economic principles at work in everyday situations.

Supports evaluation and analysis – Economics IA

Study Tools PDF 39

IA Master Handbook (Abridged, Oct Edition) - Internal Assessments Done Right

Plan, write, and evaluate your IB Internal Assessment with confidence. This practical guide gives students subject-specific strategies, analysis frameworks, and templates for scoring higher in the IA.

Download Free

The highest-weighted criterion in the IA rubric is Criterion E: Evaluation (4 marks), which assesses “the extent to which the student’s judgments are supported by reasoned argument” ^[2]. Real-world examples provide the foundation for these reasoned arguments.

To excel in this area, you should:

• Evaluate using multiple perspectives (at least three areas of CLASPP framework)
• Develop evaluative insights thoroughly
• Present balanced reasoning that acknowledges complexity
• Synthesize different insights to draw conclusions ^[2]

Economic examples help you evaluate theories by discussing their strengths and weaknesses in real contexts. This shows you can assess the effectiveness of economic theories and models critically ^[2]. Without concrete examples, evaluation becomes abstract and less convincing.

Moreover, using examples from various sources allows you to mitigate biases and present a more balanced analysis ^[5]. Through analyzing how economic principles play out in real situations, you demonstrate sophisticated understanding that goes beyond memorization of concepts.

Therefore, mastering the art of finding and applying strong economics examples isn’t just about improving your IA—it’s about developing analytical skills that will serve you throughout your academic career and beyond.

Where to Find Strong Economics Examples – Economics IA

Finding high-quality economics examples requires knowing where to look. While the perfect example might seem elusive, several reliable sources can provide you with the evidence needed to strengthen your IA. Let’s examine four key resources that consistently offer valuable economics examples.

News articles and current events

Reputable news sources provide timely, relevant examples that showcase economic theories in action. For your Economics IA, focus on publications known for their economic coverage and analytical depth.

The most reliable sources include:

• The Economist – Known for in-depth economic analysis
• The Financial Times – Excellent for global economic coverage
• The Wall Street Journal – Strong business and market perspective
• The New York Times – Broad economic coverage with social context
• BBC Business – Accessible economic reporting
• Reuters and Bloomberg – Up-to-the-minute economic news ^[6]

When selecting articles, look for pieces that are recent (published within the last 6-12 months) to ensure your IA feels current ^[7]. The ideal article length is between 300-800 words – short enough to digest quickly yet substantive enough to analyze ^[6].

Government reports and statistics – Economics IA

Government agencies produce some of the most authoritative economic data available, offering concrete figures to support your analysis.

The Federal Reserve Economic Data (FRED) stands out as an excellent one-stop repository with hundreds of thousands of nationwide datasets ^[8]. Similarly, the Bureau of Economic Analysis (BEA) provides comprehensive information on GDP, international investments, trade, government spending, and inflation through their Personal Consumption Expenditures Price Index ^[8].

For employment trends, the Bureau of Labor Statistics offers monthly jobs reports and Consumer Price Index data that track inflation ^[8]. Moreover, the U.S. Census Bureau regularly conducts economic surveys that provide context on the nation’s overall economic health ^[8].

Academic and economic blogs – Economics IA

Economic blogs bridge the gap between academic rigor and accessible analysis, making them ideal for finding interpretations of economic events.

Notable economic blogs include Marginal Revolution by George Mason University economists, which analyzes national and global fiscal policy ^[9]. Likewise, Paul Krugman’s “The Conscience of a Liberal” examines international trade imbalances and macroeconomic fiscal policy ^[9]. Greg Mankiw’s Blog offers insights on taxation policies and government spending from a renowned expert in New Keynesian economics ^[9].

Other valuable blogs include Freakonomics, which analyzes economic aspects of current events with a focus on incentives ^[9], and Calculated Risk, which provides up-to-date analysis of economic data with commentary on forecasting domestic and international markets ^[9].

YouTube channels and podcasts – Economics IA

Audio and video content often presents economic concepts in more engaging formats than written materials.

For YouTube channels, New Economic Thinking from the Institute for New Economic Thinking offers a broad range of formats and content, including documentaries and interviews with leading economists ^[10]. Money & Macro by Joeri Schasfoort analyzes current economic developments with accessible content despite its scientific approach ^[10].

Among podcasts, EconTalk hosted by Russell Roberts features award-winning weekly discussions with guest economists, doctors, entrepreneurs, and historians ^[11]. Planet Money from NPR takes on money and politics with a creative twist, covering topics like insider trading and taxes in about 6 to 30 minutes ^[11]. Meanwhile, Freakonomics Radio challenges assumptions about the world through conversations with Nobel laureates and other intellectuals ^[11].

By exploring these diverse sources, you’ll discover plenty of economics examples to strengthen your IA and demonstrate your understanding of economic principles in real-world contexts.

Microeconomics Examples You Can Use

Selecting the right microeconomics examples can elevate your IA from good to outstanding. With numerous economic concepts to choose from, focusing on examples that clearly demonstrate theory in action will help you score higher marks.

Demand and supply shifts

Practical examples of demand and supply shifts are abundant in news articles. For instance, when governments increase taxes on products like beer or cigarettes, this creates a leftward shift in the supply curve. As noted in various articles, these tax increases typically lead to price increases for consumers. A leftward supply shift means that for any given price, less is supplied, creating excess demand at the original equilibrium price and putting upward pressure on prices.

A concrete example is how the Albanese government raised tobacco tax by 5% annually to make smoking less attractive. Essentially, this supply shift creates a new equilibrium at a higher price point, eventually reducing consumption of these products.

Elasticities (PED, YED, PES)

When discussing elasticities in your IA, consider examples from everyday products:

• Price Elastic Goods: Luxury items like restaurant meals or electronics
• Price Inelastic Goods: Necessities like bread, which was described in one article as having relatively inelastic demand since it’s a necessity
• Income Elastic Goods: High-end technology products
• Income Inelastic Goods: Basic food items

Government intervention: taxes, subsidies – Economics IA

Government intervention provides rich examples for your IA. For taxation, consider:

The Philippines set price ceilings for pork and chicken as food inflation soared. Israel hiked taxes on sweetened drinks to encourage healthy lifestyles. Various countries including Belgium and Australia substantially increased tobacco taxes to control cigarette consumption.

Regarding subsidies, Germany’s reduction of electric car subsidies in 2023 offers an excellent case study of how government support affects markets.

These examples demonstrate how governments use fiscal tools to influence market outcomes by altering prices and incentivizing or discouraging certain activities.

Market structures: monopoly, oligopoly – Economics IA

For market structures, the UK energy market provides an ideal example of an oligopoly, dominated by six large firms. According to one article, these firms displayed interdependence—a key characteristic of oligopolies—and their pricing strategies showed evidence of potential informal collusion.

The article explained how, despite economic theory suggesting “sticky prices” in oligopolies, electricity prices in the UK were rising faster than in other European countries, raising questions about market power and efficiency.

Behavioral economics and nudges – Economics IA

Behavioral economics offers fascinating examples of how consumer decisions deviate from traditional economic theory. Instead of purely rational decision-making, consumers are influenced by:

• Anchoring bias: As when Apple initially reported a potential iPad price of $999, making the actual $499 price seem more attractive
• Framing bias: Consumers preferring products labeled “80% fat-free” rather than “20% fat”
• Nudge theory: The concept of making small changes to choice environments to affect behavior, such as publishing pollution league tables to encourage companies to reduce emissions

Hence, understanding these behavioral principles allows for analysis of market outcomes that traditional models might not predict.

Macroeconomics and Global Economy Examples

Macroeconomics offers a wealth of current economics examples that can enrich your IA analysis. These real-world cases showcase economic theories on a national and global scale.

GDP growth and recession – Economics IA

Australia’s pandemic recovery presents an excellent example for discussing economic cycles. Initially, Treasury feared unemployment might reach 15% during the pandemic, yet the actual rate was 5%. The government projected unemployment would fall below 5% by the end of 2022 ^[12]. Australia’s budget position improved remarkably due to a quicker-than-expected economic recovery from its first recession in three decades, partially driven by soaring iron ore prices ^[12]. This example allows you to examine fiscal policy responses during downturns alongside unexpected factors affecting recovery speed.

Inflation and unemployment trends – Economics IA

The relationship between inflation and unemployment provides fascinating economics examples. Historically, when unemployment is low, inflation tends to rise; when unemployment is high, inflation falls ^[1]. This inverse relationship, illustrated by the Phillips curve, can be demonstrated through real examples like Turkey’s inflation rate soaring to almost 70% ^[13] or the UK’s inflation remaining stuck at 8.7% ^[14]. Additionally, you could analyze how central banks raise interest rates to combat inflation, as seen when Russia increased its rate to 15% ^[14].

Exchange rate fluctuations

Currency values change based on multiple factors, particularly relative interest rates. Higher interest rates typically attract foreign capital, increasing demand for that currency ^[15]. Beyond that, relative inflation rates affect currency strength—as inflation rises, exports become more expensive, reducing demand for the currency ^[15]. You could examine how Brexit caused the British Pound to depreciate sharply, leading to imported inflation ^[16].

Trade policies and protectionism – Economics IA

Protectionist measures offer numerous economics examples. These include tariffs (taxes on imports), quotas (volume limits), and subsidies to domestic producers ^[17]. A notable example is the US-China trade tensions, where the US imposed 35% tariffs on Chinese tires ^[18]. Another useful case is Australia’s barley dispute with China, where China dropped tariffs after three years ^[13]. These examples showcase how trade policies impact global markets, prices, and diplomatic relations.

How to Use Examples Effectively in Your IA – Economics IA

Collecting economics examples is only half the battle—knowing how to use them effectively in your Internal Assessment will truly set your work apart. First and foremost, your examples should enhance your economic analysis rather than simply appear as disconnected illustrations.

Embed examples in your evaluation – Economics IA

The evaluation section carries the highest weight in your IA scoring rubric ^[2]. To maximize your score, use examples to support your evaluative arguments through the CLASPP framework:

• Conclusion: Use examples to justify your final assessment
• Long-term vs. Short-term: Show how examples reveal different timeframe impacts
• Assumptions: Demonstrate how real cases challenge theoretical assumptions
• Stakeholders: Illustrate how different groups are affected by economic policies
• Priorities: Use examples to discuss what should be prioritized
• Pros & Cons: Provide balanced evidence of advantages and disadvantages

Use diagrams to support your point

Your diagrams must be relevant, accurate, and correctly labeled with a full explanation ^[4]. A well-constructed diagram includes:

• Clear title stating what’s shown
• Fully labeled X and Y axes (including units)
• Labeled curves (MC, MR, D, etc.)
• Marked prices and quantities
• Visible curve intersections

Subsequently, explain your diagram step-by-step, beginning with statements like “Assume the market starts in equilibrium…” ^[4] and connecting it directly to your example.

Avoid name-dropping without explanation

Simply mentioning economic concepts without thorough explanation undermines your IA. Indeed, many students identify key concepts but skip steps in their explanation ^[2]. Whereas terms should be “used appropriately” to show understanding, simply name-dropping theories won’t earn marks.

Link examples to key economic concepts – Economics IA

Certainly, examples should continuously relate back to your key concept throughout the IA ^[19]. Each paragraph should offer a fresh perspective on your key concept. Beyond that, unpack the “lessons” from each analysis point to demonstrate how you can approach the various aspects in a structured way ^[19].

Conclusion – Economics IA

Finding the perfect examples for your Economics IA undoubtedly takes time and effort. Throughout this guide, we’ve seen how real-world applications serve as essential components that can elevate your assessment from average to exceptional.

Quality examples do more than simply illustrate concepts—they demonstrate your genuine understanding of economic principles and their real-world implications. Most importantly, they help you meet critical assessment criteria, particularly in the evaluation section where the highest marks are awarded.

Remember, strong economics examples can come from various sources. News publications like The Economist and Financial Times offer current, relevant cases. Government reports provide authoritative data to support your analysis. Additionally, economic blogs and multimedia sources present alternative perspectives that can enrich your work.

After collecting your examples, the next crucial step involves integrating them effectively into your assessment. Simply mentioning economic concepts without thorough explanation won’t earn you marks. Instead, use examples to support evaluative arguments through frameworks like CLASPP. Likewise, pair your examples with accurate, well-labeled diagrams that clearly illustrate economic concepts in action.

Regardless of whether you focus on microeconomics topics like elasticity and market structures or macroeconomics issues such as GDP growth and inflation, your examples should always connect back to your key concept. This connection demonstrates your ability to apply economic theory to actual events.

The difference between an average IA and an outstanding one often comes down to how effectively you select and analyze economics examples. Therefore, take time to find compelling, relevant examples that truly showcase your understanding. Your effort will pay off when your teacher highlights your examples as the strongest part of your assessment—just as mine did.

FAQs – Economics IA

Q1. How important are real-world examples in an Economics IA?
Real-world examples are crucial for an Economics IA. They help meet assessment criteria, demonstrate your ability to apply economic theory to actual situations, and support your evaluation and analysis. Using relevant examples can significantly impact your final grade.

Q2. Where can I find good economics examples for my IA?
You can find strong economics examples from various sources including reputable news articles, government reports and statistics, academic and economic blogs, and even YouTube channels and podcasts. Focus on recent and reliable sources that provide clear economic insights.

Q3. What are some effective microeconomics examples I can use in my IA?
Effective microeconomics examples include shifts in demand and supply (like changes in tobacco taxes), elasticity concepts (using everyday products), government interventions (such as price ceilings or subsidies), market structures (like oligopolies in the energy sector), and behavioral economics principles.

Q4. How can I effectively incorporate macroeconomic examples in my IA?
To effectively use macroeconomic examples, consider discussing recent GDP growth and recession trends, inflation and unemployment relationships, exchange rate fluctuations, and trade policies. Use specific country cases or global economic events to illustrate these concepts.

Q5. What’s the best way to use examples in my Economics IA?
The best way to use examples is to embed them in your evaluation, use diagrams to support your points, avoid simply name-dropping concepts without explanation, and consistently link your examples back to key economic concepts. Make sure your examples enhance your economic analysis rather than just serve as disconnected illustrations.

References – Economics IA

[1] – https://www.core-econ.org/the-economy/v1/book/text/15.html
[2] – https://www.ibmastery.com/blog/how-to-structure-an-economics-ia
[3] – https://www.revisiondojo.com/blog/real-life-examples-in-economics-bringing-theory-to-life
[4] – http://ibeconomist.com/internal-assessment/diagrams-for-economics-internal-assessment/
[5] – https://ib-pros.com/blog/ib-economics-ia-guide/
[6] – https://diplomacollective.com/ib-economics-ia-news-articles/
[7] – https://www.tutorchase.com/blog/ib-economics-ia-guidance-and-example-titles
[8] – https://journalistsresource.org/economics/economic-data-sources/
[9] – https://library.law.yale.edu/news/75-sources-economic-data-statistics-reports-and-commentary
[10] – https://www.exploring-economics.org/en/discover/econtube-guide/
[11] – https://www.intelligenteconomist.com/economics-podcasts/
[12] – https://www.studocu.com/en-us/document/northeastern-university/development-economics/econ-macro-ia-final-draft/35813539
[13] – https://www.clastify.com/ia/economics
[14] – https://www.clastify.com/ia/economics?qv=Macroeconomics
[15] – https://www.savemyexams.com/dp/economics/ib/22/sl/revision-notes/4-the-global-economy/4-5-exchange-rates/4-5-2-causes-and-consequences-of-exchange-rate-fluctuations/
[16] – https://www.tutor2u.net/economics/reference/ib-economics-effects-of-exchange-rate-changes
[17] – https://www.britannica.com/money/protectionism
[18] – https://www.economicshelp.org/blog/6911/alevel/examples-of-protectionism/
[19] – https://www.myibtutor.org/post/key-concept-in-economics-ia