IB Economics HL Internal Assessment Example

You include two relevant diagrams that are clearly intended to support the discussion of exchange rates and tariffs.

The diagrams contain labelled axes, curves and equilibrium points, so there is an evident attempt to use visual economic modelling.

Both diagrams contain substantive inaccuracies that reduce their reliability, especially the currency framing in the exchange-rate diagram and the inconsistent market/unit labels in the tariff diagram.

The explanation does not fully clarify the policy mechanism or the welfare areas shown, so the diagrams are only partially explained rather than fully integrated into the argument.

Economic terminology is used consistently and mostly appropriately throughout the commentary.

Key terms such as trade surplus, exchange rate, FDI, tariff, protectionism, comparative advantage, imports and deadweight loss are used in context rather than as a list of isolated vocabulary.

There are a few imprecise uses of terminology, such as describing percentage tariffs as ‘per unit’.

Some market-structure language and currency framing could be tightened to avoid technical ambiguity.