science

International Economics Olympiad

International Economics Olympiad is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand International Economics Olympiad rather than just read about it. In short: The International Economics Olympiad (IEO) is an annual global competition in economics, business, and finance for high school students, founded in 2018. It is one of the most prestigious economics competitions globally.

Key takeaways

International Economics Olympiad belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect International Economics Olympiad to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of International Economics Olympiad from memory before moving on to harder problems.

Reference excerpt

The International Economics Olympiad (IEO) is an annual global competition in economics, business, and finance for high school students, founded in 2018. It is one of the most prestigious economics competitions globally. Participating countries can send a team of up to five students along with one or two team leaders. The students are evaluated in Economics, Finance, and business case analysis. Over sixty countries participate in IEO.

History The Olympiad was first held in 2018 in Moscow, Russia, with participation from 13 countries. The number of countries increased significantly at the second edition in 2019 in Saint Petersburg. In 2020, when the COVID-19 pandemic disrupted most international educational events, the IEO moved to an online format. Organizers introduced a system of remote supervision using 360-degree video and screen-sharing tools to maintain exam integrity. The program continued to include social and cultural activities in virtual form, and this online model was later adopted by several national competitions. The 2021 Olympiad was again conducted online, hosted virtually by Latvia. From 2022 onward, the IEO began a gradual return to on-site events — initially through a regional gathering held in Turkey during the competition hosted by China, and later through official in-person participation in Volos, Greece, in 2023.

In 2023, the IEO International Board approved several organisational changes. The Finance component was revised, replacing the interactive investment simulator with a multiple-choice financial literacy test. The Board of Trustees was reorganized into an Advisory Board joined by prominent economists, including Eric Maskin and Daron Acemoglu. Subsequent events were hosted by China (2022); Volos, Greece (2023); Hong Kong, China (2024); and Baku, Azerbaijan (2025). The next edition is planned for Tokyo, Japan, in 2027.

Competition format The IEO consists of two main parts:

Economics and Finance: an individual written exam assessing students' understanding of basic economic and financial (including financial literacy) concepts and models, ability to apply them, their curiosity about the fields, and analytical skills; Business Case: a team round where students analyse a real-world economic or business problem and present solutions. Tasks are prepared by international academic committees and assessed by an independent jury. The official language of the Olympiad is English.

Participation and organization Each country is represented by one national team consisting of up to five students and one or two team leaders. Teams are selected through national competitions orginised by the sending organisations in each country or territory, whose application was approved by the IEO Executive Board. As of 2026, 74 countries and territories have taken part in the Olympiad.

Awards

Awards at the IEO are based on the combined results of all three parts of the competition. Individual contestants may receive gold, silver, or bronze medals, which are awarded by the International Board following recommendations from the Jury; the total number of medals cannot exceed half of all invited participants. Teams are ranked separately, and gold, silver, and bronze statuettes are given for overall team performance according to a scoring formula defined in the official syllabus. The Jury may also grant special prizes or certificates for exceptional performance in a specific task or round. All contestants and team leaders receive certificates of participation.

Notable contributors

Economists including Nobel laureates Eric Maskin, Daron Acemoglu and N. Gregory Mankiw have appeared as guest speakers during the Olympiad’s academic program.

See also International Mathematical Olympiad International Physics Olympiad International Olympiad in Informatics International Chemistry Olympiad International Linguistics Olympiad International Olympiad on Astronomy and Astrophysics International Science Olympiad

References

External links IEO official website

Illustrations

Worked examples

Example 1 — a first encounter with International Economics Olympiad

Start with the simplest possible case. Write down what International Economics Olympiad claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to International Economics Olympiad before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about International Economics Olympiad ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of International Economics Olympiad

In research: International Economics Olympiad appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses International Economics Olympiad in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: International Economics Olympiad is common in secondary-school and first-year university syllabi. It links to neighbouring topics Economics awards, International Science Olympiad, Recurring events established in 2018, so understanding it makes those chapters shorter.
In everyday life: Look for International Economics Olympiad outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study International Economics Olympiad in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what International Economics Olympiad means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain International Economics Olympiad out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is International Economics Olympiad in simple terms?

Why does International Economics Olympiad matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study International Economics Olympiad?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on International Economics Olympiad.