DP Economics Internal Assessment is a Great Chance to Practice Peer Editing

This past week, DP Year 1 Economics classes continued our preparation for the IA on Microeconomics. At the start of the week, Mr. Mirza came into class to talk to us about his personal notes and tips for writing the IA. He also handed us sample IAs from his previous students for use and reference. We were able to have a better idea of what we need to do, so thank you Mr. Mirza!

In the next few classes, we took a sample IA and reviewed it. After discussion, we came to realize the value and importance of peer feedback. In someone’s own work, their explanations, analysis and evaluations would be perfectly understandable to them. However, through someone else’s eyes there could be mistakes or areas of confusion which stand out more.

This is why honest, constructive feedback from peers is extremely beneficial even before we share our drafts with our teachers in order to prevent a paper going to the IB that does not meet the right standards – leading to the whole grade having repercussions from a marking error. By looking at an example, we developed a deeper understanding for what the IA should and should not look like, but we also noticed good things that we will apply to our own papers.

To conclude the week, we discussed our IA topics and got feedback from classmates. The class chose articles from all over the world, with topics from minimum wage, to price caps on airfare, to the taxation of cigarettes. We are very excited to continue our exploration in the following week where hopefully we will be able to have rough drafts ready for feedback.

First Step to DP Economics Internal Assessment

This week, we split up into partners and continued to have a discussion about the expectations and valuable information about the Internal Assessment. An Internal Assessment in economics enables students to demonstrate the application of their knowledge and understanding of economic theory to real-world situations. Students are required to produce a portfolio of three commentaries based on articles from published news medias. 

Before selecting an article for our first Internal Assessment, we had an opportunity to answer a series of questions on expectation of Internal Assessment and we asked each other to check whether we know and understand these expectations. After the activity, we realized what areas of Internal Assessment expectations we need to know better and the benefit of going over the expectations and requirements prior to deciding our topics. 

Some articles and concepts some of us have selected for Internal Assessment topics are supply and demand and government interventions(taxes, subsidies, maximum price, minimum price) and externalities, concepts we have covered in class. 

Written by Jinha Hwang

DP Economics: Rational Discussions about Rationing Systems

Which economic or “rationing” system best distributes resources to the most needy? Which rationing system best manages scarcity? Which system best maximises utility? Which system best rewards entrepreneurship & effort? Which system best minimises the impacts of choice & opportunity cost? Which system is the biggest threat to sustainability?

Answers to these & other fundamental economic questions were deeply debated & discussed by members of the UNIS Economic Forum (UEF) this week through a series of discussions about the merits & negative externalities of Free Market, Command/Centrally Planned, Keynesian Market & Social Market rationing (economic) systems.

While no definitive conclusion was reached, all participants came away with a much better understanding of the choices available to producers, consumers & the government within each system.

UEF meets in B5 G16 & G29. Please join us & find out the opportunity cost of taking part!