EssayGuide|H2Economics

ECONOMICSESSAYGUIDE
PREAMBLE EconomicsstudentsatALevelsoftenfirststruggletounderstandthetheoreticalconceptsofeconomics introducedtothemduringlectures;andthenhavingunderstoodtheconceptsandapplicationsofthem,failto demonstratetheirunderstandingproperlyintheiressaywriting.Thisisusuallytheresultofacombinationof failuretoapplytheconceptsincontextofquestions,provideaptexamplesforthepointbeingillustratedorthe inabilitytoanalysequestionsinawaythataidorganizationofideasinthewritingoftheessay. ThisguideisspeciallywrittenforeconomicsstudentsdealingwiththesubjectatALevels,explainingtheintricacies ofeconomicsessaywritingthatarenotspecificallytaughtatschool.Thetimeconstraintduringexaminationsis accountedforinourguideandthustherearetipsonhowyoucanhelpyourselfputdownthemaximumcontent onpaperwithinthetimelimit.Throughtheapplicationofthetechniquesandthehabitsintroducedinthisguide, wehopeyoullmaximizeyourpotentialatwritingeconomicsessays. GENERALWRITINGGUIDE Regardlessofthesubjectyourewritinganessayfor,youshouldhaveagraspofthebasicstructureofanessay;an essayshouldcontainanintroduction,bodyandconclusion.Thisisnodifferentfromtheessayswewritefor EnglishLanguage,Literature,HistoryorGeographythatmoststudentswouldhaveencounteredinSecondary Schooldays.YetwhatgenerallygoesintothesedifferentsectionsdiffersalittleforEconomicsatALevels.Heresa briefstructurewithineachofthesectionsoftheessay. Introduction Introducethecontext(inrealityortheoretically) Definekeytermsintheessay Defineyourstand(agree,disagree,towhatextent,whatshouldorshouldnotbedone) ExplanationPortion Giveanoverviewofthetheorytobeexplained Elaborateonthetheory,usingdiagrams,numericalillustrations,exampleswhereverapplicable Pointoutassumptions,weakpointsofthetheory(inabilitytoexplaincertainbehavioursor potentialunintendedconsequences) ArgumentPortion TopicSentence(thepointyouretryingtomake) Elaborationofyourpoint,givingconceptualsupportandexplanation Citeexamples,realworldevidencetosupportyourpointandtheconceptualframework Evaluatethecounterarguments Raisealternativeprescriptions/policies/explanations Makeasummaryofyourargumentsandconsolidateyourstand Concludetheessay

Body

Conclusion

Amoreconcise,andwelldefinedessaystructureisgivenintheAppendix. UNDERSTANDINGQUESTIONOBJECTIVES Thereare2mainobjectivesfortheessayquestionsthatyouwillbeworkingonforALevels: 1. 2. Testyourknowledgeoftheeconomicstheoryinconcern(ie.Aconcept,law,theoryorpolicy) Assessyourunderstandingofconceptsinrealworldcontext;knowledgeofspecificcontext&analytical abilities 1

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EssayGuide|H2Economics

Thereforeyourapproachtotheessayquestionsshouldbetosatisfytheseobjectivesbydemonstratingwhatis expectedofyou.Inparticular,part(a)willbeaquestionontheoryandunderstandingofparticularconcept.Thus, makegooduseofdiagrams,theoreticalexplanationstoanswerwhilesupportingyourexplanationswithexamples andrealworldevidencewhenevernecessaryorapplicable. Thepart(b)willoftenquestionyouontheapplicationofaconceptintherealworldorparticularcontext. Therefore,yourapproachshouldbetoanalysethecontextandquestioninyourintroduction,thendefineand describeconceptssparingly(sinceexaminerisexpectingmoreofanalysis)beforeyouprovideevaluationbasedon context(whichshouldtakeupbetween30%to40%oftheessay). Forquestionsthatare25marks,devote60%attentiontotheoreticalfoundationsandexplanation,20%tocritique oftraditionaltheoriesbasedontheirownassumptions;20%toevaluatebasedoncontextofthequestion.Thisis onlyarecommendation;studentshavebeenabletoachievehighscoresbydevotingmuchlesswordsto explanationsowingtotheuseofconcisechunksofexplanationsfortheoryandthenusingthesparetime/wordsto maketheircritique.Thisisaworthygoalifyouareaimingforahighgradefocusthereforeonbeingableto explainalltheoreticalabstractionswithinacertainamountofwordssoyoucandwellbeyondtheoryinyouressays. ANALYSINGQUESTIONS Upongettingyouressayquestion,youshouldbeaskingyourselfifthequestioncanbebrokenintofurthersmaller questions.Itisdefinitelypossibleandisabsolutelynecessary.Bysegmentingyouressayquestionintosmaller guidingquestions,youarenotonlyabletoexpandonthepotentialofthecontentofyouressaybutalsoaid yourselfwiththeorganizationofideasinthemidstofwritingyouressay. Isitjustifiableforthegovernmenttoprovidegoodsthatarenotclassifiedaspublicgoods?[17] SubQuestions Whatarethegoodsthatgovernmentprovides?Aretheyclassifiedinanyways? Whatisthejustificationsgovernmentusetoprovidethosegoods?[PositiveExternalitiesMarketFailure] Howdoestheexternalityarisefromthesenonpublicgoodsinthefreemarket? Whatarethesocialandprivatecostsandwheredoestheunderproductionoccur? Whymustthegovernmentprovidethegoodsandnotuseothermeanstocorrectthemarketfailure? Howistheoutcomeimprovedwithgovernmentintervention?Isthereanyunintendedconsequences? Theanswerstothesesubquestionsareusuallypointsfortheessayandtheysometimesopenupmoresub nd rd questionstobeansweredinyouressay,muchlikehowtheanswertothe2 questionabovebringsaboutthe3 th and4 questions.Thequestionssurfacesconceptsthatneedstobeexplainedandaddressedinthequestionbut notmentionedinthequestionatall.Forexample,thisquestionisevidentlyaboutpositiveexternalityasamarket failurebutthekeywordslikepositiveexternalityisnoteveninthequestion.Onlybylookingbeyondthewording ofthequestionandconsideringtheconceptsimplicatedwouldyoubeabletodelivertheanswertothequestion Thelistofsubquestionsmaygoonbutdorememberwhenyoushouldstop.Givereferencetothecoverageyou wouldhave;aimforagoodcoverageratherthanacompleteonebecauseyouareoperatingwithinatimelimit. Exploretheaspectsoftheissuethatmostinterestyoubutdonotgooverboarddwellingonthem;makesureyou coverthetraditionalareasfortheparticulartopicinquestion. IntegratedResortsareasignificantproposaltoboostourtourismindustry.Themoreattractiveweareasa tourismdestination,theeasieritisforustodevelopourconventionandexhibitionindustry,andgrowasaviation hub.AdaptedfromRoundUpParliamentaryDebateApril2005byPMLeeHsienLoong.Towhatextentcanthe completedIntegratedResortsachievethevariousmacroeconomicgoalsforSingapore.[25]

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EssayGuide|H2Economics

SubQuestions WhatarethevariousmacroeconomicgoalsforSingapore?[Growth,Stability,Trade(BalancedorSurplus), EquitableDistributionofIncome] WhatsortofpolicyistheIntegratedResortsfromtheperspectiveofthegovernment? WhataretheeffectsoftheIntegratedResortsoneachofthosemacroeconomicgoalsofSingapore?What aretheeffectsonInflation,Employment,EconomicGrowth(AggregateDemand&Supply),Trade Balance? Whatisthetheoreticalbasisfortheseexpectedeffects? ArethereanypotentialTradeoffsordrawbackstotheseeffects? HowmighttheIntegratedResortshaveanegativeeffectonattaininganyofthemacroeconomicgoalsof Singapore? WhatwouldbetheoveralleffectsontheSingaporeeconomy? WRITINGBYECONOMICSTOPICS Itisgoodtounderstandthekindoftopicsthatcomesupforessayquestions;onecouldignorethetypicalmicro macroclassification,anduseamoreintuitivesystemaslikebelow.Makesureyoufamiliaryourselfwiththe contentineachofthesetopicareasandbeabletodeliverbitesizeexplanationsoftheconceptsinvolvedwhile notlosinganyessenceofthetheories. Topics Markets Content Demand&Supply CostTheory Firms&Competition MarketFailures MicroeconomicPolicies InterventionsinMarkets PublicFinance MacroeconomicPolicies Trade&ComparativeAdvantage NationalIncomeAccounting MacroeconomicGoals(Inflation,Employment,Growth) ExchangeRateSystems

Governments

Economies

Armyourselfwithexamplesinallcases:inotherwords,youmustbeabletonameamonopolyoffhandandexplain whyitsatisfytheconditionsofamonopolyortonamearecentgovernmentpolicyanddiscussitsimpacton nationalincomeorotherunintendedconsequences.TheessaystructureintheAppendixdemonstratesthe differenttypesofexamplesthatcanbeemployedtobringaboutyourpoint.Treatyourexamplesasameansto driveyourargumentsratherthanasanappendedafterthoughttoeachofthepointyoumake;thisrequiresyouto weaveyourexamplesrightintoyourparagraph.Itallowsyoutoconveymoreinlesswordsanddemonstrateyour understandingofthesubject. ANALYSIS&ASSESSMENTFRAMEWORKS InthesubjectofEconomicsatALevels,youdiscoverthatyouoftenhavetomakeassessmentofpoliciesthatare highlevelandsomestudentsmightfinditratheruncomfortabletryingtosayiftheyarerightorwrong.Often,you finditdifficulttojudgebecauseofthemultitudeofcontentiousissuesinvolvedandthefactthatyouhaveto considersomanydifferentstakeholders.Thatsachallengeweallmustfaceanditisatestofourabilitytojuggle Copyright201011.Erpz.net,Kevin. 3

EssayGuide|H2Economics

complexissuesthatwouldconfrontus.Thetricktoworkonthisistogiveourselvesaframeworktothinkabout theseissues. Weallpassjudgmentthroughourdecisionmakingeverydayandassumingwearerationalandconsistent(which wearenot,butshouldbewhenitcomestoessaywriting),wetrytoapproachallissuesbygivingthesamesortof considerationsandweightingtodifferentaspectsoftheissues.Belowareexamplesofframeworksthatmakeuse ofwhenanalyzing,assessingandevaluatingpolicies. POLICIESANALYSISFRAMEWORK(MICROECONOMICS) Doesthepolicyachieveitsobjectives? o Doesitovercomethemarketfailureorjustsolvepartsofit? o Howlongmightbethetimelag? o Aretheeffectsgradualorsuddenandabrupt? Doesthepolicyhaveanyunintendedconsequences? o Anytradeoffsintermsofothergoalsintheeconomy?(Eg.Resultsinpoorerdistributionofincome intheeconomy) o Doesitcompromiseanytypeofefficiency? Doesthepolicyhaveanylongtermeffectsontheeconomy? o Wouldtheeconomybecomedependentonthepolicyinlongrun?(Eg.Activetrustbustingrequired topreventcollusioninthemarket) o Doesthemarketbecometoousedtothepolicyorstartexploitingloopholes? Howeasyistheconductofthepolicy? o Doesitinvolveahighcost?Willthecostofconductingthepolicyoutweightthebenefits? o Isthelogisticsinvolvedinthepolicyimplementationcomplicated? POLICIESANALYSISFRAMEWORK(MACROECONOMICS) Doesthepolicyachieveitsobjectives? o Isitgrowth,lowemployment,lowinflation,morebalancedtrade/payments,moreequaldistribution ofincome? o Howlongmightbethetimelag? o Aretheeffectsgradualorsuddenandabrupt? Doesthepolicyhaveanyunintendedconsequences? o Anytradeoffsintermsoflongtermmacroeconomicgoals?(Eg.Growthintheexpenseofwidening incomegap) o Doesitcompromiseanytypeofefficiency? Doesthepolicyhaveanylongtermeffectsontheeconomy? o Wouldtheeconomybecomedependentonthepolicyinlongrun?(Eg.Economyslowtorestructure becauseitreliesonKeynesianstimulustomaintaingrowth) o Doesithaveanypositivesupplysideeffects? Howeasyistheconductofthepolicy? o Doesitinvolveahighcost?Willthecostofconductingthepolicyoutweightthebenefits? o Isthelogisticsinvolvedinthepolicyimplementationcomplicated? POLICIESASSESSMENT&ANALYSIS Whatarethebenchmarksyouusetoassessthepolicies? o Aggregatewelfareofthesociety(inotherwords,efficiency)? o Distributionaleffectsonthesociety(whetherprogressiveorregressive)? 4

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EssayGuide|H2Economics

o Unintendedconsequencesorundesirableimpacts? o Easeofimplementationormanagementoverthepolicies? Temporalconsiderations o Isyourprioritythelongtermorshortterm? o

EXAMINATIONTIPS&GUIDELINES Youshouldhaveinmindapropertimeallocationforthedifferentpartsofessaywritingandtryyourbesttostick toitduringtheexams.Itismoreimportantthatyoucoverthequestionswithsufficientbreadthanddepthbut thenitisnotexactlynecessaryforyoutowritedowneverysinglethingthatanswersthequestion,thetime constraintisimportantaswell.Therefore,werecommendthefollowingtimeallocation. Eachessayshouldtakeyouamaximumof45minutestowrite,sothe25markquestionsarestraightforward: spend5minuteswithplanningandthentherestof40minuteswritingthefullessay.Howabouttheother commonmarkallocations10/15marksand12/13marksquestions?Forthistwotypesofquestions,spend15 minutesonpart(a)andthen25minutesonpart(b).Asforthe8/17marksquestionsthatseemtobeincreasingly common,spendonly10minutesonthepart(a)andthen30minutesonpart(b).Inbothcases,anytimeyousave fromquickerplanningshouldideallygotopart(a). Inanycase,whenyourealizethatyouveonly25minutesbeforethetimingforthatparticularquestionorpartis due,youmusttakethefollowingactions: 1. 2. Endofthepointyouarewriting;infactwhenyouareleftwith5minutesorless,dontstartonanew pointanymore Startconcludingtheentireanswerbyraising1pointforevaluation(canbeacounterargumentor questioninganassumption)andthensummarizeallyourpoints

25markQuestionsTimeline TimeLapse 1 5 min 6 40 min 41 45 min

th th th th st th

Question Whatyoushouldbedoing Planning Full End Breakdownthequestionsintosubquestionsinyourmind Pendownthepoints(answerstothesesubquestions) WorkonEssay Endthecurrentpoint Write12evaluationpointsbyquestioningassumptionsorcitingcounterarguments Concludewriting

10/15markor12/13markQuestionsTimeline TimeLapse 1 5 min 6 18 min 19 20 min

th th th th st th

Question Whatyoushouldbedoing Planning (a) End(a) Breakdownthequestionsintosubquestionsinyourmind Pendownthepoints(answerstothesesubquestions) WorkonEssay Endthecurrentpoint Write12evaluationpointsbyquestioningassumptionsorcitingcounterarguments Concludewriting

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EssayGuide|H2Economics

21 43 min 44 45 min
th th

st

rd

(b) End(b)

WorkonEssay Endthecurrentpoint Write12evaluationpointsbyquestioningassumptionsorcitingcounterarguments Concludewriting

8/17markQuestionsTimeline TimeLapse 1 5 min 6 13 min 14 15 min

th th th th st th

Question Whatyoushouldbedoing Planning (a) End(a) Breakdownthequestionsintosubquestionsinyourmind Pendownthepoints(answerstothesesubquestions) WorkonEssay Endthecurrentpoint Write12evaluationpointsbyquestioningassumptionsorcitingcounterarguments Concludewriting WorkonEssay Endthecurrentpoint Write12evaluationpointsbyquestioningassumptionsorcitingcounterarguments Concludewriting

16 40 min 41 45 min
th th

th

rd

(b) End(b)

AFTERWORDS Mucheffortshavebeenmadetothinkthroughtheprocessofessaywritingtocomeupwiththisguidefor economicsstudentsatALevels.IhopeitcanbeusedwiselyandpassedontostudentsenteringJuniorCollegein Singapore.Itisimportantthatoneshouldfocusonlearningbeyondexaminationsandthatnothingcanbeabetter substituteforpassionasasourceofmotivationforlearninganysinglesubject. Kevin,2010 Copyright201011.Erpz.net,Kevin. 6

EssayGuide|H2Economics

APPENDIX StandardEssayStructure Introduction DefineTerms Explainandraiserelatedconcepts(likeaprecludetotheconceptualstuffthatistobementionedfollowing theintroduction) Statestand/thesis Body(withEvaluations) Pointexpressedinatopicsentence Exampletoillustratepoint(examplecanbereal,hypotheticalortheoretical) o RealexamplesarelikeSingaporeAirline,ThaiAirwaysforAirlineCompanies o Hypotheticalexamplecanbesaltandpepperfornecessities o Theoreticalexamplescanberoadcongestioninflictingsocialcostofcausingpeopletobelateforwork. Analysisofexample Evaluationofexamples/conceptsinapplicationtothisexample Conclusion SuggestAlternativepolicies/regulations/advantages/disadvantages Roundupargumentorsummarizepointsmade Repeatstand/thesis

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