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HL/SL Economics

Think with clarity. Write with purpose.

Our IB Economics programme brings theory to life through real-world issues – from domestic markets to global trade. We build the core IB skills of analysis, evaluation, and evidence-based discussion, helping students become globally aware thinkers who express complex ideas with clarity and purpose. Whether it’s for Paper 1, Paper 2, or Paper 3 (HL), we guide students to think deeper, write better, and exemplify the IB learner profile.

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Class Structure

At Axiom Education, our classes are structured to ensure every student gains a deep understanding of the material while building the skills to tackle exam questions with confidence.

  • Breaking Down Theory

    We start each lesson by covering the key theories for the topic, breaking them into smaller, easily digestible sections. This approach helps students grasp even the most complex concepts effectively.

  • Applying the Theory

    Next, we demonstrate how to apply these theories to real-world problems, guiding students step-by-step through practical examples.

  • Exam-Style Practice

    In the final half-hour, students attempt progressively challenging exam-style questions. This reinforces their understanding, builds confidence, and prepares them to excel in any test situation.

Our structured yet engaging approach ensures that students leave every class not only equipped with knowledge but also the skills to use it effectively when it matters most.

Topics Covered

Year 5: Higher Level (HL)

  • Term 1

    • Demand
    • Supply
    • Price Mechanism
    • Elasticities: Price Elasticity of Demand (PED)
    • Elasticities: Income Elasticity of Demand (YED)
    • Elasticities: Price Elasticity of Supply (PES)
    • Government Intervention: Taxation
    • Government Intervention: Subsidies
    • Government Intervention: Price Ceiling
    • Government Intervention: Price Floor
  • Term 2

    • Market Failure
    • Behavioural Economics
    • Theory of Firm: Perfect Competition
    • Theory of Firm: Monopoly
    • Theory of Firm: Oligopoly
    • Theory of Firm: Monopolistic Competition
    • [Revision] Price Mechanism
    • [Revision] Elasticities
    • [Revision] Government Intervention in Microeconomics
    • Exam Practices: Paper 1, Paper 2 and Paper 3

Year 5: Standard Level (SL)

  • Term 1

    • Demand
    • Supply
    • Price Mechanism
    • Elasticities: Price Elasticity of Demand (PED)
    • Elasticities: Income Elasticity of Demand (YED)
    • Elasticities: Price Elasticity of Supply (PES)
    • Government Intervention: Taxation
    • Government Intervention: Subsidies
    • Government Intervention: Price Ceiling
    • Government Intervention: Price Floor
  • Term 2

    • Market Failure
    • [Revision] Price Mechanism
    • [Revision] Elasticities
    • [Revision] Government Intervention in Microeconomics
    • Exam Practices: Paper 1 and Paper 2

Year 6: Higher Level (HL)

  • Term 1

    • Absolute Advantage and Comparative Advantage
    • Trade Protectionism
    • Exchange Rates
    • Balance of Payments
    • Economic Integration
    • Economic Development
    • [Revision] Demand-side and Supply-side Policies
    • [Revision] Inflation
    • [Revision] Unemployment
  • Term 2

    • [Revision] Price Mechanism
    • [Revision] Elasticities
    • [Revision] Government Intervention in Microeconomics
    • [Revision] Market Failure
    • [Revision] Behavioural Economics
    • [Revision] Theory of Firm
    • [Revision] Economic Growth
    • [Revision] Income Inequality
    • [Revision] Macroeconomic Objectives
    • [Revision] Sustainable Debt
    • Exam Practices: Paper 1, Paper 2 and Paper 3
  • Term 3

    • The Allocation of Resources
    • [Revision] Market Failure

Year 6: Standard Level (SL)

  • Term 1

    • Trade Protectionism
    • Exchange Rates
    • Balance of Payments
    • Economic Integration
    • Economic Development
    • [Revision] Demand-side and Supply-side Policies
    • [Revision] Inflation
    • [Revision] Unemployment
  • Term 2

    • [Revision] Price Mechanism
    • [Revision] Elasticities
    • [Revision] Government Intervention in Microeconomics
    • [Revision] Market Failure
    • [Revision] Economic Growth
    • [Revision] Income Inequality
    • [Revision] Macroeconomic Objectives
    • Exam Practices: Paper 1, Paper 2 and Paper 3
  • Term 3

    • The Allocation of Resources
    • [Revision] Market Failure
    • [Revision] Inflation

Student Benefits

  • Weekly Lessons

  • Specially Compiled Comprehensive Notes

  • Summary Sheet

  • 24/7 Academic Support

  • Free Consultation

  • Free Snacks

Enroll Now
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Unlocking Full Potential

My journey at Axiom Education in Physics and Economics was transformative, taking me from mid 4-5s in June to a perfect 7 in both subjects by the November IB exams. The structured and guided lessons were instrumental, with teachers using sample exam questions to familiarize us with IB formats and refine our techniques.

Axiom’s teachers go beyond teaching, acting as mentors and friends who create a supportive and approachable environment. Jeremy’s dedication stood out as he extended lessons and promptly addressed questions, ensuring clarity and understanding. Beyond academics, Axiom fostered a sense of community, with Ashley providing weekly meals that strengthened camaraderie among students.

Axiom’s holistic approach, blending academic excellence with genuine care for student welfare, helped me excel and build lifelong connections. More than just a tuition center, Axiom is a nurturing community focused on unlocking the full potential of its students.

Jeremiah Williams

ACS (Independent), 43 Points, 7 for HL Physics, Economics

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Dedicated, Engaging And Highly Experienced Tutors

The tutors at Axiom are dedicated, engaging and highly experienced. Their exam oriented lessons not only focus on theory, but also teach you how to apply what you’ve learnt coherently in a practical setting. The overall environment created is lighthearted and fun, and you get to talk to the tutors not just as teachers but also friends – which makes it all the more enjoyable. I would highly recommend students taking Math and Econs to enrol there. What’s not to like?

Jonathan Yeoh

ACS (Independent), 44 Points, 7 for HL Economics & Mathematics

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Efficient and Result Oriented

My experience at Axiom has been nothing short of transformative. When I initially joined, I had neglected to study physics properly for 1.5 years. However, within just 5 months under Jeremy’s guidance, I catapulted to a high 7 for CTs followed by 5th in the level for prelims and eventually secured an easy 7 in the IB exam.

The tutors at Axiom are beyond amazing, offering clear explanations and employing efficient and effective teaching methods that swiftly propel students to their desired grades. Axiom Education has been instrumental in my academic success in HL Math, Economics, and Physics, and I am incredibly grateful for the unparalleled support and expertise they provide.

Jeffrey Lee

ACS (Independent), 44 Points, 7 for HL Mathematics, Economics and Physics

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Caring and highly knowledgeable tutors

Axiom education was one of the major factors in results I was able to attain at the IB exams for my Mathematics, Chemistry and Economics. Their teaching structure ensures that no student is left behind and every student is given the support they need. High praise is not sufficient for the caring and highly knowledgeable tutors, never failing to attend to their students beyond lesson time. I am glad to recommend AXIOM to any student from those who might be struggling with your subjects, to those who might already be doing well but just want to be kept accountable in your learning.

Ian Wong

SJI, 44 Points, 7 for HL Economics, Mathematics and Chemistry

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A Path to Consistent Excellence

Since Year 5, I have attended Ashley’s mathematics lessons and, closer to my IB exams, Toran’s economics lessons at Axiom. Ashley’s teaching style is a perfect blend of ease and efficiency, making lessons both enjoyable and highly productive. His meticulous preparation ensures every part of the syllabus is covered, including challenging questions, helping me consistently achieve 7s in my exams. Toran’s guidance, with his deep understanding of economics, provided me with valuable insights and essay-writing strategies, enabling me to rank highly in my cohort during the prelims.

What makes Axiom special is the tutors’ ability to connect with students while maintaining academic rigor. Ashley’s step-by-step guidance equips us to tackle diverse question types efficiently, while Toran fosters a deep understanding of economic principles. Despite occasional large classes, the tutors address every query and maintain a comfortable pace for all skill levels. Beyond academics, Axiom fosters a supportive and approachable community where teachers respect and engage with students, creating a nurturing environment that goes beyond traditional learning.

Justin Ang

ACS (Independent), 44 points, 7 for HL Mathematics and Economics

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Friendly And Positive Class Environment

I commenced my HL Math lessons at Axiom with a grade 4. Ashley played a crucial role in elevating my grades consistently to 6s and 7s in tests, culminating in a grade 6 at the IB examinations. Axiom’s lessons stand out for their effectiveness in conveying key learning points clearly and concisely. The specialised exam preparation sessions were also instrumental in arming students with the skills to navigate diverse question types commonly encountered in exams. Beyond Ashley’s adept teaching skills, he prioritises creating a friendly and positive class environment that enhances the learning and growth of his students. Reflecting on my time at Axiom, I cherish numerous fond memories and express immense gratitude for the guidance and support extended throughout the two years.

Kristy Lee

SJI, 41 Points, 7 for HL Mathematics

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Transformative and Inspiring Educator

Ashley is undoubtedly the most wholesome and goated educator I’ve encountered, he goes above and beyond in prioritizing student welfare. His lessons became a source of genuine anticipation, as his passion for teaching turned what seemed like insurmountable challenges in IB HL Math into enjoyable learning experiences. Ashley’s dedication and personalized approach not only eased my struggles but propelled my grades to a remarkable first-ever 7 in my IB exams. I extend my heartfelt thanks and love to Ashley for his unwavering support and transformative impact on my academic journey. Thank you, Ashley, for being the outstanding mentor that you are!

Ryan Chua

ACS (Independent), 43 Points, 7 for HL Mathematics

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Great Learning Environment

Going to axiom gave me the leg up I needed to get my IB HL math 7 after I got a 5 in promos. My tutor ashley used IB exam targeted questions to prepare us while taking care of our student welfare to encourage us by buying us food during exam season. Not to mention, Ashley was always happy to go through questions I didn’t understand, patiently teaching in a clear and concise way that was easy to understand. I always looked forward to going to tuition because of the great learning environment at axiom!

Lucas Tan

ACS (Independent), 43 Points, 7 for HL Mathematics

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Simplifying Complex Questions with Clear Explanations

I joined Axiom Education because of their strong reputation across JC and IB schools, and they truly lived up to their name. Their high standards and professional teachers not only taught me but carried me all the way to an A! 🔥🔥

What stood out to me was how personalised my learning experience was. The teaching was precise and laser-focused on my weaknesses in H2 Math. Mr. Ashley expertly identified my problem areas and hand-picked targeted questions to help me improve. This approach made all the difference – I aced those very questions in my actual paper!

If you’re looking for tuition that genuinely works, 10/10 recommend Axiom 🙏🙏 Truly the GOAT of tuition centres!

Jeriel Tan

ACJC, A for H2 Mathematics

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A Lifeline for Academic Success

Axiom Education has played a pivotal role in my academic journey, especially in mathematics. The weekly sessions provided structure and ensured consistent progress. Ashley’s teaching style made complex concepts simple and maximized class time with a focus on crucial exam content, which was invaluable during my IB exams. The friendly and relatable environment at Axiom sets it apart, with patient and approachable teachers creating a supportive space for learning. Beyond academics, Axiom welcomed all questions with prompt and helpful responses, offering a much-needed lifeline during the intense IB journey. The unique combination of an engaging atmosphere and effective organization made Axiom more than just a tuition centre. It became a place where learning was enjoyable and stress was manageable. As I move forward, Axiom will always hold a special place in my heart.

Bryan Cheung

ACS (Independent), 44 points, 7 for HL Mathematics

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Carefully Curated Questions with a Clear Logical Structure

I joined Axiom for their IBDP Mathematics and Economics tuition and it has been the best tuition I’ve ever been to. Each lesson has carefully curated questions that cover the entire spectrum of the syllabus. Lessons are both light-hearted and in depth to ensure students don’t lose focus during the lesson.

I also joined the Economics tuition class 6 months before my IB exams and it took my essay writing skills to the next level. Toran patiently explained to us how to approach our paper 1 essays – from having a clearer logical structure to writing effectively within the xam time limit.

For both HL Math and Econs, I managed to get 7 for my Prelims and comfortably got a 7 for my IBDP.

A big thank you to Ashley, Toran and the team at Axiom!

Ethan Ang

ACS(Independent), 45 points, 7 for HL Mathematics and HL Economics

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A Fun and Positive Environment Tailored to the IB

I had a really great experience at Axiom. The notes and practice questions were super tailored to the IB syllabus, which made studying so much more focused and actually helped me understand what I needed to know.

What I loved most was that lessons weren’t just a time to learn; they were also a time to laugh with my friends and teachers. The atmosphere felt welcoming and fun, and it made the whole process less stressful. All the teachers were really motivating and positive too, which definitely pushed me to want to do better and keep improving.

Thank you so much, Ashley and Toran, for making IB Maths and Econs such a fun experience!

Emily Kam

SOTA 44 points, 7 points for HL Mathematics and SL Economics

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Well Structured Notes and Lessons

My experience at Axiom has always been an enjoyable and memorable one, where I felt comfortable to clarify any doubts that I had with the friendly and knowledgeable teachers.

I heavily relied on the well-structured notes and lessons, especially the revision sessions, leading up to IB. Axiom gave me a strong foundation in both HL Mathematics and SL Economics and I would highly recommend them to any IB student looking for a conducive yet fun environment to learn!

Alaina Chia

SOTA, 43 points, 7 points for HL Mathematics and SL Economics

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High Energy and Committed Teaching Team

In the six months I spent with Axiom Education prior to the IB, I experienced a real transformation in my understanding of Economics. Initially, I struggled with the subject, but the learning culture at Axiom helped me build clarity and confidence very quickly and I eventually achieved a 7.

Lessons went far beyond covering content. The focus was on deep understanding, clear exam application, and constant improvement. Detailed feedback, high expectations, and structured guidance pushed me to sharpen my writing and evaluation skills at every stage.

What stood out most was the energy and commitment of the teaching team. Classes were engaging, supportive, and motivating, and it always felt like everyone genuinely wanted students to succeed. Axiom gave me a strong foundation in Economics, and I’d highly recommend it to anyone aiming to do well in the IB.

Eldon Kwan

ACS(International), 43 points, 7 points for HL Economics

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Clarity and Care

Joining Axiom — specifically Toran’s economics lessons in Year 6 has been one of the best decisions I have made, giving me the boost of confidence I truly needed in my final IB examinations.

Initially, I had doubts regarding my performance in the subject as I was overwhelmed by all the different concepts and jargon. However, Axiom’s comprehensive notes and tailored lessons provided me with the much needed clarity. Notably, the targeted exam prep sessions allowed me to revisit and reinforce content efficiently while providing me with the skills needed to tackle the varying questions encountered in exams.

Beyond lessons, Toran truly cares for his students, welcoming any queries and vetting essays outside of lesson hours which gave me the reassurance I needed throughout IB. I highly recommend Axiom to anyone looking for effective and enjoyable tuition classes!

Bianca Wee

ACS (Independent), 45 points, 7 for SL Economics

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Improved Exam Techniques

Axiom really helped me to condense concepts and provided me with lots of practice to improve my exam techniques leading up to my IB Examinations. The tutors are very willing to give feedback and teach at a pace that suits the students, making it a conducive yet relaxed environment for learning with friends. I highly recommend Axiom for effective learning!

Sophie Khoo

ACS (Independent), 43 points, 7 points for HL Economics

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Personable Tutors make the Difference

Taking IB Economics with Toran at Axiom was one of the better academic decisions I made. Economics can easily become dry and abstract, but Axiom and Toran has a way of making concepts click in a clear manner that anyone can understand.

In particular, something unique to Axiom is how personable and easy the tutors are to talk to. Because of that, lessons never felt transactional. Sessions were productive without feeling intense, which made a real difference when the workload was piling up closer to exam season and kept my class motivated to do well!

Raynen Ngoh

ACS(Independent), 43 points, 7 points for HL Economics

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Genuine Care for Students

I enjoyed the lessons taught by the tutors at axiom, who were very responsive and all genuinely cared about their students successes and wellbeing. The lesson structure allowed me to grasp the concepts taught theoretically and understand how to answer questions using these concepts under exam conditions. Thank you to Ashley and Toran for all their guidance!

Megan Lee

ACS (Independent), 43 points, 7 points for HL Mathematics and HL Economics

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Your Tutors

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Toran Seth

10 Years of Teaching Experience

Master of Public Affairs, Brown University

Bachelor in Economics, Brown University

Bachelor in Anthropology, Brown University

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Kong Man Sheng

15 Years of Teaching Experience

Bachelor in Economics, University of Nottingham

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Jadyn Quek

2 Years of Teaching Experience

[Undergraduate] BSc, Economics, Singapore Management University

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Megan Tan

2 Years of Teaching Experience

[Undergraduate] Bachelors in Human Resources Management, Singapore University of Social Sciences

Tutors In Action

Class Pricing

  • Lower Secondary

    4 x 1.5-hour lessons per month

    $360per month
  • Upper Secondary (Express/IP) / IB

    4 x 1.5-hour lessons per month

    $420per month
Enroll Now