Find out how to Write an IB Economics Analysis Essay

Economics analysis essays are sometimes considered probably the most tough evaluation parts of the IB Economics program. College students typically wrestle with structuring their evaluations and making use of their financial information to the query. Nevertheless, evaluations don’t should be tough and college students typically overcomplicate their considering when writing evaluations. On this information, we are going to look at first, the incorrect strategy to method analysis essays after which tips on how to appropriately construction an analysis. For this, we are going to use this query to reveal the essay writing course of:

“Consider the extent to which a depreciating trade price might profit or hurt an financial system.”

The incorrect manner

Many college students undertake this method when writing analysis essays:

1. Outline

2. Descriptions and evaluation

3. Consider

Analysis shouldn’t be the “icing on the cake”. Moderately, the analysis ought to be the cake itself. Writing an economics essay utilizing the above method can simply result in the error of describing every part a few depreciation and leaving solely a small a part of the essay for analysis.

The subsequent drawback is that, when studying such a 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 method might typically run out of time and never do any analysis in any respect, which is able to make incomes even a 6 tough.

Lastly, this with this method, it’s tough to successfully sort out various kinds of economics essays. With the method on this information, evaluations will be tackled nearly systematically which signifies that much less considering time is required, leaving extra treasured writing time.

Word: This method can work and I am certain there are college students who’ve scored 7s with this method. However it’s way more tough 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 nearly all sorts of essay questions.

The right manner

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:

· Take into account short-term versus long-term penalties

· Look at the impression on totally different stakeholders

· Focus on benefits and downsides

· Prioritize the arguments.

The third description is the one which we advocate as it may possibly swimsuit the widest vary of doable examination questions. Stakeholder and long term versus quick run analyses are sometimes subsets of a dialogue of benefits and downsides, i.e. the benefits and downsides to totally different stakeholders, or within the quick run and long term. Whatever the query, there’ll all the time be benefits and downsides. Nevertheless, there is probably not sufficient to debate concerning quick run versus long term, or concerning numerous stakeholders.

It’s best to prioritize your arguments anyway, itemizing an important benefits/disadvantages first.

The method I like to recommend can be utilized for nearly all sorts of analysis essays (With some minor tweaks). The important thing right here is that with apply, you are able to do evaluations nearly 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 method):

1. Outline key phrases within the query

That is pretty easy. The mark scheme awards just a few 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. Your whole future paragraphs from right here will help this.

It is usually vital to reveal your intention to judge right here. Your 1-2 sentence abstract will need to have components of analysis – i.e. helpful phrases to make use of embrace, “it relies on” or “there are benefits and downsides” or “there are lots of prices and advantages related” and so forth.

This sentence will be pretty imprecise. What’s vital is clarification on the path you’ll take along with your essay.

3. Checklist and clarify benefits

Word: For coverage selections, this may be changed with “advantages” and for questions the place you’re required to judge an announcement, merely exchange this with “arguments supporting the assertion”

The extra detailed the reason of the benefit, the less benefits it’s worthwhile to focus on and vice versa. Intention for no less than 2 and at most 3, though in uncommon cases you could solely have one benefit that you just focus on in size.

With apply, you’ll intuitively work out how the size and element that every benefit must be mentioned in. Ideally, embrace one diagram per benefit mentioned.

As you develop into extra superior in your essay writing, it’s typically helpful to qualify these benefits as properly. Moderately than merely writing “One key benefit is that the coverage will cut back unemployment,” write “On condition that the financial system is more likely to be experiencing a deflationary hole, an key benefit of the coverage is that it’ll assist to deliver the financial system nearer to full employment.”

4. Checklist and clarify disadvantages

Word: Exchange with “prices”, or “arguments towards the assertion” as applicable to the query.

The ideas 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 applicable to lean one aspect or one other somewhat than merely writing “it relies upon.”

That is primarily your conclusion. For the overwhelming majority of evaluations, this ought to be a tentative conclusion, i.e. “It’s more likely to be advantageous general” somewhat than “It’s positively advantageous general.”

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 doable coverage alternative.

Key issues to recollect

1. Your essay’s objective ought to be to judge. Analysis shouldn’t be the “further” 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 information

3. 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 piece of textual content.

4. Diagrams should be labelled precisely and titled. Diagrams also needs to present a shift of some variety. This may be accomplished 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 fast progress (Trace: China)

b. A rustic that’s experiencing very sluggish progress

c. A rustic experiencing excessive inflation

d. A rustic experiencing low inflation or deflation (Trace: Japan)

e. A rustic with low GDP/capita

f. International locations with excessive and low earnings inequality (HL)

g. International locations with mounted and floating trade 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 listing goes on. Principally, you may get some fast and straightforward marks simply by having some actual world information useful.

6. Have some unique thought

Authentic thought is actually utilizing your creativity so as to add just a little further flavour to your response. Attempt to go just a little past what’s talked about within the textual content e-book. The best manner to do that is to qualify your benefits and downsides to the query particularly.

As an example, if the nation has excessive debt ranges and you’re evaluating depreciation, it could be helpful to incorporate one thing like: “On condition that the financial system is experiencing excessive debt ranges, a depreciation is more likely to make it tougher 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 knowledge 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 instructing explaining the idea to a scholar.

As an example, in case you are attempting to clarify that decreasing rates of interest is more likely to enhance combination demand, your clarification ought to look one thing like this:

“Decrease rates of interest symbolize a decrease value of borrowing. As such, companies extra more likely to put money into capital, which is more likely to enhance the extent of funding within the financial system. Moreover, a decrease rate of interest leads to a decrease return on financial savings, which is more likely to end in a decrease marginal propensity to save lots of and thus a better marginal propensity to devour. All else being equal, that is more likely to end in increased consumption. Since funding and consumption are each parts of combination demand, decreasing rates of interest are more likely to result in a rise in combination demand.”

The wording may in all probability movement just a little higher, however you see the purpose. Clarify ideas in a linear style or the examiner might get misplaced, or assume that you do not totally perceive what you’re writing.

8. Practise, practise, practise!

Write as many economics essays as doable earlier than your last examination. That is the one manner that it is possible for you to to grasp the artwork. After you could have written every essay, ask for suggestions out of your economics instructor. In case you are doing previous paper questions, have a look at the mark scheme to see what you might have missed.

In your last examination, don’t count on to have a lot time left remaining. By means of apply, it is possible for you to to put in writing sooner and never have to commit as a lot time to considering. In your last, planning time ought to take not more than 5 minutes and for essentially the most half, in case you have this construction memorised, you must have the ability to 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 search for the identical idea!

9. If you happen to’re doing HL, be sure that to incorporate HL content material.

by Owen Yang