Paper 1 might be considered a very traditional style exam. As you will see when you take a look at the example papers, you'll get some questions and blank paper. In essence you are writing essays.
One thing to be very aware of for this paper is the need for you to integrate your own real life examples. It's a must if you are aiming for the top grades. In this way there's a link between Paper 2 and the IA - in all cases economics is explored by examples and case studies.
SL = 30% of the final grade
HL = 20% of the final grade
SL & HL
answer 1 essay / choice of 3
SL & HL
1hr 15mins / 25 marks
All units could be examined