What is Econ Trumps?
Econ Trumps is a game for IB economics students to learn and think critically about real world examples of economic policy from around the world! Playing online is fun and easy – find a friend and just use the deck of Econ Trump Cards in the flashcard player to your right.
Instructions: To begin with you should both start with a random policy. The youngest player goes first by describing their policy. Player two responds by describing their policy. Player one then selects a rating which they think will beat player two for the same category. Whoever, has the highest rating wins and goes next. Simple!
But who are the two blokes on the cards? Great question! That is of course John Maynard-Keynes and Friedrich Hayek, two of the most famous economists of the 20th Century!
Depending on whether you have Keynes or Hayek on your card, your partner needs to explain what they would think about this economic policy. Remember that Hayek was a strong proponent of the free-market economy, whilst Keynes was well known for his strong advocacy of government involvement in the macroeconomy.
Click on the topics below for expanded explanations and evaluations of the real world examples from the top trumps game. Remembering them is one thing, but make sure you can explain them in depth and you are not just name dropping!
For a different kind of breakdown, check out our dedicated YouTube Channel which explains and brings these real world examples to life!
Merit Goods
Demerit Goods
Fiscal Policy
Monetary Policy
Supply Side Policy
Trade Policy
Why do you need to know real world examples?
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 for expanded explanation and evaluations of the real world examples from the top trumps game. Remembering them is one thing, but make sure you can explain them in depth and you are not just name dropping!
For a different kind of breakdown, check out our dedicated YouTube Channel which explains and brings these real world examples to life!
What else can you do to build up your arsenal of real world examples for IB economics?
As well as engaging with all of the content recommended above, there is also one other very simple strategy – read the news! This will have to be done for your IAs but why limit it to that. Learn more and apply what you are studying in class by reading real stories either here at The Curious Economist or from major news outlets. Click on the links below to go directly to some of news websites we recommend:
