Why do you need to know them?
In IB economics essays, including real world examples is important not just for demonstrating understanding, but also for meeting the assessment criteria. In particular, examiners will be looking for evidence of the application and analysis of economic concepts, which can be demonstrated through the use of real world examples. By showing how economic theories and concepts are applied in real-world situations, you can demonstrate your ability to analyze and evaluate economic issues.
Examiners will also be looking for evidence of critical thinking and evaluation, which can also be supported by the use of real world examples. By discussing the strengths and weaknesses of different economic policies or approaches in real-world contexts, you can show that you are able to evaluate the effectiveness of economic theories and models.
Click on the topics below to read some real world examples you could use in your essays. Remembering them is one thing, but make sure you can explain them in depth and you are not just name dropping!