How to write an essay on economics
NESA maintains a vocabulary bank that can be used to answer questions. These verbs will help you steer your analysis on the right track. Take, for example:
Ten Economics Topics that Will Help You Improve Your Bottom Line
If you hear the word “economy” and your only thought is that you need to get to your local warehouse store to buy another economy-size container of cheese puffs, it’s probably good that you’ve decided to read this post for a few ideas for your upcoming economics essay.
So wipe your hands of that sparkling cheese dust, and let’s take a look at 10 economics essay topics to help you get started with your economics essay.
Ten Economics Topics that Will Help You Improve Your Bottom Line
I’ve included a broad list of topic ideas with suggestions on how you might develop the topic into a specific type of paper, such as an argument, compare and contrast, or pros and cons essay.
Remember that professors may have differing ideas about the type of assignment you should write. Also, be sure to carefully read your assignment guidelines.
Within the list of economics essay topics, I’ve also included several sample essays for added inspiration. As you browse the topic list, make sure to look at their samples.
1. Both supply and demand
An excellent example of supply-demand is the gas prices. Due to high summer travel demand, gas prices tend to rise during the summer. Prices will fall if demand is lower than the gas prices.
If you’re writing about supply and demand, you might write an informative essay to simply explain the supply and demand of a product. A persuasive essay can also be written to argue for higher supply, or lower prices, depending on what the market is.
2. Culture and economy
Discussions about culture and economy might focus on several groups of people and their impact on the economy. You might also choose to focus your discussion on a specific group, such as the millennials and their impact on the economy.
I’m sure you’ve purchased your share of products in your lifetime. You might find it interesting to write about consumerism. Maybe you could even talk about how you spent your money and the impact it had on your life.
(Think cause and effect essay—did overspending on those concert tickets put a big dent in your budget? This affected your spending for the week.
4. Historical Overview
An historical overview essay on economics could be a detailed overview of one time period and its effects on society.
You might consider focusing on just one aspect of an economy (such interest rates, technology), and following its effect over time.
An introduction to the history of…
Another topic that is suited for a cause-and-effect essay is immigration.
Consider the effects of illegal immigrants on a country or a single city. You might also consider the effect of immigration on an industry like farming.
There are other options. You could also discuss what the economic impact would be if immigration was banned. Alternately, discuss what might happen to current immigrants.
6. Trade policies
If you’re writing about trade policies, perhaps explain how policies impact one country. It might be possible to compare and contrast the policies of several countries.
7. Inflation rates
Ever buy something with a credit card and then look at your statement the next month to see how much you’re paying in interest? (It’s painful. Pay your credit card debts as soon as possible!
You might find it helpful to have a personal understanding of how credit card interest rates affect your purchases at a bigger company. You might be able to see how and why interest rate changes can affect your purchases.
Have an awesome idea for an explanatory essay about interest rates but just can’t seem to get the words in place? Check out 4 Proven Ways to Keep Writer’s Block From Ruining Your Essay.
Receding recessions can affect anyone. If you know people who’ve lived through a recession (or two), their insights might be just what you need to add a local perspective to your research.
These are just a few suggestions to create an economics survey. Learn How to Create Perfect Survey Questions in Your Paper.
An economy can benefit from some inflation. However, too high inflation can lead to instability that could discourage economic growth and decrease spending.
To write a pros or cons essay about inflation, it is a good idea to make a list.
10. The employment rates
Both the economy and unemployment go hand in hand. This is the time to improve your skills in research papers if you want to show how they are related. You might also want to brush up on MLA and APA citation styles.
The Word Economy
Writing an economics essay doesn’t mean that you throw out a bunch of ten-dollar words that you learned in class just to make yourself sound smart. You also shouldn’t add those words just to fill up space to meet word count.
After you’ve settled on the topic for your economics essay, you can check these links to ensure that you stay economical with your word choice:
Don’t forget: Kibin editors are also here to help with word choice–and all things related to your essay.
Psst. Psst. Over 500,000 sample essays will inspire you.
About the Author
Susan M. Inez (Professor of English) is an American writer and goddess who lives in the Northeast. Susan M. Inez has a BA degree in English Education, a MA in Composition and an MS Education. Susan also has over 20 years’ experience teaching composition and writing in the professional professions. Two years ago, Susan was co-director for a campus Writing Center.
How to write an introduction for an Economics essay
The economics essay presents an overview of the topic that is important in either a national or international economy. You should include an introduction that demonstrates your knowledge of economic news and principles. Your introduction should be captivating, engaging and inspiring. This is where the challenge lies – to create a compelling introduction. Consider focusing on an economic principle and then illustrating that principle using specific examples. The principle of demand can be discussed by marketers who create demand for an easy product, while marketing enhances the product. This could include the highly successful campaign where an ordinary rock was promoted and sold as pet. You also received an instruction manual on raising the pet and other accessories.
The introduction should give readers a summary of some key points that he will take away from your essay. Your introduction should be no more than three sentences. Your introduction should be a quick lead-in, which will make your reader more engaged in the rest.
Begin with a historical or interesting fact about your topic. You might give data, for example, about how the country’s realty market crashed. The reader will be able to see the problem clearly and retain her attention with a shocking statistic.
The economics essay’s overall theme should be summarised. Discuss the overall purpose of the economics essays. For example, you might explain why it is important that a government take an action to boost its economy.
Talk about any recent developments and policies related to the topic. Discuss the potential effects of financial controls being implemented by the government on key industries, for example, and discuss how this could impact the topic.
You will answer the questions later in your economics essay. To illustrate, if your topic is to explain why and how the nation’s realty market will rebound in the future, make sure you ask rhetorical questions to let the reader know you have plans to respond to them.
How to write an essay on economics
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Tips for writing economics essays
Some tips for writing economics essays Includes how to answer the question, including right diagrams and evaluation – primarily designed for A Level students.
1. Understanding the question
Get to the heart of the question. You might try to simplify the question if possible.
Q. Consider the macroeconomic consequences of significant falls in UK House Prices and simultaneous loosenings of Monetary Policy.
In plain English.
- Examine the impact of falling property prices on the economy
- Talk about the effects of falling interest rates and loose monetary policies on the economy
This question can be divided into two parts. This is an acceptable response. It’s best to address each part separately before considering them all together.
As you answer, it is helpful to remember the question. Sometimes, candidates may start out well but forget the question at the end. Remember that a failure to answer the question could result in very poor marks.
2. Simple sentences are best
Students should write concise sentences to ensure clarity. Keep in mind that you shouldn’t combine multiple ideas into one sentence. Writing in shorter sentences can sound awkward. But, keep in mind that you will not receive extra marks for having a Shakespearian understanding of English. (at most in Economics Exams).
This is the response to a question.
Q. Q. What are the effects of higher interest rates on your finances?
The cost of borrowing is increased by higher interest rates. Mortgage holders will therefore have less disposable income. Additionally, credit card purchases are less attractive to consumers. Consumption will fall. The result will be lower consumption and consequently, less economic growth. Inflation will be reduced if there is a decrease in AD.
Although I could have combined a few sentences, I chose to illustrate that concise sentences are useful for clarity. In the example above, nothing is lost.
It is important to remember that simple sentences can help you focus your attention on just one thing.
3. Answer this question
You often see candidates who have a good understanding of economics but cannot answer the question. They can therefore get zero marks for answering a question. It may seem harsh, but if you don’t answer the question, the examiner can’t give any marks.
You can pose the following question at the conclusion of each paragraph. A one-sentence summary can be written if necessary to answer the question. Don’t wait until the end of the essay to realise you have answered a different question.
Disseminate the effects of Euro membership in UK on UK’s fiscal and monetary policies.
Most students will have revised a question on: “The benefits and costs of the Euro. They will then write all the notes they have on the costs and benefits of the Euro as soon as they read the title. This question, however, is very specific. It only wants to see the effect on fiscal and monetary policy.
The “joke” goes, put 10 economists in a room and you will get 11 different answers. Why? You may wonder. The nature of economics is that quite often there is no “right” answer. We must always be open to other perspectives and consider different outcomes. Evaluation is a way to do this.
- It all depends on how the economy is doing. – full capacity or recession?
- Time lags – it may take 18 months for interest rates to have an effect
- It depends on the economic variables. Increased investment can be counterbalanced by a fall in consumer expenditure.
- Relevance of Factors. The UK AD does not suffer from a drop in US exports. A recession in Europe, however, is much more important because half of UK’s exports to the EU.
- Take into account the effect on macroeconomic goals. Higher interest rates can reduce inflation. But what about economic growth? What about unemployment, current account balance and other payments?
- Both the demand and supply sides should be considered. Expansive fiscal policy, for example, can reduce unemployment due to lack of demand, but it won’t solve demand-side unemployment. structural unemployment)
The impact of increasing interest rates on consumer spending will decrease.
- ButHigher interest rates might not discourage consumers from spending if there is high confidence.
An increase in interest rates might reduce inflation but not decrease growth if the economy is at its maximum capacity. AD falls between AD1 and AD2
- HoweverRising interest rates can cause recession if the economy is experiencing a slowdown. (AD3 to 3)
1. It all depends on the demand elasticity.
We place the same tax as in the previous diagrams on the goods, which causes the supply shift to the right.
- If demand is not price elastic, tax will only cause a slight fall in demand.
- The tax can cause a greater percentage of decline in demand if demand is price elastic.
2. Time lag
The short-term price elasticity of petrol will likely limit demand. But consumers will eventually find alternative fuels, like electric vehicles. Electric cars are popular. While investment won’t increase the capacity of a firm in the immediate term, over time it could help improve a company’s profitability. Time lags.
3. It all depends on the market structure
When markets are open to competition, prices will stay low. We can however expect prices to rise if there is monopoly power.
4. Depends on the business objectives
Prices will rise if a company is trying to maximize profits. However, if a firm is seeking to maximise market share, it may seek to cut prices – even if it means less profit.
5. Economic behavior
Economics assumes that people are rational and seek to maximize their utility. But in reality, everyone is subject to bias. This may mean that they are not able to meet the expectations of classic economic theory. According to the current-bias, consumers may give more weight to happiness now and neglect future costs. This could explain the over-consumption and under-consumption merit goods. The behavioural economy.
Exam tips for economics – Comprehensive e-book guide for just £5
8 thoughts on “Tips for writing economics essays”
To get excellent credit in Economics, I want to be able to tell the difference between analysis and discussion questions.
While analysis is limited to one side, discussion questions are open to both sides.
That is a wonderful lesson that I learned.
How can I manage my time effectively?
These evaluation points are very useful. Analyse and application is what I struggle with. All the knowledge is there and I’ve learned how to evaluate points such as J-curve analysis or marshall learner conditions, but I don’t have the right chain of reasoning. I’ll try to use the short sentences in this article.
Which method of costing analysis would be most appropriate for a craft brewery? This is to determine the costs of producing different kinds of beer.
Especially useful for CIE exams papers
Does anyone know how to evaluate in those advantages/disadvantages essay questions where you would basically analyse the benefits of something and then evaluate? Struggling because wouldn’t the evaluation just be the disadvantages ?? It’s difficult to evaluate without simply stating the negative.
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Any questions about Economics are welcomed.
Tejvan Pettinger studied PPE at LMH, Oxford University. More information
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