How to Write a Perfect Economics Essay
It sometimes happens that for Economics course an essay paper comprises 60% of the total grade. Thus, excellent writing skills are crucial when you want to obtain a good grade in this exam. Although there is no universal way on how to tackle an essay writing assignment, students are advised to follow “The Eight-Step Approach” in order to provide a high-quality Economics paper.
The Main Elements of the Eight-Step Approach:
- Carefully read the essay question
- If the essay question comprises of two parts, pay attention to the mark that each part has as it stands for the word count of each answer. Therefore, before starting to write part A, make sure you have read part B till the end in order to prevent any confusion or overlap between these two parts.
- Take into account all the keywords as they give you a hint which aspects you have to focus on.
- Also pay special attention to command words as they are an indication of what you are asked to write. You can find command words that are frequently used in the Economics Course “A” Level Economic paper alongside their explanation in Economics Methodology.
- Mention relevant economic concepts and theories that come across your mind without considering their degree of adequacy.
- Prioritize the relevant economic concept and theories according to their degree of adequacy.
- If the list of economic concepts and theories that you have devised is too long, shorten it and come up with the most important and relevant ones.
- When you have identified the needed economic theories and concepts, organize them in such a way that you logically structure your answer. According to the requirements, a properly organized answer should have an introduction, body paragraphs, and conclusion. The answer should be approximately four pages long (without taking into account graphs, tables, and diagrams you are required to provide).
Economics Essay Selected Experts
Take, for example, the following question:
Discuss if the growth of the specify country economy would have a detrimental effect on the economy of "specify country/city.
Introduction
In the introductory paragraph, please cover the economic terms relating to the question. Provide an overview (or background information) of the approach, you have taken to address this question. Nevertheless, if you have some structured questions, it is not necessary to provide the overview of the taken approach. Do not provide your own judgment or opinion in the introductory paragraph. In other words, do not focus on any outcomes or effects.
Example of the Introduction
Growth in the economy signifies an increase in the real national output or real national income. The effects of the economic growth on the economy of specify city/region can be viewed and analyzed in terms of the influence on the payments balance, the national income, the level of unemployment, the general price level, and the equality of income.
Body Paragraphs
As a rule, in the body paragraphs, you discuss the main essay question in detail. Each body paragraph must be devoted to the analysis and development of a separate idea/ aspect. The main idea of each body paragraph should be concisely included into the topic sentence (which briefly informs what will be discussed in the paragraph). The rest of the paragraph should support and illustrate the topic sentence. Further examples, data, statistics, and other supporting evidence should be provided.
Example of the Body Paragraph of China as country and Singapore as city
The specify country economic growth might lead to the deterioration in payment balance in Singapore. The payment balance refers to the record of all transactions done between the economic residents and the rest of the world within a specific period of time. The balance of payments comprises the current account as well as the financial and capital accounts. Low value-added goods production, in particular that of disk drives, does not require high-skilled labor. Therefore, due to the Chinese higher percentage of low-skilled labor, China is more competitive than Singapore in terms of providing low value-added products. With the growth of *specify country* economy, the country will provide a bigger amount of low value-added production, which will thus satisfy the bigger part of the world demand. As a result, such turn of events will lower the interest in low value-added goods that are manufactured in Singapore. In such a way, if the Chinese economy grows, it leads to the fall of Singapore’s export of low value-added products. In particular, Singapore’s export of hard disks has partially decreased because of the Chinese economic growth. Moreover, due to the same reason, Chinese exports of low value-added goods to Singapore will increase. As a result, it will lead to the deterioration of the current account and the payment balance in Singapore. With the growth of the Chinese economy, households will become more affluent, and thus the consumer market will become even larger. Consequently, the Chinese economic growth is directly related to the decrease of interest of foreign direct investors in Singapore’s market. In particular, foreign investors have lost their interest in Singapore over the last two decades due to the increasing growth of the economy in China. Besides, because of the same reason, companies in Singapore will enlarge investments in the Chinese market. Under such circumstances, the financial and capital accounts as well as the payment balance in Singapore will deteriorate.
Conclusion
The conclusive paragraph can serve as a summary of the key ideas expressed or a recommendation. Such structure is, as a rule, more characteristic of Part A question. In Part B, which comprises a full-length discussion, the conclusion should serve as an evaluation.