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Economics as a Social Science
IB Economics · SL · Session 12
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Welcome back. Last session we started Economics as a Social Science — we did one exchange and didn't finish. Today we're continuing that lesson, which appears on Papers 1 and 2 for your SL exam.

Economics is a social science. That means it studies human behaviour and decision-making in society. The fundamental problem it solves: we have unlimited wants, but limited resources.

This fact — called scarcity — forces every economic decision. Every choice involves giving up something else. That trade-off is your opportunity cost.

say all that but for me to understand — break it down
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You're right — let me slow down.

Start here: what is economics?

Economics is the study of choice under pressure. You want loads of things. You can't have everything. So you have to pick.

Reply to Mia…
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Session 12 · IB Economics SL · Mia online 24/7
Built around the official IB syllabus
346structured lessons
2subjects, HL & SL
61IB-standard diagrams
24/7availability
Diagnosis

You don't lose marks randomly.
You lose them in patterns.

Mia spots the faulty thinking behind a wrong answer, rebuilds the model, then retests it until the mistake stops repeating.

A private limited company is better than a sole trader because it makes more profit.
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diagnosis

Here's the faulty model: you're treating legal structure as a profit guarantee. It isn't. Legal structure changes ownership, liability, control and access to finance — not profit. Profit depends on business performance.

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rebuild

The IB-strong version: becoming a private limited company can help raise capital while keeping ownership relatively controlled — but it adds admin and legal obligations. So the judgement depends on whether the business needs growth capital more than simplicity.

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retest

Now — give me one reason a sole trader might deliberately stay a sole trader.

Most tools correct the answer. Mia corrects the thinking that produced it — and brings the weak point back until it sticks.

How it works

The Gradd Method

01

Learn the concept.

Mia teaches the topic at the level your paper requires.

02

Attempt an exam-style question.

You don't just read notes, you write.

03

Diagnose the misconception.

Mia identifies the faulty thinking behind your answer.

04

Rebuild the model.

She corrects the concept, shows the diagram or structure, and explains what examiners reward.

05

Retest until it sticks.

The weak area comes back until you stop making the same mistake.

Diagnosis alone is feedback. Diagnosis plus retesting is how you actually stop losing the marks.

Don't take our word for it.

Try a real IB lesson. Watch Mia diagnose a wrong answer, rebuild it, and test the next step — no account needed.

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FeatureDiagram marking

IB-standard diagrams. Drawn inline. Marked instantly.

The thing examiners actually grade you on — and the thing generic AI tutors often get wrong. Mia draws to IB conventions, then marks against the official criteria. You can also upload a photo of a diagram you've drawn on paper and get it marked the same way.

Student attempt · positive externality2.4 — market failure
PQMSC = MPCMPBMSBwelfare gainQ*Qopt
Mia · markingIB criteria
✓
Axes labelled correctly (P / Q).
1 / 1
✓
MSB curve plotted right of MPB.
1 / 1
✓
Welfare gain triangle shaded.
1 / 1
!
Mark Q* and Q optimum on x-axis.
0 / 1
Total
3 / 4
Try a diagram →
The problemPrivate tutoring

IB tutoring costs too much.
And it still doesn't cover the whole course.

€90/ hour
That's an hour with Lanterna — Gradd is a month
Most families spend €3,500–€9,000 over the two years. And that's for two hours a week — not full coverage.
Paper 3first to go
Coverage gaps everywhere
A weekly tutor reaches maybe two-thirds of the course. Paper 3, HL extensions and exam technique are the bits that get left behind.
0at 11pm
Never there when you need them
The exam is tomorrow. Your tutor is asleep. The doubt about monopoly diagrams isn't going to resolve itself.
The answerOne subscription

One subscription. The complete IB Economics and IB Business Management curriculum.

No more piecing together five tutors, three textbooks and a YouTube playlist. Gradd is the full Economics and Business Management course, taught and marked to IB standards, in one place.

01 / Lessons

Every topic from the official IB syllabus — Economics 2022, Business Management 2024.

Micro, macro, global, development for Econ. Strategy, marketing, finance & ops for BM. HL and SL extensions, at the depth IB actually expects.

02 / Marking

Every paper format. Marked the way IB marks.

Mia works through Paper 1, 2 and 3-style questions with you in session — command terms, diagram marking — graded against the official IB markbands and assessment criteria, not generic AI hand-waving.

03 / Tutor

Mia, always on call.

Ask anything, any time — drawing diagrams, working questions, making sense of an exam question worded to trip you up.

CoverageHL + SL

IB Economics and IB Business Management — fully covered.

Both subjects taught at HL and SL, with the depth the IB command terms actually require.

Search and jump to any topic across the full course — 210 Economics and 136 Business Management lessons, in any order.

IB Economics

HL · SL · 2022 syllabus
Unit 1
Introduction — scarcity, choice and economic systems.
Unit 2
Microeconomics — demand, supply, elasticities, market failure, intervention.
Unit 3
Macroeconomics — AD/AS, unemployment, inflation, fiscal & monetary policy.
Unit 4
Global economy — trade, exchange rates, balance of payments, integration.
HL only
Productive/allocative efficiency, monopoly diagrams, sustainable development quant.
Papers
P1 essays · P2 data response · P3 quantitative (HL) · exam technique.
Included in your subscription

IB Business Management

HL · SL · 2024 syllabus
Unit 1
Business organisation & environment — stakeholders, growth, evolution.
Unit 2
Human resource management — leadership, motivation, organisational culture.
Unit 3
Finance & accounts — sources of finance, ratios, investment appraisal.
Unit 4
Marketing — research, the 7Ps, branding, e-commerce, international marketing.
Unit 5
Operations — production, quality, R&D, crisis & contingency planning.
Papers
P1 case study · P2 quantitative · P3 social enterprise (HL) · exam technique.
Included in your subscription
For parentsDashboard

Parents see the progress that matters.

A real-time dashboard view built for parents. No more “did you study today?” guesswork — you'll see where they are, what they've struggled with, and whether they're on pace for their exams.

Parents don't just see activity. They see the topics and skills Mia keeps having to rebuild — and whether they're changing.

  • Parent view of the dashboard. Sessions completed, weak topics flagged, days to exam, study streak.
  • Pace, in plain sight. The dashboard flags it the moment they fall behind.
See the parent view →
Louise's progress.
Week 12 · IB Econ SL · parent view
Streak
3d
Sessions
5
Pace
1.3/wk
Exam
361d
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✓
✓
✓
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Who it's for

Who Gradd is for.

Aiming for a 7

The student who's already strong, going for the edge.

You're at a 6 and you want the predicted that gets you into LSE. Gradd gives you the kind of feedback most students only get from an excellent private tutor — whenever you need it.

Falling behind

The student who missed three weeks and won't say it out loud.

Catch up without anyone knowing. Mia won't sigh. Mia won't bill your parents €90 an hour. Start at the topic you fell off and rebuild.

Self-studying

Taking the subject without a teacher.

Online IB students, anticipated candidates, or just a school where Business isn't offered. The full Economics and Business Management course, structured, in your pocket.

Paying parent

The parent who's done with €9,000 tutor bills.

Same coverage. Better depth. 1/40th the price.

What changes

From misconception to exam-ready answer.

Before

Student answer

“A subsidy lowers price and increases demand.”
Mia's diagnosis

The misconception

“You're confusing demand with quantity demanded. The demand curve doesn't shift — the subsidy shifts the supply curve right, lowering price and raising quantity.”
After

Rebuilt answer

“A subsidy reduces producers' costs, shifting supply right. Price falls from P1 to P2 and quantity rises from Q1 to Q2. The size of the effect depends on PED and PES.”
How it stacks up

How Gradd compares to other IB tutoring options

There's no shortage of ways to prepare for IB Economics or IB Business. Here's how Gradd actually stacks up against what most students do — at a fraction of the price, with feedback the second you finish writing.

GraddPrivate tutorGroup classesSelf-study
Cost€44.99 / month€60–€120 / hour€25–€45 / hourFree–€120 (books)
Full syllabus, HL & SL✓ Both subjects, every topicDepends on tutorCohort-pacedYou decide
Past-paper-style questions✓ Unlimited, on demandHomework from textbooksGeneric worksheetsLimited to what you find
Diagnoses your misconceptions✓Depends on tutor✗✗
Retests weak thinking until it sticks✓Limited by session time✗✗
Diagram marking✓ Instant, IB criteriaIf you book a sessionRareNot available
IB-standard marking✓ Command terms + markbands, instantVaries by tutorGenericNot available
Marking turnaroundSeconds3–7 days1–2 weeksYou mark yourself
Availability24/71–2 hours / weekFixed scheduleWhenever
Tracks your progress✓ Adaptive to your weak areasIn the tutor's headNot availableNot available
Gradd
Cost€44.99 / month
Full syllabus, HL & SL✓ Both subjects, every topic
Past-paper-style questions✓ Unlimited, on demand
Diagnoses your misconceptions✓
Retests weak thinking until it sticks✓
Diagram marking✓ Instant, IB criteria
IB-standard marking✓ Command terms + markbands
Marking turnaroundSeconds
Availability24/7
Tracks your progress✓ Adaptive to your weak areas

Most students stitch two or three of these together — a tutor for the hard bits, group classes for the social side, self-study for everything else. Gradd does the work of all three, every day, in your pocket.

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Pricing

Start free. Subscribe for unlimited teaching.

Free, no card: unlimited questions, instant marking, and your first teaching moments with Mia — the real product, not a trial.

Unlimited teaching

IB Economics + IB Business Management. Everything, one subscription.

€44.99/ month
  • Unlimited diagnosis-led teaching — every misconception rebuilt, every time
  • Full IB Economics + IB Business Management syllabus — HL & SL
  • Paper 1, 2 & 3 (HL) exam-style questions worked through in lessons
  • IB-standard diagram marking — taught inline, your hand-drawn diagrams marked
  • Progress tracked per subject — weak-area retesting built in
  • Works on any device
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FAQ

Frequently asked questions.

Is Gradd actually built for the IB syllabus — or is it a generic chatbot?+
Not a generic chatbot — a tutor built around IB marking. Mia runs on the official IB Economics (2022) and IB Business Management (2024) subject guides and the IB assessment framework — command terms, AO levels, markband criteria. Generic chatbots aren't built for IB marking: they can miss command terms, mishandle diagrams, and ignore markbands.
Can Gradd really replace a private tutor?+
For the core of what a tutor does — explanation, exam-style questioning within lessons, marking, accountability — yes. For pastoral support and human encouragement, no. Gradd is built to be the primary tutor; keep your school teacher for the human side.
My exam is in three weeks. Is it worth starting now?+
Yes. From your very first session, Mia gets you working on the topics you're weakest on straight away — no re-reading textbooks, no warm-up busywork.
What about Maths, English, Sciences?+
Not yet — and on purpose. Generic IB tutors are bad because they cover everything shallowly. We picked two subjects, built them properly, and intend to stay that way until each is the best in the world.
How does diagram marking actually work?+
You upload a photo of a diagram you've drawn on paper. Mia checks it against the IB mark scheme criteria for that question type: axes, curve shape, equilibrium markers, shading. You get a numeric mark and the specific feedback that gets you the missing marks next time.
What if Gradd.ai isn't right for me?+
Paid plans come with a 7-day money-back guarantee. If you decide it's not for you within the first week, email us and we refund you in full — no forms, no friction.
Can my school sign up a whole cohort?+
School plans are in development. Email [email protected] to register interest and we'll be in touch as soon as they're available.

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