M22 Economics: What is the New Paper 2 and How to Deal With It

2021.12.07 05:33 thecloudscore M22 Economics: What is the New Paper 2 and How to Deal With It

One of the biggest changes in the M22 Economics Paper 2 is the new essay question that is a worth a whopping 15 marks! This is a major jump from the previous essay question that is only worth 8 marks. Moreover, the new syllabus sees the introduction of calculation-based questions for both HL and SL students, whereas previously calculations were primarily the domain of HL students in paper 3. Finally, each question in paper 2 is worth more than before; with each question totalling 40 marks as compared to 20 marks in the past. A related change is that while students previously had to complete 2 questions out of 4, worth 20 marks each, you only have 2 questions to choose from for a total of 40 marks. How do we deal with all these changes? Here are three tips to help you adapt your revision strategy to accommodate these new changes!
1. The 15m Question is Essentially a Two-sided Essay While seemingly intimidating, a 15m question is really nothing new; you have seen them in the essay papers! Here are a few crucial features of what makes a top notch answer:

2. Calculation Questions Revolve Around a Few Major Topics The first topic and diagram that you have to master for calculations is demand & supply. Much of the calculations that you have to contend with revolve around the demand & supply diagram. The topics on elasticity, government intervention, market failure and international trade are based on the demand & supply diagram. This makes it extremely important to be familiar with the following concepts:
You will find that the calculations involving elasticity, government intervention, market failure and international trade would be derivations of these above calculations. So master these before you move on to the other stuff!
3. Diagrams are more important than before Because of the extended format of paper (40 marks instead of 20 marks), diagrams have become more important than before due to a larger number of questions involving them. Thus a useful way to begin your revision for paper 2 is to attempt to draw all the necessary diagrams for each chapter. Can you remember all the diagrams needed in each chapter? Can you draw and label them properly? Can you manipulate them to show the necessary shifts? Across the various chapters, microeconomics has the greatest number of diagrams, with every single chapter having a significant amount of diagrams, particularly market failure and market structures (for HL students). Macroeconomics is considerably easier as it is primarily the AD/AS diagram, with more specific diagrams such as the PPC and Lorenz Curve for certain situations (also the Philips Curve for HL students). In International Economics, it is primarily trade that has the most diagrams (tariffs, subsidies, quotas), while exchange rates primarily recycles the demand & supply model. This should give you a sense of how to prioritise the potential diagrams that you could get tested on, and the amount of effort you should be spending on each chapter. The additional benefit here is that your knowledge on diagrams would also be extremely useful for essays in paper 1, and paper 3 for the HL students!
Conclusion Despite the syllabus change, you would still find past paper 2 questions to be extremely useful, and we definitely recommend starting there. The 2m and 4m questions pretty much stay the same, while the 15 mark essay questions can be seen as extended versions of the traditional 8 mark questions, with a broader scope and longer answer. However, for there will be a need to seek out additional practice questions related to calculations, particularly for the SL students as this was never a requirement. For the HL students, the paper 3 practices should come in handy!
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