Internal Assessment: Three Commentaries on Real-World Economic Phenomena
What the exam tests
The Internal Assessment requires three commentaries on real-world economic phenomena, each linked to a different section of the syllabus. The exam tests article selection, diagram accuracy, terminology, application, analysis and evaluation within the word limit.
Core rules
- Use a recent news article from a reputable source that reports a specific event, not an opinion column or a textbook extract.
- Each commentary must use a different syllabus section: for example, micro, macro and global economy.
- Include at least one correctly labelled diagram that is integrated into the argument, not pasted in.
- Define terms, apply them to the article's context, and build a chain of reasoning. Evaluation should weigh short versus long run, stakeholders, magnitude and assumptions.
- Respect the 800-word limit per commentary; check the current guide for what is included in the count.
Worked example
An article reports a government imposing a sugar tax. A strong commentary defines a negative externality of consumption, draws MPC below MSC with the deadweight-loss triangle, and shows the tax shifting MPC upward. Analysis explains that the tax raises price and cuts quantity, internalising the externality. Evaluation notes that demand may be price-inelastic, so the quantity effect is small; the tax may be regressive; and a subsidy for healthy alternatives or regulation may work better. That chain uses micro concepts, not a summary of the article.
Traps
Do not summarise the article instead of analysing it. Do not use an undated or irrelevant article. Do not repeat the same syllabus section across commentaries. Avoid unlabelled diagrams, unexplained axes and evaluation that lists points without weighing them. Do not exceed the word limit or forget to reference the article.