how to write a university economics essay

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.

fall-in-ad-depending-spare-capacity-full

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

9 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?

This is an excellent source of adbvise

Economics Essay Examples

Ace Your Essay With Our Economics Essay Examples

Published on: Jun 6, 2023

Last updated on: Jan 31, 2024

Share this article

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!

On This Page On This Page -->

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.

Paper Due? Why Suffer? That's our Job!

If youâre wondering, âhow do I write an economics essay?â, consulting an example essay might be a good option for you. Here are some economics essay examples:

Short Essay About Economics

Fiscal policy plays a crucial role in shaping economic conditions and promoting growth. During periods of economic downturn or recession, governments often resort to fiscal policy measures to stimulate the economy. This essay examines the significance of fiscal policy in economic stimulus, focusing on two key tools: government spending and taxation.

Government spending is a powerful instrument used to boost economic activity. When the economy experiences a slowdown, increased government expenditure can create a multiplier effect, stimulating demand and investment. By investing in infrastructure projects, education, healthcare, and other sectors, governments can create jobs, generate income, and spur private sector activity. This increased spending circulates money throughout the economy, leading to higher consumption and increased business investments. However, it is important for governments to strike a balance between short-term stimulus and long-term fiscal sustainability.

Taxation is another critical aspect of fiscal policy. During economic downturns, governments may employ tax cuts or incentives to encourage consumer spending and business investments. By reducing tax burdens on individuals and corporations, governments aim to increase disposable income and boost consumption. Lower taxes can also incentivize businesses to expand and invest in new ventures, leading to job creation and economic growth. However, it is essential for policymakers to consider the trade-off between short-term stimulus and long-term fiscal stability, ensuring that tax cuts are sustainable and do not result in excessive budget deficits.

In conclusion, fiscal policy serves as a valuable tool in stimulating economic growth and mitigating downturns. Through government spending and taxation measures, policymakers can influence aggregate demand, promote investment, and create a favorable economic environment. However, it is crucial for governments to implement these policies judiciously, considering the long-term implications and maintaining fiscal discipline. By effectively managing fiscal policy, governments can foster sustainable economic growth and improve overall welfare.

A Level Economics Essay Examples

Here is an essay on economics a level structure:

Globalization, characterized by the increasing interconnectedness of economies and societies worldwide, has brought about numerous benefits and challenges. One of the significant issues associated with globalization is its impact on income inequality. This essay explores the implications of globalization on income inequality, discussing both the positive and negative effects, and examining potential policy responses to address this issue.

Globalization has led to a rise in the demand for skilled workers in many sectors. As countries integrate into the global economy, they become more specialized and engage in activities that utilize their comparative advantages. This shift toward skill-intensive industries increases the demand for skilled labor, resulting in a skill premium where high-skilled workers earn higher wages compared to low-skilled workers. Consequently, income inequality may widen as those with the necessary skills benefit from globalization while those without face limited employment opportunities and stagnant wages.

Globalization has also led to labor market displacement and job polarization. Developing countries, attracted by lower labor costs, have become manufacturing hubs, leading to job losses in industries that cannot compete internationally. This displacement primarily affects low-skilled workers in developed economies. Moreover, advancements in technology and automation have further contributed to job polarization, where middle-skilled jobs are declining while high-skilled and low-skilled jobs expand. This trend exacerbates income inequality as middle-income earners face challenges in finding stable employment opportunities.

To address the implications of globalization on income inequality, policymakers can implement several strategies. Firstly, investing in education and skills development is crucial. By equipping individuals with the necessary skills for the evolving labor market, governments can reduce the skill gap and provide opportunities for upward mobility. Additionally, redistributive policies, such as progressive taxation and social welfare programs, can help mitigate income inequality by ensuring a more equitable distribution of resources. Furthermore, fostering inclusive growth and promoting entrepreneurship can create job opportunities and reduce dependency on traditional sectors vulnerable to globalization.

Globalization has had a profound impact on income inequality, posing challenges for policymakers. While it has facilitated economic growth and raised living standards in many countries, it has also exacerbated income disparities. By implementing effective policies that focus on education, skill development, redistribution, and inclusive growth, governments can strive to reduce income inequality and ensure that the benefits of globalization are more widely shared. It is essential to strike a balance between the opportunities offered by globalization and the need for social equity and inclusive development in an interconnected world.

Band 6 Economics Essay Examples

Government intervention in markets is a topic of ongoing debate in economics. While free markets are often considered efficient in allocating resources, there are instances where government intervention becomes necessary to address market failures and promote overall welfare. This essay examines the impact of government intervention on market efficiency, discussing the advantages and disadvantages of such interventions and assessing their effectiveness in achieving desired outcomes.

Government intervention can correct market failures that arise due to externalities, public goods, and imperfect competition. Externalities, such as pollution, can lead to inefficiencies as costs or benefits are not fully accounted for by market participants. By imposing regulations or taxes, the government can internalize these external costs and incentivize firms to adopt more socially responsible practices. Additionally, the provision of public goods, which are non-excludable and non-rivalrous, often requires government intervention as private markets may under provide them. By supplying public goods like infrastructure or national defense, the government ensures efficient allocation and benefits for society.

Information asymmetry, where one party has more information than another, can hinder market efficiency. This is particularly evident in markets with complex products or services, such as healthcare or financial services. Government intervention through regulations and oversight can enhance transparency, consumer protection, and market efficiency. For example, regulations that require companies to disclose accurate and standardized information empower consumers to make informed choices. Similarly, regulatory bodies in financial markets can enforce rules to mitigate risks and ensure fair and transparent transactions, promoting market efficiency.

While government intervention can address market failures, it can also create unintended consequences and distortions. Excessive regulations, price controls, or subsidies can result in inefficiencies and unintended outcomes. For instance, price ceilings may lead to shortages, while price floors can create surpluses. Moreover, government interventions can stifle innovation and competition by reducing incentives for private firms to invest and grow. Policymakers need to carefully design interventions to strike a balance between correcting market failures and avoiding excessive interference that hampers market efficiency.

Government intervention plays a crucial role in addressing market failures and promoting market efficiency. By correcting externalities, providing public goods and services, and reducing information asymmetry, governments can enhance overall welfare and ensure efficient resource allocation. However, policymakers must exercise caution to avoid unintended consequences and market distortions. Striking a balance between market forces and government intervention is crucial to harness the benefits of both, fostering a dynamic and efficient economy that serves the interests of society as a whole.

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

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!

Barbara P (Literature)

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.

Paper Due? Why Suffer? That’s our Job!

OFF ON CUSTOM ESSAYS

Legal & Policies

Privacy Policy
Cookies Policy
Terms of Use
Refunds & Cancellations
Our Writers
Success Stories
Our Guarantees
Affiliate Program
Referral Program
AI Essay Writer

Disclaimer: All client orders are completed by our team of highly qualified human writers. The essays and papers provided by us are not to be used for submission but rather as learning models only.

IMAGES

How to write economics essay
Economics Essay
Write an excellent A* / Level 7 long evaluation economics essay. Worked
Economics A-Level: Paper 1, 2 & 3 Essay Plans
How to Write an Economics Essay Step by Step
How To Structure ECONOMICS Essay

VIDEO

[A level Economics] How to Improve Your Econs Essays
AS & A Level Economics
Economics
1st Sem Managerial Economics Previous Year Essay questions
Guide to write essay and sample essay
3 tips to Write Better Economics Essay (A level Economics)

COMMENTS

Writing Economics - Harvard University
the way to good economics writing. Chapter 1 describes the keys you need to succeed as a writer of economics and offers an overview of the writing process from beginning to end. Chapter 2 describes the basic methods economists use to analyze data and communicate their ideas. Chapter 3
A Guide to Writing in Economics - Duke University
“Genres of Economics Writing,” briefly surveys some of the kinds of papers and essays economists write. It is in the fourth part, “Writing Economics,” that the manual homes in on discipline-specific writing. What kinds of information are usually contained in an introduction, and how is it organized? How should one end a paper? And so on.
Writing Economics A Guide for Harvard Economics Concentrators
As an economics concentrator at Harvard, you will have many opportunities to undertake writing and research in economics. Chief among them are the sophomore tutorial, junior seminars, and the honors thesis.
Tips for writing economics essays - Economics Help
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.
8 Economics Essay Examples - Free Downloadable Samples
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.
Writing Tips For Economics Research Papers - Scholars at Harvard
1 General Tips about Writing Style. When I read your term papers, I look for your ability to motivate your question using economic logic, your ability to critically analyze the past literature, and your ability to recognize empirical problems as they arise.