PREPARATION & STUDY MATERIALS
Prepare for the Competition
The following recommended study materials offer a suggested starting point for overall preparation for the competition across its phases and are based on the official topics and recommended resources of the International Economics Olympiad (IEO).
Preparation needs may vary by phase.
UNDERSTANDING THE EXAMINATION
WHAT WILL I BE EXAMINED FOR?
Phase 1 does not test memorised theory. Every question gives you the information you need and asks you to reason with it.
The questions draw on ten theme areas. Knowing them helps you recognise what kind of thinking a question needs.
Questions come as short scenarios, data snippets (tables and charts), newspaper clippings and mini cases.
ECONOMICS: WHAT YOU NEED TO KNOW
ECONOMICS
01. Prices, Markets and Choices
How supply and demand set prices, and how people and businesses respond to incentives and trade-offs.
02. The Role of Governments in Markets
Taxes, subsidies, price controls and regulation, and when a market works better with intervention.
03. Reading the Economy: GDP, Inflation and Jobs
What the headline figures measure and what they say about how an economy is doing.
04. Money and the Role of Banks
What money is, how banks lend, and how central banks use interest rates.
05. Society and Sustainability: Environment and Inequality
Pollution and climate, and how income and opportunity are shared.
06. International Trade: Why Countries Cooperate and Sometimes Protect
Why countries specialise and trade, and why they sometimes raise tariffs.
FINANCE: WHAT YOU NEED TO KNOW
FINANCE
01. Smart Money Choices: Planning, Spending and Saving
Budgeting, needs versus wants, and comparing offers.
02. Saving for the Future: How Money Grows Over Time
Compound interest, and how inflation affects savings.
03. Borrowing Wisely: Credit and Responsibility
Loans and credit cards, the real cost of interest, and why a good credit record matters.
04. Investment: Risk and Reward
Shares, bonds and diversification, and why higher expected returns come with higher risk.
BEYOND PHASE 1
PREPARATION FOR PHASES 2 AND 3
Phases 2 and 3 go further: the Bootcamp adds team problem-solving, and the National Final adds business case analysis and presentation, following the format of the International Economics Olympiad.
RESOURCES TO HELP YOU PREPARE
RECOMMENDED STUDY MATERIALS
The following recommended study materials offer a suggested starting point for overall preparation for the competition across its phases and are based on the official topics and recommended resources of the International Economics Olympiad (IEO).
CUT Recommended Study Material
Cyprus University of Technology
Official IEO Syllabus, Recommended Resources and Past Papers
International Economics Olympiad
KEEP THE FOCUS ON REASONING
IMPORTANT PREPARATION NOTE
Phase 1 (Intuition Challenge) primarily assesses critical thinking and logical reasoning based on the information provided in each scenario, rather than rote memorisation of theory.