ib economics essay plans

How to Write a Good Economics Essay

Governor November 28, 2019 Real World Applications 3 Comments

Many students ask “How to write an economics essay?” This Guide to Writing a Good Economics Essay is applicable to both IB economics as well as the Singapore JC A-Level H2 economics examinations. Many of the pointers here are also applicable to large-mark case study questions.

6 Steps to Writing a Good Economics Essay

Step 1: dissect the question.

Make sure you analyse and fully understand the KEYWORDS and REQUIREMENTS of the question. This is a very important skill that is taught in our economics tuition classes .

For example, “Best”, “Most Effective” are closely related but mean different things.

Paraphrase the question to make it simpler if necessary.

Take note of the command word (eg: Explain, Discuss) as it determines the approach needed for the essay, for example, whether two sides are needed or one side is sufficient. Below are some common examples found in economics essay questions:

Command Words                                      Action Required

Account for                                                 Explain why

Analyse                                                        Break it down into step-by-step explanations

Assess                                                          For & Against. Consider other factors.

Compare                                                      Identify Similarities & Differences

Distinguish                                                   Point out differences

Discuss                                                        Explore both sides

Evaluate                                                       The Good and The Bad.

Explain                                                          Show why and how

Explain whether                                            Cover both possibilities

Examine                                                        Look closely. How so and how not so?

To What Extent                                              Yes…..But….Judgment

Remember to look out for the context in the question. This is usually given in the form of a country (eg: Singapore). The examples in your essay must be tailored to this particular context (for example, do not suggest interest rate policy for Singapore as that is considered infeasible in the Singapore context). If no context is given, any real-world example can be used.

Keep in mind the question throughout the essay and remember to always answer the question. Don’t go off-point!

Common Examiner’s Comment :  Not Answering Question (NAQ))

Step 2: Plan Your Answer

Take some time to consider what economic framework you will use to approach the question. Scribble down your main thesis and anti-thesis points. Ensure they ANSWER THE QUESTION.

Step 3: Essay Introduction

In the introduction, include definitions of keywords in the question and spell out the economic framework you will employ for your answer as well as key definitions.

Step 4: Body of Essay

In the body , there will be several paragraphs. 

The number of points/paragraphs depends on the question. It is common to require 2 main points for each 10 mark essay and similarly for 15 mark essay questions. Under each main point, there may be 1-2 sub-points.

Use one paragraph for each sub-point you are making.

However, do not be too focussed on the number of points or paragraphs. The key is to answer the question.

For each body paragraph , use TET’s PEEL(ED) structure. Include only one main idea per paragraph.

• Point – Write your point in the first sentence so that markers will know what the paragraph will be about. The topic sentence must directly answer the question!
• Explanation – Explain what you mean
• Elaboration – Provide further analysis with clear step-by-step economic reasoning. This part may be done with examples as well as diagrams.
• Link – Link your explanations back to the Point and to answer the question.
• Exemplification – Give an example to support your reasoning. It can be statistics or real-world examples (for Case Studies, evidences from the Case must be uncovered!)
• Diagram – Where possible, araw an appropriate diagram with correct labelling and refer to it in your answer. This is crucial to show economic reasoning. Diagrams are very important for economics essays!

These are of course much easier said than done! Thus, students in our economics tuition classes are regularly honed to achieve such output including with tips and tricks to spark off the correct thinking process.

Our resources including the Study Guides for A Level and IB economics also provide a very powerful and handy reference on the depth of analysis required to score the highest marks.

Common Examiner’s Comment :  Mere statements and claims. No economic rigour.

Step 5: In-Body Evaluation

This applies especially to the 15 mark essays for A-Level Economics. A total of 5 marks is catered for Evaluation. Students should attempt to achieve about 2-3 in-body evaluation marks by pointing out how the thesis and anti-thesis points may not be true due to certain assumptions made that may not hold. Students may write “However,….may not necessarily happen……It would depend on whether….”. This statement can be written after the associated sub-point has been made.

Step 6: CONCLUDING SECTION

This only applies to the 15 mark essay questions.

Earn more evaluation marks by making a reasoned judgement. Deliver your verdict like a Judge! 

Check back on the question before you embark on this. Ensure your judgement answers the question.

So the question now is, how does a judge arrive at and deliver a verdict? Certainly, you should not be summarising or merely paraphrasing your main points in the conclusion. Obviously, you cannot expect more marks by saying the same thing over and over again!

After a verdict and reasons have been provided, consider providing further relevant insights and/or recommendations.

Common Examiner’s Comment :  Repetitive. Mere Summary.

Here are some quite common types of Concluding Sections 

• Consider the relative importance of thesis and anti-thesis factors. Which factors are most important or pertinent in the given context? For example, certain policies better fit specifc types of economies.
• Consider short-term vs long-term pros and cons. Do the short-term benefits outweigh the long-term costs? Is the policy more effective in the long-term, and if so, how pressing is the problem that needs to be addressed?
• Suggest a multi-policy approach, in which each policy has strengths and weaknesses that allow them to complement each other.

There is no way to really memorise evaluation points as every question and context is different. After all, you are being tested on higher-order thinking!

There are other evaluation tips that our students will receive but the key point here is that the training of the mind to think and apply economics is essential. That is where our weekly economics lessons come into play and that is why our students are often asked questions in class and trained to think on their feet. As ex-student Xue Min from YIJC testified, Chief Tutor Mr. Kelvin Hong does not just spoon-feeds our students but mentors them in their thinking to arrive at the answers. This was different from other tutors that her classmates experienced and eventually this was the key to Xue Min’s A grade.

In your essay, write in simple and clear sentences. Everything you write should be value-adding. You do not have to spend time showing off vocabulary as no extra points are awarded for language. Focus on economic reasoning. Use succinct and effective examples which support the point you are trying to make as well as accurate diagrammatic analyses.

For samples of great economics essays, please check out our free Economics Model Essays and sample Past JC A-Level Economics Questions and Answers .

For our econs publications that are sold worldwide, please check out our A Level & IB Economics Study Guides and Model Essays Publications

About The Economics Tutor

Founded by Kelvin Hong in 1998, The Economics Tutor is one of the leading economics tuition in Singapore . We provide a comprehensive program to guide students in understanding complex economic concepts and applying them through case study analyses, essay writing and discussion of real world events.

For 24 years, the way we teach JC Economics Tuition (A Level Economics Tuition) and IB Economics Tuition classes helped learners appreciate economics and everything it entails on a much larger scale. We take things step-by-step, implement effective techniques in memorising frameworks and give every student the chance to nurture their ideas. 

We don’t just solely focus on helping you get stellar grades and perfect scores. We make sure that we also hone the critical thinking skills and investment / business decisions you can use outside the four walls of your classroom.

Looking for a fun, engaging and probably the best economics tutor in Singapore? Look no further—check out our extensive and high quality economics resources on the website such as our IB and A Level Economics Publications

Book your lesson today and master the nuances of economics in our next class!

its good knowledgeable post regarding ib economics commentaries. i just wanted to admin can i use your blog as reference to my students .

Go ahead. We are all for helping students learn economics well.

Thank you, A lot of info!

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Extended Essay Guide: Criteria, Format, Sample EEs

• Criteria, Format, Sample EEs
• Annotated Bibliographies
• DP Research Process
• Databases & Academic Journals
• Evaluate Sources
• Academic Integrity
• MLA Citation Format
• CSE Citation Format (Science & Math)
• Video Tutorials 2024

The Assessment Crtiteria in Detail!

• Criterion A: Focus and method
• Criterion B: Knowledge and understanding
• Criterion C: Critical Thinking
• Criterion D: Presentation
• Criterion E: Engagement
• EE_How to maximize marks for different subjects?

• Criterion C: Critical thinking

Notes from the IB

RE: Research Question and Title of Extended Essay

Please note the statement below from the EE curriculum manager regarding the need to have both a title and a RQ for all subjects. Previous versions of the EE Guide indicated that the title and the RQ should be the same for History, Business Management and Mathematics. This is no longer the case.  All essays, regardless of the subject, need to have both a RQ and a title.

Hi Kathy, 

To answer your question, I am going to quote directly from a response John Royce provided, on this forum, in October in response to a very similar question: (it was a question about using Spanish sources - hence the mention of Spanish)

It is certainly  permissible to use sources which are not in the language of the essay, but translation into the target language is required , one cannot assume that the reader understands the original language.

It is usual to quote the original as well as presenting the translation.  [Do not put quotation marks around your translation, just around the original]

Umberto Eco argues ("in Mouse or rat?") that direct translation may lose meaning, paraphrase or use of different idioms may be required to get the ideas across. Paul Bellos ("Is that a fish in your ear?") makes a similar argument - direct translation may confound meaning... Direct translation may not be ideal - meaning and understanding are preferred - so, not to worry that your student with her good Spanish cannot present a direct translation.

What  must be made clear is that the translations are those of the student;  these are her understandings. Readers can make of that what they will - and if unsure, are presented with the original - they can seek another translation.  A note in the acknowledgements and/or in the introduction to the effect that all translations are those of the writer is ... essential.

In response to the question about the  Bibliography/Works cited, my preference would be to list the source in its original Thai version, but perhaps with the English in brackets, to help the examiner.

Your bibliography will have the entries in Thai characters first in the document. Any in-text citation to Thai sources will be in (Thai characters [English translation]).

Citation in Thai [English translation]

Works Cited Example:

วงษ์ปัญญา, ธนกร [Wongpunya, Thanakorn]. “โรงงานยาสูบรวยแค่ไหน และเอาเงินไปทำอะไรบ้าง.”  [How rich is the Thailand Tobacco Monopoly and where does the money go?] (candidate translation). The Standard, The Standard, 30 Aug. 2018, thestandard.co/thailand-tobacco-monopoly/.

Format of the Extended Essay

Required Formatting

The extended essay should be written in a clear, correct and formal academic style, appropriate to the subject from which the topic is drawn. Given that the extended essay is a formally written research paper, it should strive to maintain a professional, academic look. 

To help achieve this, the following formatting is  required:

• 12-point, readable font (Calibri or Times New Roman);
• double spacing throughout entire Essay;
• page numbering - top right corner;
• no candidate or school name or supervisor name on the title page or page headers.

Submitting the extended essay in the required format will help set the tone of the essay and will aid readability for on-screen assessment by examiners.

Required S tructure

The structure of the essay is very important. It helps students to organize the argument, making the best use of the evidence collected. 

There are six required elements of the final work to be submitted. More details about each element are given in the  “Presentation”  section. Please note that the order in which these elements are presented here is not necessarily the order in which they should be written. 

Six required elements of the extended essay:

• Contents page
• Introduction
• Body of the essay
• References and bibliography -- if MLA "Works Cited" if CSE "References"

1. Required Title Page  

The title page should include  only  the following information: 

• the title of the essay
• the research question
• the subject the essay is registered in (if it is a language essay also state which category it falls into; if a world studies essay also state the theme and the two subjects utilized) 

The upper limit is 4,000 words for all extended essays. 

2. Required Contents Page

A contents page must be provided at the beginning of the extended essay and all pages should be numbered. Please note that an index page is not required and if included will be treated as if it is not present.

3. Required Introduction

The introduction should tell the reader what to expect in the essay. The introduction should make clear to the reader the focus of the essay, the scope of the research, in particular an indication of the sources to be used, and an insight into the line of argument to be taken. 

While students should have a sense of the direction and key focus of their essay, it is sometimes advisable to finalize the introduction once the body of the essay is complete.

4. Required Body of the Essay  (research, analysis, discussion, and evaluation)

The main task is writing the body of the essay, which should be presented in the form of a reasoned argument. The form of this varies with the subject of the essay but as the argument develops it should be clear to the reader what relevant evidence has been discovered, where/how it has been discovered and how it supports the argument. In some subjects, for example, the sciences, sub-headings within the main body of the essay will help the reader to understand the argument (and will also help the student to keep on track). In structuring their extended essay, students must take into consideration the expected conventions of the subject in which their extended essay is registered. 

Once the main body of the essay is complete, it is possible to finalize the introduction (which tells the reader what to expect) and the conclusion (which says what has been achieved, including notes of any limitations and any questions that have not been resolved). 

Any information that is important to the argument  must not  be included in appendices or footnotes/endnotes. The examiner  will not  read notes or appendices, so an essay that is not complete in itself will be compromised across the assessment criteria.

5. Required Conclusion

The conclusion says what has been achieved, including notes of any limitations and any questions that have not been resolved. While students might draw conclusions throughout the essay based on their findings, it is important that there is a final, summative conclusion at the end. This conclusion(s) must relate to the research question posed.

6.  Required References & Bibliography

Students should use their chosen style of academic referencing as soon as they start writing. That way they are less likely to forget to include a citation. It is also easier than trying to add references at a later stage. For more information on this, refer to the guidelines in the IB document  Effective citing and referencing.

Writing the essay takes time but if students have used their Researcher's reflection space and reflection sessions in a meaningful way they should be well prepared to develop their arguments.

Extended Essay - Examples & Exemplars

• Essays from May 2018 with IB marks and commentaries
• Assessed Student Work & Commentary IB-provided. "Student sample extended essays, corresponding marks and comments from senior examiners are available for the following Diploma Programme disciplines. Please note that in light of not having authentic RPPFs to accompany these essays, they are marked against criteria A – D only, for a total of 28 possible marks. Following the first assessment session in 2018, exemplars will be refreshed with authentic sample material." more... less... Biology English Economics History Studies in language and literature Language acquisition Mathematics Psychology Visual arts World studies extended essay (WSEE)
• Excellenet Extended Essays Concordian GoogleDoc
• EngA1_Othello EE Othello 2018 From inThinking.net Click the link to see the score and evaluation.
• Fifty (50) More Excellent Extended Essays DVD by International Baccalaureate Call Number: HS DVD 808.4 ISBN: 9781906345600 Publication Date: 2011 1 DVD-ROM (1:33 min.)

Past CIS Extended Essays

Available in the library behind the desk are file folders of past Extended Essays by Concordian students and IB EE Exemplars. Feel free to browse the papers which must be kept in the library.

• << Previous: EE Home
• Next: Annotated Bibliographies >>
• Last Updated: Sep 12, 2024 9:47 AM
• URL: https://concordian-thailand.libguides.com/ee

The Curious Economist

Economic news for students.

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Model 15-Markers

Unlock your potential with these IB economics model answers, designed to provide a deeper understanding of key topics and real-world examples. 

By studying these model answers, you’ll gain a solid foundation in economic concepts, learn how to structure your essays effectively, and develop critical analysis skills. As you explore the real-world examples provided, you’ll also gain an appreciation for the complexities and nuances of economic policies and their impacts on various societies. 

Our goal is to empower you with the knowledge and confidence needed to succeed in your IB economics journey, ensuring that you’re well-equipped to tackle any question or challenge that comes your way. 

Click on the questions below to see a model essay!

Microeconomics

Using real-world examples, discuss the consequences of a price ceiling on stakeholders

Using real-world examples, evaluate different approaches to managing common access resources

Using real-world examples, evaluate the policies a government might adopt to respond to a market situation in which significant asymmetric information exists

Using real-world examples, evaluate the effects for stakeholders of a government imposing an indirect tax on a particular good

Using real-world examples, evaluate the view that government regulation is the most effective way to deal with negative externalities of consumption

Using real-world examples, evaluate the view that governments should always try to prevent the creation of barriers to entry in a market.

Using real-world examples, evaluate the impact of large firms having significant market power.  

Macroeconomics

Using real-world examples evaluate the claim that according to the Keynesian and monetarist models a decrease in AD will always be deflationary.

Using real-world examples evaluate the view that  economic growth  will always lead to an improvement in living standards

Using real-world examples, evaluate the effectiveness of  monetary policy  to achieve low unemployment

Using real world examples, discuss the effectiveness of demand side policies in achieving a target rate of inflation.

Using real-world examples, evaluate the claim that effective supply side policy is able to improve the tradeoff between inflation and unemployment .

Global Economy

Using real-world examples, discuss the possible implications of a persistent  current account deficit

Using real-world examples, discuss the consequences of a fall in a country’s exchange rate

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Economics Revision Essay Plans

Last updated 17 Dec 2019

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This series of resources provides revision essay plans for a wide variety of essay topics, including synoptic questions.

For the 2019 papers check out our collection of videos on building A* evaluation into your answers

Have you tried our series of more than 50 Quizlet revision activities? Click here to access!

Essay Plan: Limits on Monopoly Power

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Chains of Reasoning and Evaluation: Fuel Prices in the UK

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EU Customs Union Membership (Revision Essay Plan)

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Market for Electric Vehicles (Revision Essay Plan)

Mergers and consumer welfare (revision essay plan), air pollution and policies to control (revision essay plan), policies to improve competitiveness (revision essay plan), economic effects of higher interest rates (revision essay plan), current account deficit & policies (revision essay plan), unemployment and policy trade-offs (revision essay plan), case for cutting the national debt (revision essay plan), micro-finance (2019 revision update), essay on advertising and economic welfare, essay on oligopoly and collusion, policies to control inflation.

Study Notes

Why is high inflation a problem?

Revision essay: exchange rate depreciation and macroeconomic objectives, to what extent should full-employment be the main macro policy objective, housing supply (revision essay plan), minimum alcohol pricing (revision essay plan), oligopoly and collusion (revision essay plan), building confidence in writing synoptic 25 mark essays (edexcel), behavioural and neo-classical economics (revision essay plan), barriers to entry and economic profit (revision essay plan), micro and macro impact of a plastic tax (revision essay plan), edge revision webinar: market failure and government intervention, farm subsidies (revision essay plan), competitiveness of the uk motor industry (revision essay plan), labour migration (revision essay plan), financial market failure (revision essay plan), tariff on chinese steel (revision essay plan), policies to improve food affordability (revision essay plan), reducing a trade deficit (revision essay plan), museums and government subsidy (revision essay plan), fiscal policy and inequality (revision essay plan), globalisation and inequality (revision essay plan), economic inactivity (revision essay plan), competition and consumer welfare (essay technique video), essay plan: is the euro the main cause of the crisis in greece and italy, china: successes and failures essay plan, our subjects.

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How to Structure Your IB Economics IA

Writing brilliant IB Economics IAs are a crucial part of your success in the subject. Over the course of your IB, you’ll be asked to write three commentaries of 800 words each. In this blog, we discuss our favourite way to structure your IB Economics IA, making sure you pick up all the marks you deserve!

Introduction (75 words)

The introduction of your IA should outline and summarize your chosen article in 2 or 3 brief sentences. Make clear references to your article, often using a quote to show that you’re discussing the situation from your source. In the introduction, define a few key terms that will be used going forward through the essay. You do not need to define every key term that you will be using in your whole IA – only define words that you’ve just used, or are just about to use. It should be clear by the end of your introduction 1. What the real-life situation that you’re considering is, and 2. What the proposed policy that is being suggested is.

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What was the underlying problem? (100 words)

To start off your analysis, you need to discuss what the underlying problem in the country is. Let’s say the government is considering imposing a tax on a specific good– in this case, the underlying problem may be that currently consumers are overconsuming this good, so placing an excise tax on it may cause a reduction in quantity consumed. Explain why the overconsumption of that good is a bad thing for society. You may want to draw a diagram and give a clear explanation on how overconsumption of a good causes market failure through negative externalities, and how that may be a detriment to society.

What is the proposed policy (and what is its intended effect)? (250-300 words)

The bulk of your analysis will fall under this section. This is where you explain and show how the government is aiming to solve the situation that you outlined in the previous section. For example, how will the imposition of a tax theoretically reduce the quantity consumed? Show this using a diagram . Don’t leave your diagram hanging, though! In order to get full points for a diagram you’ll need to make sure that you clearly explain your diagram. For example, ‘as a result of the imposition of an excise tax, the supply curve will shift inwards from S1 to S2. The leftward shift of the supply curve causes a new equilibrium to be established at…’ .

What are some unintended effects of the policy? (250-300 words)

Don’t underestimate the impact of good evaluation on your IA score. So far, you’ve done the ‘easy’ part – discussing the problem and proposed solution is. Now’s your time to really shine, if you’re going for a 6 or a 7 in your Economics IA. The evaluation can focus on CLASPP : 

C onclusion – rounding out the thoughts and suggestions you have already discussed throughout the commentary

L ong-Term vs. Short-Term – will the effectiveness of the policy change over time?

A ssumptions – what does economic theory suggest that is undermined or neglected by the content of the article? How does this affect the proposal?

S takeholders – how are those parties addressed in the article affected differently (consumers, producers, government)? Even within these groups, who wins and who loses?

P riorities – in the economic context, what should be the priority of policymakers and is the content of the article in line with that?

P ros & Cons – what are the advantages of the policy in the article? What are the disadvantages?

Conclusion (75 words) 

A conclusion should summarize your main ideas in 2-3 sentences. Try to recap the reason behind the policy implementation, the intended effect of the policy, and include some evaluation about the situation. Don’t bring up any big new thoughts or ideas in this section as you won’t be able to thoroughly explain them!  Your conclusion should be there to tie up your IA; succinctly highlighting the analysis you have undertaken.

Don’t Forget to Include!

• the title of the article 
• the source of the article
• the date the article was published
• the date the commentary was written
• the word count of the commentary 
• the unit of the syllabus to which the article relates 
• the key concept being used

So there we have it, the Lanterna team’s guide to structuring your IB Economics IAs. Still feeling a little stressed about getting these done? Feel free to find out more about how our elite tutors can help catapult your grades!

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IB ECONOMICS

REVISION METHODS:

Create your own ways to learn the content, either through summary notes, flashcards or mind maps...

One of the best method of revision for Paper 1 and 2 is through multiple practice essays or essay plans... but remember, each paper needs to be studied differently!

SUMMARY NOTES AND FLASHCARDS

The IB Economics content can be learnt systematically by organising your revision into each subtopic: Microeconomics, Macroeconomics, International Economics, Developmental Economics. Whilst it is apparent that there may be connections between these topics, in the interest of the examination papers and essays, you are better off not to associate them too much with each other as you run the risk of overcomplicating your response.

1. Summary Notes

Try to write " One Page Summary Notes"

This way you are more inclined to​ be more concise and only write down the relevant information

Follow the syllabus points exactly

Use symbols and abbreviations within your notes

e.g. arrows, COP = cost of production, FOP = factors of production 

By doing so, your brain has to work more to process the information as you review them

Colour coding can help organise information

Blue = definition​

Black = main body of writing 

Red = examples

Green = additional info

2. Importance of Diagrams

Draw large clear diagrams with a black pen and ideally with a ruler

Colours can be used to show changes (e.g shift in demand curve)​

Check with the textbook to make sure they are accurate

Correct labels (be specific, e.g. Quantity of Vaccines) and a title 

Analyse the diagrams as if you would in an exam, but with dot points (this is good practice for paper 1!)

Explain every point relevant to the diagram​ (e.g. why the curve shifts, how the equilibrium is reached, any assumptions made etc.)

3. Content of Summary Notes and Flashcards

Think to include "DEED"

D = definition​ of relevant words to question

E = explanation of concept

E = evaluation of policies

D = diagram (s)

HOW TO USE FLASHCARDS IN ECONOMICS

Flashcards can be an effective means to revise the content as they summarise large amounts of information onto one piece of card. Personally, I used flashcards to revise the minute content of the course, which tends to be included in paper 3 (e.g. limitations of CPI). However, they can also be useful to study for paper 1 and 2 by writing down key points which can be included in your essays. Overall, flashcards are best used for active recall and are also handy to test yourself right before the exam.

REVISING CONTENT IN ESSAYS

1. Key Definitions

The key terms within the essay question should immediately be defined at the beginning of your essay to introduce the examiner into the topic of discussion. Pretend the examiner has no prior economic knowledge!

Market Failure

When the market fails to allocate resources efficiently, resulting in an overallocation, under allocation or no allocation of resources to the production of a good relative to the social optimum

2. Points of Analysis

Points of analysis are usually revised with key diagrams related to the topic. On your flashcard you should draw an important diagram and then on the back write out the full analysis of how you would describe what is happening in the diagram (this can be done in dot points). Do not leave any steps out... meaning include all assumptions and reasons for shifts etc.

In free market with no externality (assumption) = allocative efficiency (at Pm, Qm)

Presence of negative production externality causes a divergence between MSC and MPC (MPC>MSC)

Overproduction (Qm > Qopt)

Welfare loss because of allocative inefficiency    

3. Evaluation Points

Evaluation is a crucial element of paper 1 and 2, therefore it is paramount that you have at least 3 points on each side that you can discuss for the 15 marker in paper 1 and 8 market in paper 2. On the back of the flashcard, you can write down a few evaluation points in short form, then when you are reciting the flashcard a lso practice extending the point and explaining what it means. In paper 1, support your evaluation points with real life examples and in paper 2, support your evaluation points with data or quotes from the text.

Evaluation of a tax on emissions

Internalises externality by removing the external cost for emission (e.g. carbon)

Incentive to change behaviour for producers 

Size of tax can be calibrated more easily

Incentive to switch to clean technologies

Disadv's

Doesn't get rid of whole externality (diagram)

Some incentive but not as much

Compliance and enforcement difficulties

Curtails output

PRACTICE ESSAYS AS REVISION

As economics is an essay based subject, to best revise for this subject, you want to practice the skills that the exam requires you to do... write essays!

Compile all of the past essay questions that have been asked in paper 1 or use the Cambridge exam style questions that are sorted into topics and answer as many as you can

Use exemplar essays to learn how to structure your own essays

Either do this under timed conditions or in your own time as revision of the content 

Once you have finished, either ask your teacher to read over it and mark it OR alternatively you can compare it against the mark scheme or exemplar essays and look out for any analysis and evaluation points that you may have missed.

TIP: if you do not have time to sit down and write out the full essay, I suggest that you write out "essay plans" . Here you would jot down the key definitions to outline, draw out important diagrams and write out the evaluation points for both sides. Once you have completed this, I suggest you practice explaining the diagrams out loud with the accompanying analysis. 

Purchase exemplar essays for paper 1 

How to approach each paper.

Paper 1 is comprised of Section A - Microeconomics and Section B - Macroeconomics where an essay response is to be written for each. Whilst no prompts or case studies are provided in this paper, there are certain strategies that can be adopted in order to maximise your potential.

Part a) 10 mark questions 

These questions are solely testing your economic theory and how well you can explain the relevant concepts

DIAGRAMS and EXAMPLES are crucial (typically only one diagram is required for this question)

Incorporate your examples into the diagrams 

​E.g. For negative consumption externality, use the example of cigarettes and then write the name of the market as "Cigarettes" on your diagram 

This shows the examiner you are able to effectively utilise real-world examples to gain more marks

Explain everything on the diagram

Why certain curves shift/change (e.g. is it because of a change in determinant of demand​? If so, give an example)

Any assumptions made 

Recommended time: 15 minutes MAX (if you can 10-12 minutes is even better)

After 15 minutes, move on part b), because there are more marks to gain there 

Definitions 

Answer the question directly by alluding to the relevant theory, then state "this can be seen in the diagram below"

Draw diagram and EXPLAIN everything in minute detail as if the examiner has no economic knowledge 

Incorporate your examples as you explain the theory 

Concluding statement: summarise the theory (*this is optional, only if you have extra time)

Part b) 15 mark questions

A majority of the time, these questions require you to EVALUATE policies or statements and come to a final judgement where you weigh up your points and ANSWER the question

Evaluate/Discuss are key command terms that require you to look at both sides of the argument (i.e. advantages and disadvantages, pros and cons or benefit and cost) 

Do this evenly, meaning 2-3 points on each side. This will ensure your arguments are well balanced​

State the benefit/cost and then explain in detail 

provide examples to support your argument ​

use diagrams to illustrate the point 

JUDGEMENT: think of the following

short run vs long run​

advantages vs disadvantages

priorities of government - full extent of impact 

efficiency vs equity 

effect on stakeholders

opportunity cost 

Ensure that you come to a final conclusion and justify your reasoning (it is better than sitting on the fence!)

Examples of how to conclude> Policy A is considered more effective given

the following conditions are satisfied _______

_______ is considered in the long run

_______ is a core objective of the government/ it is in the best interest in society

Recommended time: 30 minutes MIN (after the 45 min mark in micro, move on to macro)

Structure (one policy)

Definitions (only if not mentioned in part a))

Briefly mention relevant theory with diagram (only if not mentioned in part a))

Policy with diagram and explanation of what is occurring 

Evaluate policy, ensuring that your response is consistently relevant with the question

Structure (2 or more policies)

Policy A with diagram and explanation of what is occurring 

Evaluate policy A, ensuring that your response is consistently relevant with the question

Introduce policy B as a counter argument to solve some of the issues that arise from policy A (with diagram if necessary)

Evaluate policy B

It is imperative that you know your definitions and diagrams as no guidance is given by the examination paper!

For each policy (e.g. indirect tax, regulation), make sure you know at least 3 arguments on both sides (advantages and disadvantages)

Draw diagrams on a whiteboard/spare notebook and practice explaining them out loud STEP by STEP 

Alternatively, you can practice writing out your analysis, then use a different coloured pen to fill out any explanations you missed ​

45 minutes on each section should be allocated 

Explain things as if the examiner has no prior knowledge about economics