The way to Write an IB Economics Analysis Essay

Economics analysis Essays are sometimes thought to be one of the crucial troublesome evaluation parts of the IB Economics program. College students usually battle with structuring their evaluations and making use of their financial data to the query. Nonetheless, evaluations don’t have to be troublesome and college students usually overcomplicate their pondering when writing evaluations. On this information, we’ll study first, the incorrect solution to method analysis Essays after which find out how to appropriately construction an analysis. For this, we’ll use this query to reveal the Essay writing course of:

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

The incorrect approach

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”. Relatively, the analysis needs 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 following downside is that, when studying this sort of 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 usually run out of time and never do any analysis in any respect, which can make incomes even a 6 troublesome.

Lastly, this with this method, it’s troublesome to successfully sort out several types of economics essays. With the method on this information, evaluations may be tackled nearly systematically which signifies that much less pondering time is required, leaving extra treasured writing time.

Be aware: This method can work and I am positive there are college students who’ve scored 7s with this method. However it’s rather 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 nearly 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:

· Think about short-term versus long-term penalties

· Look at the affect on completely different stakeholders

· Focus on benefits and downsides

· Prioritize the arguments.

The third description is the one which we suggest as it will probably swimsuit the widest vary of attainable 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 completely different stakeholders, or within the quick run and long term. Whatever the query, there’ll at all times be benefits and downsides. Nonetheless, there is probably not sufficient to debate concerning quick run versus long term, or concerning numerous stakeholders.

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You must prioritize your arguments anyway, itemizing crucial benefits/disadvantages first.

The method 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 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 a number 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

Basically what this implies is, summarise the complete 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’s also vital to reveal your intention to judge right here. Your 1-2 sentence abstract should have parts of analysis – i.e. helpful phrases to make use of embody, “it depends upon” or “there are benefits and downsides” or “there are lots of prices and advantages related” and so forth.

This sentence may be pretty obscure. What’s vital is clarification on the route you’ll take along with your essay.

3. Record and clarify benefits

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

The extra detailed the reason of the benefit, the less benefits it’s good to focus on and vice versa. Purpose for no less than 2 and at most 3, though in uncommon situations 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, embody one diagram per benefit mentioned.

As you develop into extra superior in your Essay writing, it’s usually helpful to qualify these benefits as properly. Relatively than merely writing “One key benefit is that the coverage will scale back unemployment,” write “Provided 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 convey the financial system nearer to full employment.”

4. Record and clarify disadvantages

Be aware: Exchange with “prices”, or “arguments towards the assertion” as acceptable to the query.

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The rules behind this are the identical as for benefits.

5. Weigh up benefits and downsides

It’s usually 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 usually extra acceptable to lean one facet or one other fairly than merely writing “it relies upon.”

That is primarily your conclusion. For the overwhelming majority of evaluations, this needs to be a tentative conclusion, i.e. “It’s more likely to be advantageous total” fairly than “It’s undoubtedly advantageous total.”

For evaluations of insurance policies, it could be highly effective right here to think about some various coverage choices. Bear in mind additionally that doing nothing is a attainable coverage selection.

Key issues to recollect

1. Your essay’s function needs to be to judge. 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 point out off your financial data

3. Diagrams ought to at all times be “sandwiched.” Related textual content ought to at all times be used to introduce the diagram and subsequently to elucidate 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 achieved by utilizing an arrow. I additionally suggest 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 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 fastened and floating alternate charges

h. A rustic with excessive ranges of debt

i. A rustic that may be a web exporter

j. A rustic that may be a web importer

The record goes on. Principally, you may get some fast and simple marks simply by having some actual world data helpful.

6. Have some unique thought

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

As an illustration, 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 more likely to make it harder to service debt repayments.”

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Your Essay shouldn’t be generic. To realize 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 do not have your evaluation bounce 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 scholar.

As an illustration, in case you are attempting to elucidate that reducing rates of interest is more likely to improve mixture demand, your clarification ought to look one thing like this:

“Decrease rates of interest signify a decrease price of borrowing. As such, corporations extra more likely to spend money on capital, which is more likely 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 more likely to end in a decrease marginal propensity to save lots of and thus the next marginal propensity to eat. All else being equal, that is more likely to end in larger consumption. Since funding and consumption are each parts of mixture demand, reducing rates of interest are more likely to result in a rise in mixture demand.”

The wording might in all probability circulation 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 attainable earlier than your remaining 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. If you’re doing previous paper questions, take a look at the mark scheme to see what you could have missed.

In your remaining examination, don’t anticipate to have a lot time left remaining. Via apply, it is possible for you to to put in writing sooner and never must commit as a lot time to pondering. In your remaining, planning time ought to take not more than 5 minutes and for probably the most half, when you’ve got this construction memorised, you need to be capable to suppose 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 to incorporate HL content material.