Overview on how to Write an Economics Essay
Economics essays are a requisite in the examination of individuals pursuing economics or other related fields. They are used as an avenue for scholars to demonstrate their understanding of key concepts, theories, and relevant bodies of knowledge and their application in real life scenarios.
Due to the nature of economics as a discipline, economics essays are some on the most engaging essays. They are quite technical in approach and have to consider a multitude of factors in the development of their arguments.
This is a critical consideration when it comes to how to write an essay. Such essays have to focus on some areas that determine their quality. Some of these areas include:
a) Understanding the Economics Essay Requirements
Usually, economics essays seek to evaluate the relationships between different economic variables. Such questions demands that you correctly determine the number of relationships that need to explored. A typical economics question could be as illustrated below.
Q. Explore the impacts of an increase in commodity prices coupled with a decline in individual incomes on the market demand.
The above question is good example of the type of relationships economics essays seek to examine. Per se, this question requires you to examine two sets of relationships.
a) The relationship between increase in commodity prices and demand.
b) The relationship between decline in individual incomes and demand.
Answering the above essay questions requires you to first consider the two sets of questions separately. Keeping in mind that you need to address both of these questions is critical in ensuring that you remain on course in your answer.
Then you are supposed to go ahead and combine the two questions in one essay answer, ensuring that each set of question is addressed equally and adequately. It is important to ensure that all the sentences and paragraphs written answer specific question(s).
Content that does not answer the question(s) should be avoided.
b) Evaluation in Answering the Economics Essay Question
This is the most important part of an economics essay. It is essential to understand that shifts in and interactions between different economics variables is likely to result into a multitude of economic situations. To begin with, economics essays could require you to conduct either a macro evaluation or a micro evaluation.
In economics, both types of analyses are likely to yield different and numerous situations.
In the above question for instance, evaluation of the first set of question (The relationship between increase in commodity prices and demand should explore how increase in product prices influences the consumer’s purchase power).
In this case, it will be important to note that some commodities do not obey the normal demand and supply curves (Giffen goods). Precious commodities like gold, diamonds, and art are likely to experience an increase in demand with increase in prices.
Demand Curve for Normal Goods
Figure 1. Demand Curve for Normal Goods (As price of a good increases, its demand declines).
Demand Curve for Giffen Goods
Figure 2. Demand Curve for Giffen Goods (As the price of the good increases, its demand increases as well).
As illustrated above, an answer arguing that increase in the price of commodities results into a decline in demand could be correct. As well, an opposite argument could be correct. It is therefore important to consider both scenarios when answering the economics essay question.
Steps on how to Write an Economics Essay
The various steps entailed in writing an economics essay include:
a) Identifying the essay requirements: this step entails going through the economics essay question to clearly identify the expectations of the essay. As noted above, this step usually seeks to identify the specific areas in the essay question that require addressing.
b) Conducting research on the essay topic: in this step, you should conduct a thorough research on the essay topic using resources such as text books, journals, and online sources. The research should be within the essay question’s scope and should cover all the relevant concepts, theories, and bodies of knowledge.
You should establish new knowledge related to the topic and evaluate its suitability on whether it is appropriate content for the economics essay.
c) Developing a thesis statement: this is a critical step in the economics essay writing process. It provides the bearing for the essay. The thesis statement should reflect the essay question in a brief and concise manner.
Usually one or two sentences in length, it should be the rallying point for all the arguments being advanced in the essay.
d) Coming up with a rough draft: this step involves compiling information from selected research resources to generate logical arguments. Generally, you should explore for common themes from the relevant resources and combine such information to develop numerous points supporting essay argument(s).
This entails putting all the evidence available together to support the essay. The evidence should be backed by proper referencing. Data, statistics, and examples should be incorporated to make arguments more credible.
e) Writing the introduction: with the relevant essay points developed, it is time to create the introduction. This step involves giving a brief overview of the essay’s argument(s) and the scope of the answers.
The introduction should start with a bold statement to capture the reader’s interest and end with the thesis statement.
f) Compiling the essay points: this step requires you to organize your points to form the coherent argument(s) supporting the essay thesis. The points should be compiled starting with the strongest. In this step, you should pay close attention to the correct essay structure, especially within the paragraphs.
g) Writing the conclusion: this step requires you to summarize all the major points in the essay. It should end the essay by recapturing the thesis statement.
h) Proofreading: this is the last step and should involve going through the essay to ensure that the essay question is answered correctly, there are no grammatical mistakes, and the essay is coherent.