economics essay template

Economics Essay Examples

Ace Your Essay With Our Economics Essay Examples

Published on: Jun 6, 2023

Last updated on: Jan 31, 2024

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Are you struggling to understand economics essays and how to write your own?

It can be challenging to grasp the complexities of economic concepts without practical examples.

But don’t worry! 

We’ve got the solution you've been looking for. Explore quality examples that bridge the gap between theory and real-world applications. In addition, get insightful tips for writing economics essays.

So, if you're a student aiming for academic success, this blog is your go-to resource for mastering economics essays.

Let’s dive in and get started!

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What is an Economics Essay?

An economics essay is a written piece that explores economic theories, concepts, and their real-world applications. It involves analyzing economic issues, presenting arguments, and providing evidence to support ideas. 

The goal of an economics essay is to demonstrate an understanding of economic principles and the ability to critically evaluate economic topics.

Why Write an Economics Essay?

Writing an economics essay serves multiple purposes:

• Demonstrate Understanding: Showcasing your comprehension of economic concepts and their practical applications.
• Develop Critical Thinking: Cultivating analytical skills to evaluate economic issues from different perspectives.
• Apply Theory to Real-World Contexts: Bridging the gap between economic theory and real-life scenarios.
• Enhance Research and Analysis Skills: Improving abilities to gather and interpret economic data.
• Prepare for Academic and Professional Pursuits: Building a foundation for success in future economics-related endeavors.

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If you’re wondering, ‘how do I write an economics essay?’, consulting an example essay might be a good option for you. Here are some economics essay examples:

Short Essay About Economics

A Level Economics Essay Examples

Here is an essay on economics a level structure:

Band 6 Economics Essay Examples

Here are some downloadable economics essays:

Economics essay pdf

Economics essay introduction

Economics Extended Essay Examples

In an economics extended essay, students have the opportunity to delve into a specific economic topic of interest. They are required to conduct an in-depth analysis of this topic and compile a lengthy essay. 

Here are some potential economics extended essay question examples:

• How does foreign direct investment impact economic growth in developing countries?
• What are the factors influencing consumer behavior and their effects on market demand for sustainable products?
• To what extent does government intervention in the form of minimum wage policies affect employment levels and income inequality?
• What are the economic consequences of implementing a carbon tax to combat climate change?
• How does globalization influence income distribution and the wage gap in developed economies?

IB Economics Extended Essay Examples 

IB Economics Extended Essay Examples

Economics Extended Essay Topic Examples

Extended Essay Research Question Examples Economics

Tips for Writing an Economics Essay

Writing an economics essay requires specific expertise and skills. So, it's important to have some tips up your sleeve to make sure your essay is of high quality:

• Start with a Clear Thesis Statement: It defines your essay's focus and argument. This statement should be concise, to the point, and present the crux of your essay.
• Conduct Research and Gather Data: Collect facts and figures from reliable sources such as academic journals, government reports, and reputable news outlets. Use this data to support your arguments and analysis and compile a literature review.
• Use Economic Theories and Models: These help you to support your arguments and provide a framework for your analysis. Make sure to clearly explain these theories and models so that the reader can follow your reasoning.
• Analyze the Micro and Macro Aspects: Consider all angles of the topic. This means examining how the issue affects individuals, businesses, and the economy as a whole.
• Use Real-World Examples: Practical examples and case studies help to illustrate your points. This can make your arguments more relatable and understandable.
• Consider the Policy Implications: Take into account the impacts of your analysis. What are the potential solutions to the problem you're examining? How might different policies affect the outcomes you're discussing?
• Use Graphs and Charts: These help to illustrate your data and analysis. These visual aids can help make your arguments more compelling and easier to understand.
• Proofread and Edit: Make sure to proofread your essay carefully for grammar and spelling errors. In economics, precision and accuracy are essential, so errors can undermine the credibility of your analysis.

These tips can help make your essay writing journey a breeze. Tailor them to your topic to make sure you end with a well-researched and accurate economics essay.

To wrap it up , writing an economics essay requires a combination of solid research, analytical thinking, and effective communication. 

You can craft a compelling piece of work by taking our examples as a guide and following the tips.

However, if you are still questioning "how do I write an economics essay?", it's time to get professional help from the best essay writing service -  CollegeEssay.org.

Our economics essay writing service is always ready to help students like you. Our experienced economics essay writers are dedicated to delivering high-quality, custom-written essays that are 100% plagiarism free.

Also try out our AI essay writer and get your quality economics essay now!

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Barbara is a highly educated and qualified author with a Ph.D. in public health from an Ivy League university. She has spent a significant amount of time working in the medical field, conducting a thorough study on a variety of health issues. Her work has been published in several major publications.

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How to Write a Good Economics Essay

Last Updated: March 7, 2023 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a private tutor in San Carlos, California. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. This article has been viewed 127,508 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies. [7] X Research source
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute. [10] X Research source

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [12] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [13] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

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• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ http://homes.chass.utoronto.ca/~mcmillan/writing.pdf
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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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. Understand the question

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version.

For example:

Q. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy.

In plain English.

• Discuss the effect of falling house prices on the economy
• Discuss the effect of falling interest rates (loose monetary policy) on economy

In effect, there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

It helps to keep reminding yourself of the question as you answer. Sometimes candidates start off well, but towards the end forget what the question was. Bear in mind, failure to answer the question can lead to a very low mark.

2. Write in simple sentences

For clarity of thought, it is usually best for students to write short sentences. The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. (at least in Economics Exams)

Look at this response to a question:

Q. What is the impact of higher interest rates?

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. A fall in AD will also reduce inflation.

I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. Nothing is wasted in the above example.

Simple sentences help you to focus on one thing at once, which is another important tip.

3. Answer the question

Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question. It may seem harsh, but if you don’t answer the question, the examiner can’t give any marks.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Don’t wait until the end of the essay to realise you have answered a different question.

Discuss the impact of Euro membership on UK fiscal and monetary policy?

Most students will have revised a question on: “The benefits and costs of the Euro. Therefore, as soon as they see the Euro in the title, they put down all their notes on the benefits and costs of the Euro. However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy.

The “joke” goes, put 10 economists in a room and you will get 11 different answers. Why? you may ask. The nature of economics is that quite often there is no “right” answer. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation.

Macro-evaluation

• Depends on the state of the economy – full capacity or recession?
• Time lags – it may take 18 months for interest rates to have an effect
• Depends on other variables in the economy . Higher investment could be offset by fall in consumer spending.
• The significance of factors . A fall in exports to the US is only a small proportion of UK AD. However, a recession in Europe is more significant because 50% of UK exports go to EU.
• Consider the impact on all macroeconomic objectives . For example, higher interest rates may reduce inflation, but what about economic growth, unemployment, current account and balance of payments?
• Consider both the supply and demand side . For example, expansionary fiscal policy can help to reduce demand-deficient unemployment, however, it will be ineffective in solving demand-side unemployment (e.g. structural unemployment)

Example question :

The effect of raising interest rates will reduce consumer spending.

• However , if confidence is high, higher interest rates may not actually discourage consumer spending.

If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth. (AD falls from AD1 to AD2)

• However , if there is already a slowdown in the economy, rising interest rates may cause a recession. (AD3 to AD3)

Micro-evaluation

1. The impact depends on elasticity of demand

In both diagrams, we place the same tax on the good, causing supply to shift to the left.

• When demand is price inelastic, the tax causes only a small fall in demand.
• If demand is price elastic, the tax causes a bigger percentage fall in demand.

2. Time lag

In the short term, demand for petrol is likely to be price inelastic. However, over time, consumers may find alternatives, e.g. they buy electric cars. In the short-term, investment will not increase capacity, but over time, it may help to increase a firms profitability. Time lags.

3. Depends on market structure

If markets are competitive, then we can expect prices to remain low. However, if a firm has monopoly power, then we can expect higher prices.

4. Depends on business objectives

If a firm is seeking to maximise profits, we can expect prices to rise. However, if a firm is seeking to maximise market share, it may seek to cut prices – even if it means less profit.

5. Behavioural economics

In economics, we usually assume individuals are rational and seeking to maximise their utility. However, in the real world, people are subject to bias and may not meet expectations of classical economic theory. For example, the present-bias suggest consumers will give much higher weighting to present levels of happiness and ignore future costs. This may explain over-consumption of demerit goods and under-consumption of merit goods. See: behavioural economics

Exam tips for economics – Comprehensive e-book guide for just £5

8 thoughts on “Tips for writing economics essays”

I really want to know the difference between discussion questions and analysis questions and how to answer them in a correct way to get good credit in Economics

Analysis just involves one sided answers while Discussion questions involve using two points of view

This is a great lesson learnd by me

how can I actually manage my time

The evaluation points in this article are really useful! The thing I struggle with is analysis and application. I have all the knowledge and I have learnt the evaluation points like J-curve analysis and marshall learner condition, but my chains of reasoning are not good enough. I will try the shorter sentences recommended in this article.

What kind of method for costing analysis is most suitable for a craft brewery, in order to analyze the cost of production of different types of beer_

Really useful!Especially for the CIE exam 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 ?? Like how would you evaluate without just stating the disadvantage?

Leave a comment Cancel reply

How to Write an Economics Paper: A Step-by-Step Guide

Economics is often called “the dismal science,” and most students would agree that it never lives up to that moniker more than when they are writing an economics paper for a college, university, or MBA course. Economics essays can be challenging because they combine scientific accuracy and mathematical reasoning with the interpretive and theoretical approaches of the humanities, making them one of the most difficult types of essays to write. However, economics papers don’t have to create anxiety if you know the right way to approach an economics paper.

In this article, we’ll take a look at the right way to write an economics paper by examining the process from start to finish and offering some tips about the best way to approach each of the steps in writing an economics essay.

So, where should you begin to write an economics paper?

Read the Assignment

This might seem like a no-brainer, but the first step in writing any essay is to read the assignment and make sure that you understand exactly what the question is asking. Be sure that you are clear on each of the requirements of the assignment, and that means that you need to carefully review the question and find each of the pieces that require a response in the essay. Beyond this, you should consider whether any of the requirements are unclear. If there is anything you don’t understand, be sure to seek clarification before you start writing.

Develop a Research Question

Based on the assignment, try to develop one or two guiding questions that will help to direct your research when you start to create the assignment. What do you want to know more about? What would you need to know to address the assignment? Having sharp research questions will help to direct your research and point you in the right direction as you gather resources.

Gather Research Before You Write

Many students take the approach that the fastest way to write a paper is to start writing and grab research to support their points as they move through. However, this is an inefficient way to write. The most effective way to write an essay is to gather your research before you begin the writing process. By researching the question and evaluating resources early on, you will be in a better position to create a strong thesis statement and develop a powerful paper that will help you to address the assignment completely. One effective technique is to read each research source, pull out key quotes you might use in your paper, and produce a reference list entry for each source before you start writing. That way, you can pull from your bank of research without having to stop and research new material as you write.

Develop a Thesis Statement

Based on the research that you’ve done, you should develop a thesis statement explaining your unique perspective on the assignment and what you will demonstrate or prove during the course of the paper. A strong thesis statement is specific and sharp rather than vague and general. Your thesis should be original and not merely repeating something someone else has already done in a prior economics paper.

Outline Your Economics Paper

Many students skip this step because they think that it is a waste of time that they could be spending writing, but outlining can actually be a time-saver in the long run. Using your thesis statement, you should develop an outline that develops each part of the thesis into a paragraph or section of your outline. Each section of your outline should have supporting details, including resources, quotes, and evidence, that you will use to assemble your paper. The more detail that you put together in your outline, the easier it will be to write the final paper.

Write the Paper, Saving the Intro for Last

Your outline should make it easy to develop your paper. All you need to do at this point is to take the outline that you wrote, flesh it out by turning its points into complete sentences, drop in quotations and supporting information (with citations), and connect the dots with transitions. When you write the final paper, you should save the introduction for last. That way, you will be able to use the conclusion that you come to at the end of the paper to craft an introduction that will set up the paper. If you try doing the introduction first, you might feel tempted to tailor your conclusion to keep the introduction intact. This way, if your conclusion changes as you write, you won’t lose time or text.

Get Economics Essay Help If Needed

Writing economics papers can be hard, but these tips should make it easier. However, if you find yourself in need of additional help, it can be helpful to pay someone for writing help. When you hire an expert from an online service like WriteMyPaperHub.com , you can receive the kind of benefits that you can’t get anywhere else, including customized and personalized research and writing assistance from an expert writer with an advanced degree and years of experience producing papers for students just like you. Whether you need writing help because you are pressed for time or don’t know where to start, professional help can be the solution to help you solve your hardest essay challenges and to help you make the grade on your next economics paper.

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A State-Ranker’s Guide to Writing 20/20 Economics Essays

So, you want to know how to improve your preliminary and HSC economics essay...

Cory Aitchison

State Ranker & 99.95 ATAR

1. Introduction to this Guide

So, you want to know how to improve your preliminary and HSC economics essay writing? Look no further! In this guide, I’ll be covering key tips to help YOU smash the structure, amaze with your analysis, conquer the contemporary, and ultimately master the mystery of maximising your marks.

My name is Cory Aitchison, currently one of the Economics tutors at Project Academy . I completed the HSC in 2018, achieving a 99.95 ATAR as well as two state ranks — 6th in economics and 12th in chemistry. Graduating from Knox Grammar School, I also topped my grade in economics and was awarded Dux of the School for STEM. Believe it or not, at the beginning of Year 11 I initially struggled with economics due to the transition in conceptual thinking required in approaching economic assessments in comparison to my other subjects such as English. However, through Year 11 and Year 12, I built up key tips and strategies — that I’ll be sharing with you in this guide — to help me not only consistently achieve top marks in my internal assessments, but to ultimately go on to achieve the results I did in the HSC.

2. The Correct Way to Write

First off, you need to understand something: HSC economics essays are NOT english essays! They aren’t scientific discussions, nor geography reports, nor historical recounts. They’re unique and often quite different from other essays that you might’ve done previously in high school. The style of writing and approach to answering questions can be confusing at first, but follow these tips and you’ll be ready in no time:

Phrasing should be understandable and concise

Unlike some subjects where sophisticated phrasing is beneficial to getting marks, HSC economics essays should emphasise getting your point across with clarity. This means don’t run your sentences on for too long, be aware of any superfluous words, and make sure you actually understand yourself what you’re trying to say in a sentence.

For example:

GOOD: “An increase in interest rates should lead to decreased economic growth.”

NOT GOOD: “As a result of a rise or increase in interest rate levels from their previous values, the general state of economic activity in the domestic economy may begin to decrease and subsequently indicate the resultant situation of a decrease in economic growth.”

“Understandable” does not mean slang or lacking in terminology

Just because you want to get a point across, doesn’t mean you should resort to slang. In fact, using economic terminology is a strong way to boost your standing in the eyes of the marker — if you use it correctly! Always make sure you use full sentences, proper English grammar, and try and incorporate correct economic terms where possible.

GOOD: “This was a detrimental outcome for the economy.”

NOT GOOD: “This was a pretty bad outcome for the economy.”

GOOD: “The Australian Dollar depreciated.”

NOT GOOD: “The Australian Dollar decreased in value.”

Analysis should be done using low modality

Modality just refers to the confidence of your language — saying something “will” happen is strong modality, whereas saying something “might” happen is considered low modality. Since a large portion of economics is about applying theory, we have to make sure that we are aware that we are doing just that — talking about the theoretical, and so we can’t say for sure that anything will happen as predicted.

Some useful words include:

May, Might, Should, Could, Can theoretically

Don’t use words like:

Must, Will, Has to, Always

3. How to use Statistics

“What’s most important is that this contemporary is used to bring meaning or context to your argument…”

Using contemporary (statistics) can often seem straightforward at first, but using it effectively is usually harder than it looks. Contemporary generally refers to applying real-world facts to your analysis to help strengthen (or weaken) the theoretical arguments. This can include many different statistics or pieces of information, including:

• Historic economic indicators, such as GDP, inflation, GINI coefficients, exchange rates, or unemployment rates
• Trends or economic goals, such as long-term GDP growth rates, or the stability band for inflation
• Names of economic policies, such as examples of fiscal or microeconomic policies
• Specifics of economic policies, such as the amount spent on infrastructure in 2017

Whatever statistics you deem relevant to include in your essay, what’s most important is that this contemporary is used to bring meaning or context to your argument — just throwing around random numbers to show off your memorisation skills won’t impress the marker, and in fact might appear as if you were making them up on the spot. Rather, your use of contemporary should actively improve your analysis.

GOOD: “Following a period of growth consistently below the long-term trend-line of 3%, the depreciation of the AUD to 0.71USD in 2017 preceded an increase in economic growth to a 10-year high of 3.4% in 2018.”

NOT GOOD: “Economic growth increased by 1 percentage point in 2017 to 2018”

NOT GOOD: “GDP was $1.32403 trillion in 2017”

GOOD: “The 2017 Budget’s Infrastructure Plan injected $42 billion into the economy — up 30% from 2016’s $31 billion, and 20% higher than the inflation-adjusted long-term expenditure.”

NOT GOOD: “The 2017 Budget’s Infrastructure Plan injected $42 billion into the economy”

That in mind, don’t think that these statistics have to be overly specific. As long as the general ideas gets across, it’s fine. You don’t need to say “$1,505,120” — just “$1.5 million” will suffice.

Ask yourself: if I get rid of the contemporary from my paragraphs, does the essay still have enough content?

Further, don’t get roped into the “contemporary trap” — where you fall into the mindset that “if I memorise all these statistics, my essay will get good marks”. Including numbers and contemporary at the expense of having a robust theoretical explanation and analysis will definitely be detrimental in getting you top marks. Particularly in trial exams and the HSC when you’ve got all these numbers floating in your head, it can be tempting to try and include as many as you can (often just because you can!). To avoid this, always try and focus your arguments on analysis and syllabus content first, contemporary second. Ask yourself: if I get rid of the contemporary from my paragraph, does the essay still have enough content?

4. Must Have Insightful “However”s

If you really want to extend your analysis and show the marker that you know your stuff, including insightful “however”s is a strong way to do it. What I mean by this is that for each of your paragraphs, try and include a counterpoint that highlights the flexible nature of economic theory. There are broadly two kinds of “however”s:

Theoretical “However”s

These are counterpoints that are based on theory — often there will be theoretical limitations for many of the concepts you come across in economics. It’s always important to include these limitations as it reinforces your knowledge of the actual content of economics.

“Although the Budget and fiscal policy can be effective at stimulating economic growth, it is also restricted by the “implementation time lag” limitation since it is only introduced annually.”

Contemporary “However”s

These are counterpoints that are based on contemporary — highlighting how although something should happen theoretically, this isn’t usually what is observed in reality. This can be particularly powerful in that it combines your knowledge of theory with your analysis of contemporary.

“Despite the expansionary stance that the RBA adopted in 2012–2016 for monetary policy, Australia’s annual GDP growth rate has remained below the trend rate of 3% — against the theoretical expectations. This could be attributed to factors such as …”

5. How to Interpret the Question

When you first look at a question, before you even put pen to paper, you need to come up with a plan of attack — how can you ensure that you answer the question correctly, and give the markers what they want? There are three main points to look for when interpreting essay questions:

Knowing your verbs

As you may (or may not) know, NESA has a bank of words that they like to pull from when writing questions, and these words impact how they want their question answered. These verbs should help steer your analysis onto the right path. For example:

Explain: “Relate causes and effects”

To answer these questions, you have to demonstrate a thorough understanding of how theory and events impact each other and the economy. This verb particularly emphasises the idea of a process — you need to be able to make clear links as to how each step leads to the next, rather than just jumping to the outcomes.

Analyse: “Draw out and relate implications”

These questions usually wants you to investigate the connections between different aspects of economic theory. Generally this involves showing a holistic understanding of how different areas (such as micro- and macroeconomic policies) come together to make a cohesive impact on the economy. It usually helps to think back to the syllabus and how the points are introduced when figuring out which ideas to link together.

Assess/Evaluate: “Make a judgement based on value/a criteria”

These require you to not only critically analyse a topic but also come to a conclusion given the arguments you provided. This type of question usually gets you to make a judgement of the effectiveness of some economic theory — such as the ability for economic policies to achieve their goals. Make sure you actually include this judgement in your answer — for example, say things like “strong impact”, “highly influential”, “extremely detrimental”.

Discuss: “Provide points for and/or against”

Similar to assess, discuss wants you to provide arguments towards and against a particular topic. Although it doesn’t require a specific judgement to be made, it does place greater emphasis on showing a well-rounded approach to the argument — providing relatively equal weightings towards both the positive and negative sides of the discussion.

Linking to the syllabus

When trying to understand what the question wants from you, I found the best way to approach it is to consider what points in the syllabus it is referring to (To do this, you need to have a solid understanding of the syllabus in the first place). Once you’ve located it, try drawing upon other topics in the vicinity of that dot point to help you answer the question.

For example, if the question mentions “trends in Australia’s trade and financial flows”, then you know from the syllabus that you probably need to talk about value, composition and direction in order to get high marks. Further, it may also be worth it to bring in ideas from the Balance of Payments, as this is the next dot point along in the syllabus.

Digging into the source

For essay questions that provide a source for you to include in your answer, this is another goldmine from which you can discern what the marker really wants. If the source mentions microeconomic policy, it probably wasn’t on accident! Even if it may not be obvious how to link that to the question immediately, try and draw upon your knowledge and implications and see if there’s a different angle that you might be missing.

6. Putting it All together — Structuring your essay

My essays usually consisted of four main parts: an introduction, a background paragraph, body paragraphs, and a conclusion.

Introduction

Your introduction should not be long. I rarely wrote an introduction longer than three sentences.

First sentence: Answer the question (thesis)

Try and answer the question, while including the main key words of the question in your answer. Don’t directly restate it — instead, try and add meaning to it in a way that represents what you’re trying to get across in your essay.

For example: if the question was “Assess the impact of microeconomic policy in improving economic growth in Australia”, my first sentence might be “Microeconomic policy has had a significant impact in increasing aggregate supply and thus long-term economic growth in Australia since the 1960s”.

Next sentences: Introduce your arguments/paragraphs

In this part, it’s fine to almost list your paragraphs — there’s no need to do a whole sentence explaining each. That’s what the paragraphs themselves are for.

For example: using the same question as above, my next sentence might be “Although trade liberalisation may have been detrimental for short-term growth in manufacturing, policies such as competition policy and wage decentralisation have been highly effective in fostering economic growth in Australia”.

Background Paragraph

The aim of a background paragraph is threefold: to get across the main theory that underpins your argument; to establish the economic context for your argument; and to show the marker that you “know your stuff”.

For example, if the essay was on monetary policy, you may want to describe the process of Domestic Market Operations (how the reserve bank changes the cash rate) in your background paragraph, so that you don’t need to mention it each time you bring up changing stances. Further, it may be good to showcase the current economic climate — such as GDP growth rate and inflation — to give context to your analysis in your essay.

Some ideas for what to include in this paragraph include:

• Key theory such as DMOs or the rationale for macroeconomic policies
• Economic indicators that provide context to the time period that you’re working in, such as growth rates, inflation, unemployment rates, exchange rates, cash rates, etc.
• A brief description of the recent Budget (if talking about fiscal policy), including the stance and outcome

Bear in mind that this paragraph shouldn’t be too long — it isn’t the focus of your essay! Instead, aim for around 100–150 words at most. At this point in your essay, it may also be good to include a graph (more on this later).

Body Paragraphs

There’s no set rule for how many body paragraphs to include in your essay — I generally aim for at least 4, but there’s no real limit to how many you can (or should) write! Unlike english essays, it’s totally acceptable to just split a paragraph in two if you feel like the idea is too large to be written in one paragraph (as long as each paragraph makes sense on its own).

When writing a paragraph, I usually follow this structure:

Topic sentence

This is where you answer the question, and outline your argument or idea for this paragraph. If you are doing a discuss/assess/evaluate essay, try and make your judgement or side obvious. For example: “Trade liberalisation has been detrimental in its impact on economic growth in manufacturing industries”.

These sentences are where you bring together the theory and contemporary to build up your argument. Remember, the theory should be the focus, and contemporary a bonus. Try and weave a “story” into your analysis if you can — you should be showing the marker how everything fits together, how causes lead to effects, and ultimately bringing together relevant economic concepts to answer the question. Feel free to also include graphs here when they help strengthen your argument.

Fit in your “however” statements here. For discuss questions, this however section may take up a larger part of the paragraph if you choose to showcase two opposing arguments together.

Link your argument back to your overarching thesis, and answer the question. Following on from your “however” statement, it can often be a good idea to use linking words such as “nevertheless”, “notwithstanding”, or “despite this” to show that taking into account your arguments presented in the “however” statement, the overarching idea for the paragraph still remains.

Like the introduction, your conclusion should not be overly long. Rather, it should briefly restate the arguments made throughout your essay, and bring them all together again to reinforce how these points help answer the question.

Aggregate Demand / Supply Graph

Graphs are a great way to add extra spice to your essay — not only does it help strengthen your explanations of economic theory, it also makes it look like you wrote more pages than you actually did! Graphs, such as aggregate demand graphs, business cycle graphs, and Phillips curves, can be great in reinforcing your ideas when you mention them in your essay. They usually come either in background paragraphs or body paragraphs, and it’s usually best to draw them about a quarter to a third of the page in size. It’s also good practice to label them as “Figure 1” or “Graph 1”, and refer to them as such in your actual paragraph.

Although they can be beneficial, don’t try and force them either. Not all essays have appropriate graphs, and trying to include as many as you can without regards for their relevance may come across negatively in the eyes of the marker.

8. How to Answer Source Questions

If your essay question involves a source, try and refer to it multiple times throughout your essay. For example, this can be in the background paragraph and two of your body paragraphs. Rather than just adding in an “…as seen in the source” to one of your sentences, try and actively analyse it — show the marker that you understand why they included it, and how it actually helps strengthen your arguments.

9. Plan You Essay

Don’t be afraid to use the first page of your answer booklet as a planning page. Taking a couple minutes before you answer the question to lay out your scaffold for body paragraphs is a great first step to helping ensure that you actually end up answering the question to the best of your abilities. It also serves as a great reminder to keep checking as you finish each paragraph to ensure that you actually wrote what you intended. Just make sure to make it clear to the marker that those scribbles on the page are just a plan, and not your actual essay!

10. How to Prepare for Essays in the Exam

I find it much better to prepare paragraphs and ideas that you can draw upon to help “build up” a response during the exam itself.

Don’t go into the exam with a pre-prepared essay that you are ready to regurgitate — not only are there too many possibilities to prepare for, but it’s also unlikely that you’ll actually answer the question well with a pre-prepared response.

Instead of memorising sets of essays before the exam, I find it much better to prepare paragraphs and ideas that you can draw upon to help “build up” a response during the exam itself. What I mean by this, is that in your mind you have a “bank of different paragraphs” and ideas from all the topics in the syllabus, and when you read the exam, you start drawing from different paragraphs here and there to best formulate a response that answers the question. This allows you to be flexible in answering almost any question they can throw at you.

On top of this, ensure you have a solid foundation in both the theory and contemporary — knowing what statistics or topics to include in your essay is useless knowledge unless you have the actual content to back it up.

Now that you know the basics of how to write a good HSC economics essay, it’s time to start practising! Have a go, try out different styles, and find what works best for you. Good luck!

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Up: Home : Study Guidance > Effective Writing and Referencing > Writing the Economics Essay

• Writing the Economics Essay

An academic rhetoric (or organisation) is important to convince a reader that you understand the topic well – poor organisation can signal muddled thinking.

Thesis – Justification – Support

This is the rhetoric used by Bray et al.

Thesis – the main concept or idea that you are proposing

Justification – the reasons why your thesis is valid

Support – evidence that backs up your justification

Essay structure – your introduction, main body, and conclusion

Box: An example

The Thesis – Justification – Support rhetoric can be applied to an individual paragraph of an essay, or on an entire essay. For example, take the essay question:

‘The accumulation of capital is sufficient for ensuring sustainable growth in per capita living standards’. Discuss.

One possible answer would be:

Thesis: if we define capital as physical capital, the accumulation of capital will lead to diminishing returns

Justification: Demonstration of the Solow model : capital accumulation can result in higher levels of income but after a certain level not higher levels of consumption per capita (due to diminishing marginal returns).

Support: examples, such as India’s heavy investment drive in the 1950s, 1960s which was associated with low levels of ‘Hindu growth’; or econometric evidence, such as that from Mankiw, Romer and Weil (1992), which supports some of the conclusions of the Solow model (but also suggests improvements, see below).

The next section of the essay would play with the assumptions of the Solow model – for example by expanding our definition of capital to include human capital (and, if you’re really trying to impress, social capital and ‘natural’ capital as well).

You might also want to discuss if technological progress (the source of per capita income growth in the Solow model) is related to capital accumulation, for example through ‘ learning by doing ‘ (Arrow, 1962)

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Next: What makes good justification?

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• Note Taking in Economics
• Effective Economics Reading
• Data Collection for Economics Assignments
• What makes good justification?
• What makes good support?
• Structuring an Essay
• Referencing
• Presentation and Group Work
• Revision for an Economics Exam
• Maths Help for Economics Students

Published by The Economics Network at the University of Bristol . All rights reserved. Feedback: [email protected] Supported by the Royal Economic Society and the Scottish Economic Society

Writing for Economics

Up: Economics Network > Writing for Economics

Essay writing

The idea of setting essays is to offer you the chance to make a longer, more complex argument. Nonetheless, in the model we recommend, the fundamentals remain the same. In each paragraph, a flow of main idea (thesis) — explanation / reasoning (justification) — evidence / example (support) is an excellent structure to use. If you read through academic writing, you will find this structure over and over. The same is true for professional writing. There are of course other structures, however this one always works and makes you sound concise and clear.

An essay has conventional sections that it is wise to follow. These are an introduction, main body and a conclusion. The 'LSE' essay structure can be described as 'say what you're going to say (intro), say it in detail (main body), say what you've said (conclusion)'. Although this may appear repetitive, it offers the reader great clarity. Also, if you think about the executive summary, background, analysis and conclusions / recommendations sections of a business report, you can see that a similar structure holds.

In your essay, try to follow this structure for your essay sections.

        Statement about the context of the question — explain why the question in important (either in the 'real' world or for the discipline of economics)

        Give your answer to the question

        Summarise your argument in support of this answer — this summary should match the order of your paragraphs

        Decide on the most logical order of your paragraphs — this might be importance, chronology or causation, but the basic flow should be simple and clear

Start each paragraph with a sentence that clearly addresses the question itself — this will be your thesis for the paragraph and if a reader only read these opening sentences, they should make sense one after the other and provide a summary of your argument Follow the opening 'topic' sentence with your reasoning and evidence for why this opening statement is valid. Be specific, not general. The more detail you can bring in, the more expert you will sound and the more persuasive your argument will be

Conclusion Summarise your argument again — as you did in the intro (different words though!)

        Restate your answer to the essay question

        So what? — say what the significance of your answer is either in the 'real' world or to the discipline of economics

Bibliography

        List the books / articles you read while researching your answer

Below you'll find two essays written by students last year. Bearing the above in mind, decide which one makes the clearer argument and which, therefore, got the higher mark.

In the year 2000, there were auctions of spectrum rights for third generation mobile telephones in several European countries. These auctions generated very different amount of revenue in different countries. How can this be explained?

Auction theory as a very useful brunch of game theory is of the great interest of modern economists. Among other reasons of its popularity stands direct importance of its ideas to modern businesses and governments. Nowadays any business sector is more or less competitive, which requires all it's participants to be dynamic and creative. Modernization and expansion is a vital part of modern business world. Governments, as owners of resources that allow businesses to expand and modernize, are always ready to sell those resources as it will eventually help businesses and certainly bring revenues.

The best way for government to sell available resources is to declare an auction. That's where auction theory comes into play. Modern auction theory is a very powerful tool for designing auctions of very profitable kind. Proper auction design will rise maximum amount of money for the government and provide companies with resources they need. However actions that maximize profits for the government have a direct influence also on the life of the citizens, as Dixit puts it: "...because of significant contributions the budget, auctions affect important macroeconomic magnitudes, such as interest rates".

So, auctions held by government, and to be more specific properly designed actions directly influence the life of modern country. In this essay I would like to make a kind of short review of auctions of spectrum rights for third generation mobile phones held in Europe in year 2000. The peculiarity of these auctions lies in the fact that revenues that were generated by European governments are different as a result of differently designed actions they held. This fact allows as to trace features of the auctions that were successful and resulted in relatively high revenues for the government.

There were 6 European countries to held spectrum right auctions in 2000. They were: United Kingdom, Austria, Germany, Italy, Netherlands and Switzerland. Let's start with United Kingdom as it was the first country to hold such kind of auctions.

Strategy that United Kingdom had chosen was selling 5 licenses during classical ascending auction. Auction resulted in huge revenues: 650 euros per capita. Firstly it should be said that auctions as any normal business activity should be competitive in order to be effective. UK spectrum auction was relatively competitive attracting 13 participants. There are several reasons why this action attracted so many participants. Firstly, UK was the first country in the world to hold spectrum rights auction. Participants were not completely aware of the usefulness of 3G cell phones, but were eager to get competitive advantage in the new generation mobile communication technology. Secondly, UK sold 5 licenses to the market with 4 major phone operators. This fact attracted new entrants, since at least one of the licenses can be potentially won by new entrants to the market. Both this facts generated highly competitive auction environment and limited possible collusions. Result of the auction was a huge success for UK government.

The next country to run spectrum rights auction in 2000 was Netherlands. This auction raised 170 euros per capita. Reason of such flop, comparing to the British result was lack of competition. When auction were run there were 5 major phone operators for 5 licenses to be sold. Few entrants decided to participate in the auction, since everybody was sure that 5 licenses will be distributed among market leaders. Another factor that made things even worse was the fact that that was an ascending auction. In this case with few participants there is a risk of collusion among market leaders. Netherlands would have generated much more money if they would some how encourage competition and change the action design in such a way that it would be possible for participants other than market leaders to place bids independently of each other to reduce collusion (sealed bid).

Italy generated 240 euros per capita and attracted 6 participants. Italy intentionally reduced amount of participants by imposing a requirements that participant of the auction must satisfy. Such situation combined with the fact that Italian auction was ascending could result in possible collusions among competitors. As a result wrong auction design resulted in low revenues.

Swiss auction was a real flop. They generated only 20 euros per capita. Here amount of participants was also artificially limited by allowing participants to join into the groups. And the price that government accepts was also reduced for some reason. Number of participants was sufficient to run profitable auction, but combination of officially permitted collusions and low reserve price resulted in absolutely insufficient revenues.

German and Austrian auctions were similar. Number of participants in both countries' auctions was low, which means that there were risks of collusion. Both countries sold licenses in blocks, allowing "number of winners be determined by bidders". Additionally Austrian government set a very low reserve price. Germany and Austria generated 615 and 100 euros per capita in revenue respectively. Germany designed auction in such a way that bids of two main market players were rationalized in a way that it resulted in high revenues.

Generally, the main difference in revenues generated from spectrum rights auctions can be explained by the difference in chosen auction design. Different auction design results in different amounts of money in revenues. Countries that tried to facilitate competitive bidding and limited the possibilities of collusion enjoyed high revenues.

Klemperer say that what really matters in auction design is "robustness against collusion and attractiveness to entry". Exactly the combination or lack of one of this factors resulted in the difference in the revenues generated by European countries. Any country that wants to increase revenues from auction must try to facilitate the competition among bidders by trying to make participation in auction as attractive as possible and eliminating any barriers for participation. There should be no cooperation between participants, as it will result in lower bids and as a consequence in low revenues. Countries should not choose auction design that facilitates collusion, as ascending auction in our case.

Of course there are several other reasons for difference in revenues, among them there is a fact that UK as a country that run the first spectrum rights auction in the world, might have enjoyed high revenues simply because participants were new to the licenses and had no idea of their true value. Overall economic situations in the counties as well as political might also result in differences in revenues. But the main reason for difference in profitability of the spectrum licenses auctions is difference in auction designs which were effective in some countries and not in the others.

BIBLIOGRAPHY

A.K. Dixit and S. Skeath, Games of Strategy , 2nd edition, Norton, 2004

Paul Klemperer, Auctions: Theory and Practice Electronic version of book on http://www.paulklemperer.org/index.htm

In the year 2000, European auctions of 3G mobile telecommunication licenses raised over 100 billion euros in government revenues. The countries that participated were United Kingdom, Netherlands, Italy, Switzerland, Germany and Austria. There was a big differential between revenues raised in each country with United Kingdom leading at 650 euros per capita and Switzerland coming in last at 20 euros per capita. The reasons for this big discrepancy in revenues is likely due to poor auction designs and the sequence in which the auctions took place.

When it comes to auction design, the two crucial components are attracting entry and preventing collusion. Ascending auctions encourage bidders to act collusively and deter weaker potential bidders as they know that the stronger bidder will always out bid him. On the other hand, (first-price) sealed-bid auctions act in the opposite direction from ascending auctions. It does not give bidders a chance to collude and encourages weaker bidders to participate. However, the disadvantage of using a sealed-bid auction is that it is more likely to lead to inefficient results than an ascending auction. The reason for this is that sometimes bidders with a lower value may beat opponents with a higher value. Hence, there is no perfect auction design and they must be customized to suit different environments and targets.

United Kingdom was the first to hold the auctions and they are a good example of how a well-planned auction design and good marketing strategies can lead to a favourable outcome. As there were five licenses and 4 incumbents, they had an ascending auction. To prevent collusion, each license could not be shared and each bidder was allowed no more than one license. Also, the fact that at least one license was available to new entrants lead to fierce competition from nine new entrants. To top it all off, UK had a solid marketing strategy which was planned over three years (1997 - 2000). All this helped contribute to UK raising 39 billion euros and being the most successful out of all the countries that took part in the 3G auctions.

Netherlands, Italy and Switzerland made the mistake of following UK and carrying out an ascending auction when a sealed-bid auction would have served them better. This resulted in revenues less than that achieved by UK.

In the case of Netherlands, they had five licenses and five incumbents. This deterred new entrants as well as facilitated collusion. For example, Deutsche Telekom colluded with local incumbents to bid for a 3G license. A sealed-bid would have worked better as this would have discouraged joint bidding, raise higher revenues as well as give new entrants a glimmer of hope.

Italy had their auction next but failed to learn from Netherlands and UK. Their auction design was not robust and failed to adapt to the environment in Italy. They adopted the UK design but had the additional rule that if bidders did not exceed licenses, the number of licenses would be reduced. They did not realize that having one more bidder than license does not assure that the outcome will be competitive. Also, Italy had failed to anticipate that firms would react differently to those in Netherlands and UK as they now had more information. Hence, weaker bidders were discouraged by previous auctions and did not bother to participate and since the participation rate was low, it made it easier for the strong bidders to collude. A bad auction design that was not tailored to the Italian environment and a low reserve price resulted in Italy only earning less than 25 billion euros.

Switzerland was the most unsuccessful amongst all the countries that held the auctions. It raised only 20 euros per capita in its ascending auction and this can be attributed to an unfeasible auction design, badly formulated rules and an absurdly low reserve price. Since the beginning, weaker bidders were deterred by the auction form. They felt that they did not stand a chance against the strong bidders and hence did not bother participating. This resulted in little competition. Furthermore, The Swiss government committed auction suicide when they permitted last-minute joint-bidding! This resulted in nine bidders colluding to become just four. The last mistake that the Swiss government made was to set a reserve price that was way too low. Since there were four licenses and four bidders, bidders ended up paying only the reserve price.

Germany and Austria chose a more complicated auction design.

Germany's auction design was an ascending auction of twelve blocks of spectrum from which bidders could create four three-block licenses or six two-block licenses. Germany's auction design was very susceptible to collusion and deterring new entrants but they were lucky and managed to earn high revenues.

Austria, on the other hand, adopted Germany's auction design but was not so lucky and only earned 100 euros per capita. The reason for this was that there were 6 bidders competing for 12 blocks of spectrum and a very low reserve price (one-eight of the reserve price in Germany). So instead of trying to get three blocks of spectrum, the bidders divided the 12 blocks of spectrum equally and paid the reserve price. This reason lead to Austria earning less per capita revenue than UK and Germany.

The other factor that affected the amount of revenue earned by each country was the sequence in which the auctions took place. Looking at the results of the 3G auctions held in 2000, it can be seen that the most successful auctions were the first of their type (United Kingdom and Germany). The reason for this is that between auctions, bidders learnt from previous auctions, came up with new strategies and learnt more about their rivals. However, the auction designs remained almost the same and were unable to keep up with the new ideas the bidders had come up with. This resulted in the later auctions not being as successful as the first.

In conclusion, the reason for the different revenues earned amongst the countries that took part in the 3G auctions is due to the auction designs and the sequence in which they took place. Revenues depend on how well the auction design is able to attract entry and prevent collusion. Also, it has to be able to adapt to new environments. For example, a good auction design takes into account the information bidders have and the knowledge they have gained from previous auctions. A sensible reserve price is of high importance as well and should not be overlooked like in the case of Switzerland and Germany. Lastly, auction design is not "one size fits all" and the failure of the government to design an auction that suited the country's environment lead to different revenues being earned.

References:

A.K. Dixit and S.Skeath, Games of Strategy, 2 nd edition, Norton, 2004

Professor Kenneth Binmore, "Economic Theory Sometimes Works"

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As indicated by the Bureau of Labor Statistics, the rate of unemployment in the United States has increased at an alarming rate. Approximately six million people in the United States are unemployed, according to deptofnumber.com. This has negatively affected the nation's economy. The statistics reveal the unemployment rates for various groups of people in the country. The rate of unemployment among men was at 7.0 percent, and approximately 6.4 percent among women. The increase in the rate of employment among […]

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How to Write Essay About Economics

Economics and finance are closely related fields of study within the STEM subjects in college, often presenting a significant challenge to many students due to their complex theories and intricate mathematical models. The similarity in their foundational concepts can sometimes lead to confusion and difficulty in grasping the distinct nuances of each discipline. However, students facing these struggles have a reliable ally in Papersowl, an academic support platform that specializes in providing expert finance assignment assistance , economics homework help and other STEM subjects.

Crafting an essay on economics requires a clear understanding of economic theories, principles, and their real-world applications. Here's a comprehensive guide to help you write a well-structured and insightful economics essay:

Understanding the Essay Topic

Begin by thoroughly understanding the specific aspect of economics you're discussing. Economics covers a wide range of topics, from microeconomic concepts like supply and demand to macroeconomic issues like inflation or international trade. Determine the nature of the essay – is it analytical, argumentative, or descriptive? This will shape your approach and style of writing.

Conducting Comprehensive Research

Research is key to a successful economics essay. Utilize credible sources, including academic journals, economic textbooks, and reputable online resources. Focus on gathering data, statistics, case studies, and expert opinions that are relevant to your topic. Understanding both historical contexts and current economic trends can provide a comprehensive perspective on the subject.

Developing a Thesis Statement

Your thesis statement should clearly articulate the main argument or perspective of your essay. In economics, this might be a stance on a particular economic policy, an analysis of an economic trend, or an argument about a specific economic theory. Ensure your thesis is concise, direct, and lays the groundwork for your argument.

Planning the Essay Structure

Organize your essay in a clear, logical manner. Start with an introduction that sets the context and outlines your thesis statement. In the body, divide your main points into paragraphs, each focusing on a specific aspect of your argument. Use examples, data, and economic theories to support your points. Conclude by summarizing your main arguments and restating your thesis in light of the evidence you've presented.

Writing the Essay

Use clear and precise language in your writing. Economic concepts can be complex, so it's important to explain them clearly and avoid unnecessary jargon. Present your arguments logically, supporting them with data and examples. Be analytical and critical, especially when discussing economic models and theories.

Incorporating Data and Analysis

Economics essays often rely on data and statistical analysis. Ensure that any data used is relevant, up to date, and accurately interpreted. Graphs and charts can be effective in illustrating economic trends and relationships. Analyze the data to demonstrate how it supports your argument or provides insights into the economic issue you're discussing.

Citing Your Sources

Proper citation is essential in academic writing. Use an appropriate citation style (such as APA, MLA, or Chicago) and consistently cite all your sources, including data, theories, and quotations.

Editing and Proofreading

Review your essay for clarity, coherence, and logical flow of ideas. Check for accuracy in your economic arguments and ensure that your analysis is thorough. Proofread for grammar, spelling, and formatting issues. It can be beneficial to have someone else read your essay for feedback, especially if they have knowledge in economics.

Writing an essay on economics involves balancing in-depth understanding of economic theories and real-world examples, critical analysis, and effective communication. By carefully researching your topic, structuring your essay logically, and presenting your arguments with clarity and precision, you can create a compelling and informative economics essay that demonstrates your grasp of this dynamic field.

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• Exemplar IA: Sample 1a
• Internal assessment
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Teacher notes

The following page provides you with a sample IA, graded under the new criteria and was part of the sample provided to workshop leaders, during the recent IB workshop training.  Sample number 1a - microeconomics is designed to be graded alongside sample number 1b, 1c and (FI).  This is an exemplary example of an essay written under the new criteria.

Commentary 1

Title of the article:  LED Streetlights Bring Cost Savings, and Headaches, To Colorado Cities

Source of the a rticle: Colorado Public Radio online site

http://www.cpr.org/news/story/led­streetlights­bring­cost­savings­and­headaches­to­colorado­citi es (Accessed 20 February 2017)

Date the article was published:  15 September 2016

Date the commentary was written:  17 March 2017

Word count of the commentary:  792 words

Unit of the syllabus to which the article relates: Microeconomics

Key concept being used: Efficiency

LED Streetlights Bring Cost Savings, And Headaches, To Colorado Cities

On their way out: High-pressure sodium lights that have an orange hue. On their way in: White LEDs. “These street lights are about 30 years old. It was time for an upgrade,” said Denver Public Works spokeswoman Heather Burke. “Technology changes. It was time to change with it,”

Denver planned for years before converting the iconic 1970s-era light fixtures along the 16th Street Mall sidewalks to LED lights. They meet new guidelines issued this June by the American Medical Association (AMA).

Across the country, more than 10 percent of outdoor lighting is powered by LEDs. Because the energy savings can be as much as 50 percent, many cities want to make the change. But there are also health implications to consider; LED lights that appear too blue can suppress melatonin production, which can lead to increased diabetes and depression.

The newer LED lights cost the same, provide the same cost savings and last as long as older versions, so “there’s absolutely no reason to put in bad lighting,” said Dr. Mario Motta, who serves on the AMA’s Council on Science and Public Health. “You can put in good lighting.”

Smarter Technology

In June, the AMA issued three core guidelines for cities. It suggested using lights that are 3000 degrees Kelvin or below, referring to the color temperature of lights, where lower numbers appear warmer. Most older versions of LED streetlights installed before 2016 were 4000 Kelvin or above.

The AMA also advised cities to properly shield LEDs to reduce glare, and to make lights dimmable. Professional groups including the Illuminating Engineering Society criticized the guidelines as too specific. The U.S. Department of Energy pointed out that blue light is not unique to LEDs.

Lighting designer Nancy Clanton of the Boulder-based firm Clanton & Associates said the technology that comes with LEDs can offer cities new options.

Clanton has helped design LED streetlights for a number of cities including San Diego and Anchorage. In

San Jose, she worked to install smarter technology that allows the city to dim street lights.

"Right before the bars close, they increase the lighting level so that everyone knows it’s time to go home, and then they decrease it back down again,” she said.

This dimming technology will be installed in Colorado Department of Transportation lights in the coming years. Dimming is also possible on new lights Clanton’s firm helped design for the 16th Street Mall. Denver Public Works spokeswoman Heather Burke said the poles and globe lights will look the same to most. But there’s one noticeable change. Designers have restored a halo of lights that has been dark for years; lost when Denver planners switched light bulb types decades ago.

"The twinkle rings, you can see that ring up there. On the old lights they were inoperable for a long time. So those are restored now. And it’s going to create a brighter more inviting light for folks,” she said.

The AMA guidelines were a challenge for cities that had already invested time and money converting to

LEDs. Some cities like Lake Worth, Florida, changed course and opted for warmer LED streetlights. For Ouray, on the Western Slope, which installed LEDs in 2009, the AMA guidelines released this year were just another bump in a long road adjusting to the new technology.

City Administrator Patrick Rondinelli said Ouray was the first in the state to make the move. A huge selling point was preserving darker night skies.

“In Ouray we’re very fortunate. We can actually still see the Milky Way. You get to Denver, you can’t see that anymore,” he said.

But since 2009, Ouray has noticed a few hiccups as an early adopter of LED technology. LEDs cast a more narrow light pattern compared to other lights. After installation, suddenly large sections of neighborhood blocks went dark. Only the intersections -- where the LED street lights were placed -- appeared lit.

That’s a problem when you have bears walking down side streets.

“As our law enforcement are trying to chase bears around and get them out of the community, they have a hard time seeing a lot of that,” said Rondinelli.

Rondinelli said he doesn’t know what to make of the recent AMA guidelines. Overall, citizen feedback has been positive and cost savings have helped the city’s bottom line.

“We’ve had some lessons learned along the way. But there’s no regrets,” he said.

Since LED technology changes so quickly, there may actually be a benefit in moving slowly.

If a proposed budget item is passed, Fort Collins will swap about one-third of its streetlights to LEDs in 2017 and 2018.

Fort Collins Engineering Manager Kraig Bader said the city hopes to install 3000 and 4000 Kelvin lights with varying brightness depending on how large and busy streets are. It plans to study the results before converting the rest of the city’s lights.

“In essence we’re going slow to go fast later on,” he said.

(Colorado Public Radio, Sep 15, 2016) http://www.cpr.org/news/story/led­streetlights­bring­cost­savings­and­headaches­to­colorado­citi es

C o mme n t a r y

Many problems are associated with the economic evaluation and provision of public goods. How should communities proceed with the installation of LED streetlights in order to ensure that there is allocative efficiency , with the social surplus being maximized where marginal social cost=marginal social benefit (MSC=MSB)?

Streetlights are public goods because they are non-rivalrous and non-excludable. This causes complications when attempting to analyze their advantages (Figure 1).

Figure 1: Cost/benefit model for sodium and LED streetlights

Although the article mentions that LEDs “cost the same”, the MSC2 curve for LED streetlights is below the MSC1 curve. This is because private costs are lower, and “energy savings can be as much as 50 percent”, signifying that the costs of using the lights, for many years after implementation, will decrease significantly.

Therefore, the MSC curve will drop. Simultaneously, the efficient quantity of LED streetlights the city ought to acquire will increase from Q1 to Q2. From the diagram, it can be seen that the city can reduce the costs spent on streetlights and at the same time obtain more. The extra lights can be stored until some need to be replaced, implying that costs in the budget for future purchases of the replacement of lights can also be saved.

However, the disadvantages of LED are associated health problems, namely an external cost of consumption (Figure 2).

Figure 2: Negative Consumption Externality of LED streetlights

The diagram shows that the efficient quantity of LEDs is not QP (initially predicted quantity), but QA (actual quantity). It also implies that in order to dissuade cities from implementing harmful LED lights, the efficient “price” of the LED lights at QA will not be cost/benefit 2 , where MSB2=MSC, but instead at cost/benefit 3 .

This diagram supports Fort Collins’ argument for changing only part of the city’s streetlights to LED lighting. It illustrates that because of the negative externality, LED lighting, while apparently more “cost-efficient”, has problems. However, the negative externality is probably not so large that LED lighting should be completely eliminated from the city government’s options. It makes sense for Fort Collins to “swap one third of its streetlights to LEDs”. Furthermore, Fort Collins mentioned that they hope to “install 3000 and 4000 Kelvin lights with varying brightness” and “study the results” before making further decisions about whether they will replace the rest of the city’s lights. This exemplifies how communities may use economic models to assess the advantages and disadvantages of public goods, with the aim of improving the well-being of their citizens and reaching allocative efficiency .

However, there are also many limitations to the models above. The models are all static, and do not reflect development of LEDs; an example of rapidly improving, new and clean technology. Research has probably been conducted in order to reduce harmful blue light, and costs of the lights have also been reduced. As the article suggests, the cities have probably taken measures to reduce negative impacts, such as warmer lights, shielding and dimming.

Additionally, more variables should be considered. For instance, the article mentions positive externalities of consumption of LEDs due to the ability to preserve darker night skies. There are also problems associated with LED light patterns being narrow and therefore posing danger of bear attacks. The city must consider different aspects because LEDs are public goods which need to benefit citizens, not only the city budget.

Finally, all the curves and points on the models are qualitative; although they reflect directional shifts, it is impossible to determine the monetary cost of negative and positive externalities. Therefore, applying corrections based on these static models will be unrealistic.

In conclusion, analysis shows that installation of LEDs in some streetlights will save costs while minimizing negative externalities. However, in order to ensure that allocative efficiency is improved, the city government should closely monitor effects on society and citizens’ feedback to make decisions based on reality rather than just on the abstract models.

Assessment criteria 

Use the official IB economics IA criteria when assessing this work, available at IA criteria

Criterion A: Diagrams

Level descriptor

The commentary includes two diagrams, both relevantly labeled with an appropriate title.  Switches the horizontal axis effectively from “Quantity of streetlights” to “Quantity of LED lights” for the second diagram. Th e explanations are clear and correct (3/3)

Criterion B: Terminology

Precise and appropriate economic terminology is used. Concise definition of the relevant term “public good” and a correct understanding of the other terms e.g external cost of consumption is shown by the way they are used (2/2)

Criterion C: Application and analysis

Cost-benefit analysis is used appropriately and correctly linked to the article.  The first diagram contains a demand curve to the left of the optimum, representing the small number of cosumers who might be willing and able to pay the commercial price for street lights.  This being the situation in the real world rather than the zero consumers prepared to pay this price in pure public good theory.  Situations where the candidate goes beyond the textbook should be rewarded (3/3).

Criterion D: Key concept

There is recognition that the key concept of efficiency is difficult to calculate and legislate for, given the external costs associated with LED streetlights,  Nonetheless it is seen as necessary for governments to try to move closer to achieving efficiency (3/3).

Criterion E: Evaluation

There is comprehensive evaluationincluded in the commentary and the candidate presents a balance of strengths and weaknesses in the commentary. A short summary conclusion is included (3/3).

Overall comments and grade

Overall this was an excellent commentary which scored full marks - 14/14.

 The next commentary in the portfolio can be accessed at: Sample 1b

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How to Write Economics Research Paper: Ultimate Guide

Everything You Need to Know about Economics Research Paper

Whether you are a student, a doctor, or a dancer, we have all engaged in economic activities. Bartering or exchanging money for food and services has been a part of human life for millennia, and we are proud heirs of the tradition.

As society grows, economic issues become bigger, and they call for research and study. We debate whether certain economic systems are the best fit, whether we should have a shared currency, how cryptocurrencies can revolutionize modern economics, etc. Such an inquiry aims to find solutions to the economic crises humanity faces. Poverty, famine, and homelessness are some of the major problems experienced by millions around the world.

Professional researchers and students write research papers for economics to share their analysis and findings about the major economic topics, trends, policies, or theories. Some academics prefer to work with primary data, such as surveys or experiments, while others analyze secondary data, such as historical records or existing statistics.

This article will explore the steps to writing an exceptional economics research paper. Below you will find an ultimate economics research paper outline and plenty of topics to explore in your study. Our thoughtful essay service team has also prepared a research paper economics sample to simplify your writing process.

Economics Research Paper Example

Just as we promised in the beginning, our writers took the extra mile and wrote an economics research paper example for you. Check out what makes an essay exceptional and how the paper ensures the readers stay engaged all the way through. Explore the structure, format, and language with which our writers achieve the main purpose of economics research papers.

How to Write an Economics Research Paper: Easy Steps

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Let's put the writing aside for a second and take time to learn how to write an economics research paper. We have prepared an ultimate guide with easy steps for you to impress the reader. Remember, a strong foundation and compatible building blocks keep the skyscrapers standing tall.

Economics Research Paper Outline

First, you need to master the structure of an economics research paper. Often students skip this part leading to a mess of information that is not readable or understandable, and hours of work go in vain. To avoid such problems below, we discuss six holy elements of an excellent economics paper.

Introduction - To impress the reader, start by offering a relevant and cutting-edge topic. There are endless amounts of research paper topics in economics; choose the one you feel passionate about and make it interesting for the audience.

Literature Review - Take your time to research information around the chosen topic. Sometimes our beliefs and prejudices blur our judgment, but we must remain unbiased. Secondary sources are there to guide you in the right direction.

Methods/data - describe the methodologies with which you plan to explore the topic and provide conclusions. Here you need to formulate your thesis and describe the data you gathered.

Results - Don't shy away from charts and graphs when presenting your study results. They are a great way to visualize large amounts of information.

Discussion - you can and need to challenge the methods you used for the research paper for economics. Credibility is as important as air when it comes to economic research.

Conclusion - Shortly restate your findings. Use clear and concise sentences. Emphasize why your study is important and what some questions are for future research.

Creating an Economics Research Paper Introduction

By an unwritten rule, an introduction is the first element of the economics research paper format. It aims to provide an overview of your study, explain its importance, explain why people should spend time thinking about the issue, and explain what value your research adds to the conversation.

Ensure that your introduction includes the research hypothesis and the objectives you aim to cover in your research paper economics study. You must also provide background information and a brief overview of your findings. Be sharp and stick to the point. The goal is to give the audience a clear understanding of what the paper is about and what problems it could solve.

Our team of custom research paper writing services can free you from worrying about writing a compelling introduction or providing a thorough statistical analysis. Let us know what is required, and we will return with an A+ essay.

Discussing the Existing Literature Review for Your Economics Research Paper

Everything in life has its context, and economic events are no exception to the rule. Before you start discussing your results, it is appropriate to provide a piece of background information, what we know from previous studies, and how that knowledge relates to your thesis statement.

According to the economics research paper outline, an introduction should be followed by a literature review section. Besides establishing the state of knowledge around the topic, the literature review can help you and the audience identify gaps, highlight the parts where further research is needed and put your research question in the larger scheme of things.

Literature reviews should include a critical analysis of relevant literature, reports, policy documents, etc. It should provide an evaluation of the strengths and weaknesses of each source, showing gaps in information and proving the importance of your scholarly work.

We know this is a lot. If you prefer learning by example, our professional writers have crafted an economics research paper example for you. You can find it below.

Explaining the Methodology for Your Economics Research Paper

For your hard labor to be appreciated, your study must be credible. Readers must be able to see where you derived your conclusions from. This is why explaining the methodologies and techniques used is such an important section of the economics research paper outline.

Research methodologies for economics are various, and you need to be aware of which one could be the best fit for your study. Not every topic can be examined with identical tools; you need to find the one that helps you provide unbiased, trustworthy results.

Here you can find some research methodologies that could be useful for your research paper for economics:

Econometric Analysis : Use of statistical techniques to analyze economic data and test hypotheses.

Experimental Design : Conducting controlled experiments to test economic theories

Case Study : An in-depth analysis of a particular case

Historical Analysis : Use of historical data and documents to analyze economic trends

Mathematical Modeling : Use of math models to analyze economic behavior and predict outcomes

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Presenting the Results in Your Economics Research Paper

Even though every section in the outline is equally important, the part where you present the results is the most interesting and anticipated. Here you need to get creative and focus on delivering the main points. Avoid passive voice; instead, take ownership of your work, rely on yourself, and use active voice. Use the following paragraphs to impress your audience.

The way you present the results depends on the type of data you collected and the analytical techniques you used. Some research papers need a numerical answer, and others focus on ideas.

Below you can see several techniques you can use in the results section of your economics research paper:

Tables : Effective way to present numerical data. Tables can be used to present descriptive statistics, regression results, and other types of quantitative data.

Figures : Effective way to demonstrate relationships between variables and trends over time.

Narrative Forms : Effective way to analyze non-numerical data such as surveys, interviews, or case studies.

Reviewing the Findings for Economics Research Paper

Our guide on how to write an economics research paper is nearing its end. Before concluding, you need to review the results of your study. This step might seem unnecessary, but it's vital for economics writing.

A critical analysis of one's writing can validate the research results even more. It is an excellent way to find out whether the original hypothesis is now supported by data. Reviewing can also help you identify the strength and weaknesses of the study, including the limitations in data or methods used.

It will also help you write a more comprehensive conclusion. Reviewing and interpreting the results will help you link the findings of your research paper for economics to the broader picture and also identify areas for further research.

Concluding Your Economics Research Paper

Like other disciplines, the economics research paper format also requires a comprehensive conclusion. Remember conclusion is not where you introduce new ideas; you simply have to restate your findings in a slightly different manner.

Explain the reasoning behind the results, and make it intuitive and engaging. Discuss what mechanisms could drive them and what obstacles you had to overcome during research. Let the reader know if there were any limitations to your approach.

Remember that other scholars will use your report as a secondary source just like you used other researchers' concepts and ideas, so make room and give enough time for future research and policy implications.

We understand that college is hard and following an economics research paper outline is not the easiest job. All you have to write to our college essay writing service and expert writers will come back with research writing that will put you at the top of your class.

30 Research Paper Topics in Economics

The tips above will help you write an excellent economics research paper. Now you have to select a cutting-edge topic. Below you will find the hottest economics topics for research paper:

• The benefits and drawbacks of a carbon tax
• The toll of immigration on economics
• The impact of AI on employment and wages
• Private insurance VS universal coverage
• The benefits and drawbacks of Free Trade Agreements
• The role of government in the Economy: Keynesian VS Neoliberal perspectives
• Should education be free?
• The impact of income inequality economic growth
• The cost of an aging population
• The role of big tech in economics
• The impact of covid-19 on the global economy
• Universal Basic Income: Does it fix poverty?
• The gig economy: a new threat to traditional employment
• Crime economics: the costs of punishment and rehabilitation
• Bioeconomy: Pros and cons of biodegradable plastics
• Small governments with big impact: Benefits of minimalist economic policy
• Silicon Valley and the Tech industry: Is it innovation or monopoly?
• Does Apple Inc. hold a monopoly in the tech business?
• The role of the economic model in policy discussion and decision-making
• The contribution of abstract economic models to real-world analysis and policy-making
• Describing the quality of life: Measuring economic and social well-being beyond GDP
• The role of abstract economic concepts in shaping policy and practice
• Subjectivity in economics paper: Can there be a single 'correct' answer to economic questions?
• The future of economics papers: embracing interdisciplinary approaches and open access publishing
• Social entrepreneurship: Innovations in Economic and Social Development
• Social welfare policies and economic outcomes
• The impact of tech companies on small business growth
• The economics of consumer behavior: links between consumer decisions and economics outcomes
• The economics of customer satisfaction: the drivers of loyalty and retention
• The economics of social influence: Social networks and decision-making

A Brief Afterword

Writing economics research papers is a lot of work. You must plan, research and analyze excessively to achieve the best quality. You'll need to find an attention-grabbing research question, come up with a methodology, and turn complex ideas into one paragraph.

But writing research could be much easier. All you have to say is, ' write paper for me ,' and our team of professionals will take care of the rest. You can relax while we select the best research topic and turn dense ideas into short sentences, honoring the process and structure of economic research. A+ is just a click away!

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A Level Economics 25 Mark Question Essay Template

Subject: Economics

Age range: 16+

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21 January 2017

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Example 25-Mark Essay in style of AQA Economics A-level

Below is an example model answer to a 25 mark question in the style of AQA Economics A-level.

To practise your AQA exam technique with 2024 practice questions, click the button below:

Question for model answer

Consider the following question. I have written this question in the style of a 25-mark AQA Economics A-level question for section B:

Taking effect from 1st April 2023, the UK Government has committed to increasing the corporation tax rate from 19% to 25% for companies with profits above £250,000 per year. For firms with profits below £50,000, there is no increase in corporation tax rates. But for firms with profits between £50,000 and £250,000 there will be a smaller increase in corporation tax rates.

(Source: here )

Evaluate the effects on the UK economy of increasing corporation tax rates on firms making high profits (25 marks) .

This is a key macroeconomics essay on current affairs. A quick essay plan is here:

• Define key terms.
• Laffer curve – higher government revenue.
• Evaluation – position on Laffer curve.
• AD effect – lower investment and negative multiplier effect.
• Evaluation – proportion of AD that comes from investment.
• LRAS effect – reduced incentives and productivity.
• Evaluation – need to compare corporation tax rates to those of other economies.

Conclusion.

Possible model answer

Corporation tax is a tax on firms’ profits. Aggregate demand (AD) is the total demand in the economy, AD = C+I+G+X-M. 

Increasing corporation tax rates may increase tax revenue for the UK Government. The Laffer curve shows this. An increase in tax rates from T to T1 raises tax revenue from R to R1. This revenue could go towards reducing the budget deficit. The government’s budget deficit is very high at 4.2% of the UK’s GDP in 2023-24. This is because of government spending on Covid support programmes such as the furlough scheme, energy subsidies and other tax cuts. Reducing the budget deficit may lead to government borrowing and hence reduced debt interest payments . With less spending on debt interest the UK Government could choose to spend more money in the future on other priorities such as healthcare spending. Sounder public finances might also make investors more confident in the UK Government’s ability to make bond repayments. This may reduce the interest rates at which investors are willing to buy government bonds and thus reduce future borrowing costs.

Whether the tax increase raises government revenue depends on the position of the UK economy on the Laffer curve. If instead the economy is at point (T1,R1) before raising corporation taxes, then increasing the corporation tax rate to T2 may decrease revenue to R. This is because a corporation tax rise may reduce incentives to start or grow a business, reducing the size of the tax base. The UK Government does predict that tax revenue would rise by over £10bn a year because of the corporation tax rate rise. With corporate tax rates relatively low now, it is likely that there will be higher revenue. But the effect of higher taxes on incentives may reduce the extent to which revenue increases.

Increasing corporation tax rates “from 19% to 25% for companies with profits above £250,000 per year” reduces the post-tax profits of these firms. This leaves reduced funds for investment, so investment may fall. Also as firms know any future profits will be taxed at a higher rate, this will disincentivise investment further. This is because firms will have reduced returns (lower post-tax profits) from any new investment. So investment falls and as investment is a component of aggregate demand (AD=C+I+G+X-M), aggregate demand shifts left from AD to AD1. This may cause a negative multiplier effect . This is where a fall in investment leads to a larger than proportionate fall in A. Lower investment results in lower incomes for firms and cuts in wages, so consumers cut their spending, meaning consumption also falls and so on. So AD shifts further left to AD2. This results in lower real GDP as real GDP falls from Y to Y2. Hence corporation tax may lower real GDP, likely resulting in lower living standards.

However this argument depends on the proportion of AD influenced by the corporation tax rate rise. Only firms making larger profits are facing a corporation tax rise. So firms making lower profits, for example small businesses, are less likely to reduce their investment. Also consumption is the largest component of AD, making up roughly 60% of AD, not investment. So a given percentage fall in investment may have only a smaller effect on AD. Corporation tax is likely to reduce AD leading to lower real GDP. But these impacts are limited by the relative importance of investment to AD and the design of the policy to target high profit firms only.

Decreased investment can also influence the supply side of the economy. Lower investment could mean reduced firm spending on capital goods and human capital. So this could reduce productivity and hence the productive capacity of the economy. This means the LRAS could shift to the left. Higher corporation taxes could mean higher business costs, shifting the short-run aggregate supply curve left too. Lower productivity and higher business costs could lead to a higher price level in the UK economy, reducing the price competitiveness of UK exports which may widen the current account deficit. Productivity for the UK economy is 15% below the average of other G7 economies (as of 2015), so corporate tax rises could further worsen this UK productivity gap with other nations. There may also be fewer businesses choosing to set up in the UK, preferring to set up abroad in locations with lower taxes. This would further reduce the productive potential of the economy, compared to a situation of lower corporation tax rates.

However this depends on the level of corporation tax rates in other economies . The UK has the lowest corporate tax rate among the G7 economies, even after the tax rise. Hence there may be fewer incentives to set up a business abroad, so the effect on competitiveness is reduced. Also many economies have agreed to a global minimum corporation tax of 15%, further reducing the risk to competitiveness from raising corporation taxes. While the corporation tax rate rise may reduce investment, it is less likely to have a significant impact on competitiveness.

Overall raising corporation tax on firms making high profits is likely to be effective in raising revenue. While raising corporation tax will reduce aggregate demand and aggregate supply, by raising taxes only on higher-profit firms, the impact is limited. The impact of the tax rise does depend on how other countries respond – if other countries maintain or reduce their tax rates to attract more businesses, then increasing corporate taxes could significantly reduce the incentive for international businesses to set up in the UK. However, given the increasing degree of tax cooperation globally , as shown by the 15% minimum corporate tax rate agreement, it seems likely that countries will not seek to undercut each other’s corporate tax rates.

Application is throughout using examples from the short extract and from own knowledge to support analysis and evaluation.

Analysis is detailed, using chains of reasoning and graphs to support the answer.

Evaluation is also detailed, making use of chains of reasoning and where relevant, data about the economy. The conclusion addresses the question and justifies the answer.

Note for the conclusion you could have picked another side for this policy too depending on the arguments used. You could also use other possible points – there is no right way of doing this. For example with interest rates at historical lows, how does that impact the cost of government borrowing and the necessity of raising taxes? What other factors may matter for investment beside corporate tax rates?

This essay would likely score level 5 according to AQA Economics A-level criteria.

For more guidance on AQA exam technique (25 markers, 15 markers, 9 markers and more), check out the blue button below:

Other Questions

How many words should there be in a 25 marker economics.

Most 25 mark responses, that can be replicated within exam conditions, are within the range of 700 to 1000 words.

However this is arbitrary. Word count does not matter as much, provided you answer the question and write in depth.

Achieving depth in analysis and evaluation, answering the question – see my economics resources here for more information on essay structures and how to evaluate.

How should you structure a 25 marker economics essay?

Introduction

Depending on depth of your previous points, add another round of analysis and evaluation.

For more information on AQA Economics essay structure, I recommend the following article linked here .

How should you write a conclusion for 25 markers economics?

A conclusion has these key elements:

• Answer the question.
• Justify your answer in step 1.
• Consider other evaluation points, including real-world context, for further justification or that may go against your answer.

How should you evaluate in economics 25 markers?

I recommend the “depends on” structure for AQA Economics style evaluation. For more information on this, see my AQA Economics style evaluation guide here .

More Resources

For AQA style practice questions on recent current affairs, click the blue button below:

If you are interested in more A-level Economics resources, please feel free to click the button below:

About the author

Helping economics students online since 2015. Previously an economist and economics tutor, I now focus on providing economics resources on tfurber.com . Read more about me here .

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