Economics analysis essays are sometimes considered one of the vital troublesome evaluation parts of the IB Economics program. College students typically wrestle with structuring their evaluations and making use of their financial data to the query. Nevertheless, evaluations don’t have to be troublesome and college students typically overcomplicate their pondering when writing evaluations. On this information, we are going to look at first, the flawed option to strategy analysis essays after which how you can appropriately construction an analysis. For this, we are going to use this query to show the essay writing course of:
“Consider the extent to which a depreciating change charge could profit or hurt an financial system.”
The flawed approach
Many college students undertake this strategy when writing analysis essays:
2. Descriptions and evaluation
Analysis shouldn’t be the “icing on the cake”. Quite, the analysis needs to be the cake itself. Writing an economics essay utilizing the above strategy can simply result in the error of describing every little thing a few depreciation and leaving solely a small a part of the essay for analysis.
The subsequent drawback is that, when studying one of these essay, it’s unclear as to what the scholar is evaluating till close to the conclusion. As the scholar, it is also straightforward to get sidetracked.
Some college students utilizing this strategy could typically run out of time and never do any analysis by any means, which can make incomes even a 6 troublesome.
Lastly, this with this strategy, it’s troublesome to successfully deal with various kinds of economics essays. With the strategy on this information, evaluations may be tackled virtually systematically which signifies that much less pondering time is required, leaving extra treasured writing time.
Be aware: This strategy can work and I am positive there are college students who’ve scored 7s with this strategy. However it’s way more troublesome to study in case you are unfamiliar with economics evaluations. What I like to recommend, is to make use of a scientific technique and construction that may be utilized to virtually all forms of essay questions.
The proper approach
First, let’s take into consideration what analysis truly is.
This may be present in most economics mark schemes:
Efficient analysis could also be to:
· Contemplate short-term versus long-term penalties
· Look at the influence on completely different stakeholders
· Talk about benefits and downsides
· Prioritize the arguments.
The third description is the one which we advocate as it might go well with the widest vary of attainable examination questions. Stakeholder and future versus brief run analyses are sometimes subsets of a dialogue of benefits and downsides, i.e. the benefits and downsides to completely different stakeholders, or within the brief run and future. Whatever the query, there’ll all the time be benefits and downsides. Nevertheless, there is probably not sufficient to debate relating to brief run versus future, or relating to numerous stakeholders.
You need to prioritize your arguments anyway, itemizing a very powerful benefits/disadvantages first.
The strategy I like to recommend can be utilized for nearly all forms of analysis essays (With some minor tweaks). The important thing right here is that with observe, you are able to do evaluations virtually systematically, which saves on planning time and retains your essay focussed.
So, the 5 steps to getting full marks in your economics analysis essay (Utilizing the benefits and downsides strategy):
1. Outline key phrases within the query
That is pretty easy. The mark scheme awards a couple of straightforward marks only for defining the important thing terminology. It additionally helps to focus the essay and for the scholar to get into “essay writing mode.”
2. Reply the query in 1-2 sentences
Primarily what this implies is, summarise the whole essay into 1-2 sentences. This sentence is essential and is designed to focus your essay. All your future paragraphs from right here will help this.
It is usually necessary to show your intention to guage right here. Your 1-2 sentence abstract will need to have components of analysis – i.e. helpful phrases to make use of embody, “it will depend on” or “there are benefits and downsides” or “there are a lot of prices and advantages related” and so forth.
This sentence may be pretty obscure. What’s necessary is clarification on the path you’ll take along with your essay.
three. Record and clarify benefits
Be aware: For coverage decisions, this may be changed with “advantages” and for questions the place you’re required to guage a press release, merely change this with “arguments supporting the assertion”
The extra detailed the reason of the benefit, the less benefits you could focus on and vice versa. Goal for no less than 2 and at most three, though in uncommon cases chances are you’ll solely have one benefit that you simply focus on in size.
With observe, you’ll intuitively work out how the size and element that every benefit must be mentioned in. Ideally, embody one diagram per benefit mentioned.
As you turn out to be extra superior in your essay writing, it’s typically helpful to qualify these benefits as nicely. Quite than merely writing “One key benefit is that the coverage will scale back unemployment,” write “Provided that the financial system is prone to be experiencing a deflationary hole, an key benefit of the coverage is that it’s going to assist to carry the financial system nearer to full employment.”
four. Record and clarify disadvantages
Be aware: Change with “prices”, or “arguments towards the assertion” as acceptable to the query.
The rules behind this are the identical as for benefits.
5. Weigh up benefits and downsides
It’s typically the case that the benefits and downsides don’t carry equal weight. Relying on what’s being evaluated and the financial system in consideration, it’s typically extra acceptable to lean one aspect or one other fairly than merely writing “it relies upon.”
That is basically your conclusion. For the overwhelming majority of evaluations, this needs to be a tentative conclusion, i.e. “It’s prone to be advantageous total” fairly than “It’s undoubtedly advantageous total.”
For evaluations of insurance policies, it could be highly effective right here to contemplate some different coverage choices. Bear in mind additionally that doing nothing is a attainable coverage selection.
Key issues to recollect
1. Your essay’s goal needs to be to guage. Analysis shouldn’t be the “additional” half you add on for bonus marks.
2. Reply the query and solely the query. However use the query as a possibility to indicate off your financial data
three. Diagrams ought to all the time be “sandwiched.” Related textual content ought to all the time be used to introduce the diagram and subsequently to clarify the diagram. Shouldn’t have a diagram hanging on the finish of a paragraph or randomly inserted earlier than a bit of textual content.
four. Diagrams should be labelled precisely and titled. Diagrams also needs to present a shift of some type. This may be performed through the use of an arrow. I additionally advocate labelling diagrams Determine 1, Determine 2 and so forth. This makes them simpler to refer again to.
5. Use actual world examples. Tackling that is straightforward. Go on Google and discover a statistic for:
a. A rustic that’s experiencing speedy development (Trace: China)
b. A rustic that’s experiencing very sluggish development
c. A rustic experiencing excessive inflation
d. A rustic experiencing low inflation or deflation (Trace: Japan)
e. A rustic with low GDP/capita
f. Nations with excessive and low earnings inequality (HL)
g. Nations with fastened and floating change charges
h. A rustic with excessive ranges of debt
i. A rustic that could be a web exporter
j. A rustic that could be a web importer
The record goes on. Principally, you will get some fast and simple marks simply by having some actual world data useful.
6. Have some authentic thought
Authentic thought is actually utilizing your creativity so as to add somewhat additional flavour to your response. Attempt to go somewhat past what’s talked about within the textual content ebook. The simplest approach to do that is to qualify your benefits and downsides to the query particularly.
For example, if the nation has excessive debt ranges and you’re evaluating depreciation, it could be helpful to incorporate one thing like: “Provided that the financial system is experiencing excessive debt ranges, a depreciation is prone to make it harder to service debt repayments.”
Your essay shouldn’t be generic. To attain the very best marks, it must be focused to the query. That is very true for the eight mark information response analysis query.
7. Clarify ideas linearly
What this implies is haven’t got your evaluation soar from A straight to D. Clarify your reasoning in a step-by-step method, as in case you are an economics educating explaining the idea to a pupil.
For example, in case you are making an attempt to clarify that decreasing rates of interest is prone to improve combination demand, your clarification ought to look one thing like this:
“Decrease rates of interest signify a decrease price of borrowing. As such, companies extra prone to put money into capital, which is prone to improve the extent of funding within the financial system. Moreover, a decrease rate of interest ends in a decrease return on financial savings, which is prone to end in a decrease marginal propensity to avoid wasting and thus a better marginal propensity to devour. All else being equal, that is prone to end in larger consumption. Since funding and consumption are each parts of combination demand, decreasing rates of interest are prone to result in a rise in combination demand.”
The wording might in all probability stream somewhat higher, however you see the purpose. Clarify ideas in a linear vogue or the examiner could get misplaced, or assume that you do not absolutely perceive what you’re writing.
eight. Practise, practise, practise!
Write as many economics essays as attainable earlier than your ultimate examination. That is the one approach that it is possible for you to to grasp the artwork. After you will have written every essay, ask for suggestions out of your economics trainer. In case you are doing previous paper questions, have a look at the mark scheme to see what you could have missed.
In your ultimate examination, don’t count on to have a lot time left remaining. By means of observe, it is possible for you to to write down quicker and never must commit as a lot time to pondering. In your ultimate, planning time ought to take not more than 5 minutes and for essentially the most half, in case you have this construction memorised, it is best to be capable of assume forward as you’re writing.
At first, it’s acceptable to make use of the textbook/Google as you’re writing. However I’ve a rule for this – do not use the textbook twice to lookup the identical idea!
9. In case you’re doing HL, ensure to incorporate HL content material.