Learn to write Economics essays effectively
Start by looking for a topic, such as Demand and Supply.
Then, browse the topic to find the list of essays that are relevant.
View the essay and re-write the answer for self-review.
Revision is productive only if you write regularly. Avoid reading only!
In this chapter, the essay questions will usually cover the discussion of scarcity, choice, and opportunity cost. Using these key terms, you are expected to apply the economics knowledge to understand how individuals make decisions efficiently, such as the use of the Production Possibility Curve (PPC).
This chapter serves to explore the fundamental roles of Demand and Supply in the field of Economics. You will understand the underlying factors of Demand and Supply and how it impacts the price equilibrium in the market. This provides you with an insight into the functionality of the price market, which you will apply in your essays as you analyse basic price movements.
Evidently, the concepts of price elasticity of Demand and Supply are related to the preceding chapter but focuses on deepening the analysis of demand and supply. You will learn that the demand and supply curve can display elasticities which affects price and output levels significantly. Students will also understand the utility of PED and PES and how firms implement these concepts to maximise total revenue.
You will cover more types of elasticities and explore the types of goods, as affected by YED and XED, such as inferior goods, normal goods and luxury goods. Substitution and income effects also come into play as you discover how income and cross elasticity shapes the demand and supply curve, under different real world contexts.
For this chapter, you can derive a more definitive understanding of decision-making in firms. You will explore the different types of production costs as firms try to cut them. Basic knowledge of Economies of Scale and Merger & Acquisition help students to realise a variety of cost saving methods employed by firms. Essay questions will hence focus on the explanation process of these methods and their implications.
This chapter teaches students to identify the four main types of market structures that firms belongs to. Each market structure have certain characteristics and behaviour that affects the pricing and output decisions, with the notion of profit maximisation. In your essay, you will examine the different corporate measures used by firms to their private benefits and the role government plays in expanding firms’ social benefits.
For Market Failures, you will understand the limitations of the price mechanism and the reasons for its failure, leading to a loss in welfare to the society. Consequently, the government will intervene and impose policies to correct the problem in the price mechanism. Your essays will then cover the policy mechanism and its implications as well as how the government put in place different measures according to the local contexts.
Students will learn the methods in which government assess the economic performance of the nation. This enables government to identify and measure both quantitative and qualitative aspects of standard of living. Students will examine the limitations of such in their essays and explain how governments seek to address these concerns and ensure good policymaking in the pursuit of macroeconomic aims.
The chapter of National Income Determination teaches students about the circular flow of income which observes the flow of transactions amongst households, firms, government and the foreign sector. You will learn key terms such as multiplier effect, aggregate demand and supply and keynesian model and apply them in the understanding of national income, which will be used as a platform for later chapters.
As one of the four main governments aims, economic growth represents the growth of the country in economic terms, which you will examine in-depth. You will explore the types of growth and learn diagrams that illustrates those growth. Your essay will emphasise on the impact of economic growth as well as the challenges that countries face in meeting this economic aim.
The topic of inflation relates to the understanding of shifts in general price levels and the effects on individuals, producers and the economy. You are expected to know the causes of different inflation so as to better address the problem with an appropriate policy. Essays in this sector will also cover the limitations of the policies and the need to employ more than one policy, given the local context.
For Unemployment, you will discover the different types of unemployment facing the country as well as its occurrences. You will understand the social impacts that unemployment has and the ways in which the government increase employment through policies such as raising economic growth and increasing FDI.
For the topic of Macroeconomics Aims and Policies, you will examine different policies that the governments can implement to achieve the four aims of government, namely sustainable economic growth, low unemployment rate, low inflation rate, and external equilibrium. Be familiar with the conflicting aims of government to excel in this macroeconomic chapter.
Students learning this topic will explore the relations between foreign transactions and local transactions which reflects in the Balance of Payment. You will realise the significance of external equilibrium as it impacts other aspects such as foreign exchange and international trade. Technical terms such as Current Account, BOP surplus and deficit are expected of students as you answer in your essays as to how government can keep its BOP in check.
Foreign Exchange relates to the analysis of demand and supply of local and foreign currencies in affecting the international markets. To answer such essay questions, you are expected to derive the contributing factors that affect the demand and supply for currencies. Also, you should be familiar with the different exchange rate systems, such as the fixed, flexible, and managed float types.
As part of the International Economics theme, you will learn how to answer essay questions that test your ability to analyse the Theory of Comparative Advantage and how countries set their terms of trade. These questions will apply the basic concept of opportunity cost, which is part of the Microeconomics chapter that you have learnt.
As the final chapter of Macroeconomics, Globalisation depicts the integration and interdependency of global markets. You will learn the major role that globalisation plays in Economics and the key terms in explaining the flow of capital, labour and land etc. Essay questions will require you to examine the implications of globalisation and whether it is advisable to embrace globalisation for countries like Singapore.