The iWISE Olympiad’s Economic Science category is designed to foster innovative solutions and strategic thinking among young participants. The evaluation criteria assess participants’ grasp of economic theory, their application to real-world problems, and their ability to communicate complex ideas effectively.
For the Virtual Finals, participants submit a project that demonstrates their innovative solution to an economic problem. Finalists at the Global Final are required to present their project to a panel of expert judges, who evaluate their work against these comprehensive criteria. The final score is based on a weighted average of the different categories, allowing for a balanced assessment of both technical proficiency and creative innovation.
The iWISE Olympiad’s Economic Science category is designed to foster innovative solutions and strategic thinking among young participants by engaging them with real-world economic problems. The core objectives are to build economic literacy, develop analytical skills, and encourage creative problem-solving.
- Build fundamental knowledge: Ensure participants demonstrate a solid understanding of core microeconomic and macroeconomic concepts, such as supply and demand, competition, and key economic indicators.
- Develop analytical skills: Challenge students to analyze complex economic problems using logical and structured thinking, and to critique existing economic models and policies.
- Encourage curiosity and application: Spark curiosity about the field of economics and finance and motivate participants to explore economic theories and apply them to everyday life.
- Identify economic issues: Require participants to identify significant economic issues, both large-scale (macro) and small-scale (micro), demonstrating their awareness of current economic trends.
- Generate innovative solutions: Encourage creative and original thinking to propose fresh, practical solutions to economic challenges, moving beyond conventional thought.
- Assess feasibility and impact: Evaluate the realism of proposed solutions, considering resources, societal impact, and environmental sustainability.
- Communicate complex ideas clearly: Guide students in articulating complex economic ideas in a clear, compelling, and persuasive manner through their presentations or project abstracts.
- Justify with data: Encourage the use of quantitative evidence, such as data interpretation and modelling, to support arguments and demonstrate a strong command of data analysis.
- Stimulate interest in the field: Motivate students to consider further studies or careers in economics by providing practical experience and exposure to real-world applications.
- Click on the Registration Tab
- Select one of the Virtual Rounds
- Fill in your details.
- Fill in your selected category details on the corresponding form.
- Select your available time for the Judging process.
- Submit your zoom judging session.
- Proceed to payment.
- Complete your submission.
- Microeconomics
This sub-category focuses on the behaviour of individual economic agents, such as households, firms, and markets. Participants will need to analyse how these agents make decisions regarding the allocation of scarce resources and how those decisions influence the broader market.
- Example topics:
- Analysing the impact of a specific company’s pricing strategy on consumer behaviour.
- Examining how a change in minimum wage affects a local labour market.
- Investigating market failures, such as monopolies or negative externalities (e.g., pollution), and proposing solutions.
- Macroeconomics
This sub-category deals with the economy on a national or global scale, analysing aggregate indicators and policies. Participants will explore large-scale economic phenomena such as economic growth, unemployment, inflation, and government policy.
- Example topics:
- Assessing the impact of a central bank’s monetary policy (like adjusting interest rates) on national inflation and borrowing costs.
- Analysing the economic effects of fiscal policy decisions, such as changes in taxation or government spending.
- Studying the macroeconomic consequences of global economic events, like a recession or supply chain disruption.
- Behavioural economics
This sub-category combines psychology with economics to understand how cognitive biases, emotions, and social factors influence economic decision-making. Participants can explore the limitations of traditional economic models and propose more realistic solutions.
- Example topics:
- Investigating how marketing techniques or consumer biases affect purchasing decisions.
- Proposing policy designs that use behavioural nudges to promote sustainable consumption or increase savings rates.
- Exploring the impact of social factors, such as “herd behaviour,” on financial market dynamics.
- International economics
This sub-category focuses on economic interactions between different countries, including international trade, exchange rates, and foreign investment.
- Example topics:
- Analysing the economic effects of a new trade agreement or tariff on participating countries.
- Evaluating how currency exchange rate fluctuations impact international business and global trade.
- Investigating the effectiveness of international aid programs in promoting economic development.
- Financial literacy
This sub-category is designed to test participants’ understanding of fundamental financial concepts and their practical application in everyday life.
- Example topics:
- Developing an innovative educational program to teach financial literacy to teenagers.
- Creating a project focused on budgeting, savings, or investment strategies for young adults.
- Proposing ways to mitigate the risks associated with financial fraud and scams.
- Environmental economics
This sub-category deals with the relationship between economic activity and the environment, focusing on issues like climate change, natural resource management, and pollution.
- Example topics:
- Developing an economic model to assess the cost-effectiveness of implementing a carbon tax.
- Investigating the economic impacts of climate change on specific industries, such as agriculture or tourism.
- Analysing the effectiveness of economic incentives for promoting renewable energy or sustainable resource use.
Requirements for Virtual Finals:
Participants must out together the following documents for their STEM Projects:
Project Abstract
Project Portfolio
PowerPoint Presentation
No theme for this category.
Group submission is up to 3 participants
Requirements for Global Finals:
Participants must put together the following documents for their STEM Projects:
Project Abstract
Project Research Plan
Project Portfolio
Poster
Prototype (If Applicable)
PowerPoint Presentation (Optional)
No theme for this category
Group submission is up to 3 participants.
- Economic concepts: The participant demonstrates a solid understanding of core economic concepts, including supply and demand, market structures, and financial principles.
- Knowledge and analytical skills: This criterion assesses the participant’s understanding of economic principles and their ability to apply them.
- Present effectively: Develop participants’ ability to present their findings and solutions to an expert panel, strengthening their public speaking and presentation skills.
- Analytical reasoning: The participant uses logical and structured thinking to analyse complex economic problems, breaking them down into manageable components.
- Identify economic issues: Require participants to identify significant economic issues, both large-scale (macro) and small-scale (micro), demonstrating their awareness of current economic trends.
- Critical thinking: The participant exhibits the ability to critique existing economic models and policies, proposing reasoned and well-supported alternatives.
- Provide practical experience: The competition format, which requires participants to research and develop a project, gives them hands-on experience and insight into what a career in economics might involve.
- Problem-solving and innovation: This criterion evaluates the creativity and practicality of the participant’s proposed solutions.
- Problem identification: The participant clearly and accurately identifies a significant economic issue, either on a macro or micro scale.
- Innovative solution: The proposed solution is original and creative, moving beyond conventional thinking to present a fresh approach to the problem.
- Feasibility and impact: The solution is realistic and demonstrates an understanding of the resources required for implementation. Its potential impact on the economy, society, and environment is clearly articulated.
- Quantitative and data analysis: This criterion assesses the participant’s ability to support their arguments with quantitative evidence.
- Data interpretation: The participant effectively uses and interprets relevant data to support their economic analysis and justify their proposed solution.
- Model application: The participant demonstrates an ability to use or create economic models to illustrate a problem and predict the outcomes of their proposed solution.
- Justification: Quantitative results and models are clearly explained, and their relevance to the overall solution is well-defined.
- Communication and presentation: This criterion evaluates the clarity and persuasiveness of the participant’s presentation of their findings and solutions.
- Clarity and readability: The written and/or verbal presentation is clear, well-structured, and easy to understand. The logic flows smoothly, and the argument is cohesive.
- Persuasive effectiveness: The participant effectively communicates the significance of their work and the potential benefits of their solution to the judges and audience.
- Identify economic issues: Require participants to identify significant economic issues, both large-scale (macro) and small-scale (micro), demonstrating their awareness of current economic trends.