how to write an economics essay grade 11

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How to Write a Good Economics Essay

Last Updated: March 7, 2023 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a private tutor in San Carlos, California. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. This article has been viewed 127,577 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies. [7] X Research source
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute. [10] X Research source

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [12] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [13] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

Community Q&A

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• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ http://homes.chass.utoronto.ca/~mcmillan/writing.pdf
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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Tips for writing economics essays

Some tips for writing economics essays  Includes how to answer the question, including right diagrams and evaluation – primarily designed for A Level students.

1. Understand the question

Make sure you understand the essential point of the question. If appropriate, you could try and rephrase the question into a simpler version.

For example:

Q. Examine the macroeconomic implications of a significant fall in UK House prices, combined with a simultaneous loosening of Monetary Policy.

In plain English.

• Discuss the effect of falling house prices on the economy
• Discuss the effect of falling interest rates (loose monetary policy) on economy

In effect, there are two distinct parts to this question. It is a valid response, to deal with each separately, before considering both together.

It helps to keep reminding yourself of the question as you answer. Sometimes candidates start off well, but towards the end forget what the question was. Bear in mind, failure to answer the question can lead to a very low mark.

2. Write in simple sentences

For clarity of thought, it is usually best for students to write short sentences. The main thing is to avoid combining too many ideas into one sentence. If you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. (at least in Economics Exams)

Look at this response to a question:

Q. What is the impact of higher interest rates?

Higher interest rates increase the cost of borrowing. As a result, those with mortgages will have lower disposable income. Also, consumers have less incentive to borrow and spend on credit cards. Therefore consumption will be lower. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. A fall in AD will also reduce inflation.

I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. Nothing is wasted in the above example.

Simple sentences help you to focus on one thing at once, which is another important tip.

3. Answer the question

Quite frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of economics, but unfortunately does not answer the question. Therefore, as a result, they can get zero for a question. It may seem harsh, but if you don’t answer the question, the examiner can’t give any marks.

At the end of each paragraph you can ask yourself; how does this paragraph answer the question? If necessary, you can write a one-sentence summary, which directly answers the question. Don’t wait until the end of the essay to realise you have answered a different question.

Discuss the impact of Euro membership on UK fiscal and monetary policy?

Most students will have revised a question on: “The benefits and costs of the Euro. Therefore, as soon as they see the Euro in the title, they put down all their notes on the benefits and costs of the Euro. However, this question is quite specific; it only wishes to know the impact on fiscal and monetary policy.

The “joke” goes, put 10 economists in a room and you will get 11 different answers. Why? you may ask. The nature of economics is that quite often there is no “right” answer. It is important that we always consider other points of view, and discuss various different, potential outcomes. This is what we mean by evaluation.

Macro-evaluation

• Depends on the state of the economy – full capacity or recession?
• Time lags – it may take 18 months for interest rates to have an effect
• Depends on other variables in the economy . Higher investment could be offset by fall in consumer spending.
• The significance of factors . A fall in exports to the US is only a small proportion of UK AD. However, a recession in Europe is more significant because 50% of UK exports go to EU.
• Consider the impact on all macroeconomic objectives . For example, higher interest rates may reduce inflation, but what about economic growth, unemployment, current account and balance of payments?
• Consider both the supply and demand side . For example, expansionary fiscal policy can help to reduce demand-deficient unemployment, however, it will be ineffective in solving demand-side unemployment (e.g. structural unemployment)

Example question :

The effect of raising interest rates will reduce consumer spending.

• However , if confidence is high, higher interest rates may not actually discourage consumer spending.

If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth. (AD falls from AD1 to AD2)

• However , if there is already a slowdown in the economy, rising interest rates may cause a recession. (AD3 to AD3)

Micro-evaluation

1. The impact depends on elasticity of demand

In both diagrams, we place the same tax on the good, causing supply to shift to the left.

• When demand is price inelastic, the tax causes only a small fall in demand.
• If demand is price elastic, the tax causes a bigger percentage fall in demand.

2. Time lag

In the short term, demand for petrol is likely to be price inelastic. However, over time, consumers may find alternatives, e.g. they buy electric cars. In the short-term, investment will not increase capacity, but over time, it may help to increase a firms profitability. Time lags.

3. Depends on market structure

If markets are competitive, then we can expect prices to remain low. However, if a firm has monopoly power, then we can expect higher prices.

4. Depends on business objectives

If a firm is seeking to maximise profits, we can expect prices to rise. However, if a firm is seeking to maximise market share, it may seek to cut prices – even if it means less profit.

5. Behavioural economics

In economics, we usually assume individuals are rational and seeking to maximise their utility. However, in the real world, people are subject to bias and may not meet expectations of classical economic theory. For example, the present-bias suggest consumers will give much higher weighting to present levels of happiness and ignore future costs. This may explain over-consumption of demerit goods and under-consumption of merit goods. See: behavioural economics

Exam tips for economics – Comprehensive e-book guide for just £5

8 thoughts on “Tips for writing economics essays”

I really want to know the difference between discussion questions and analysis questions and how to answer them in a correct way to get good credit in Economics

Analysis just involves one sided answers while Discussion questions involve using two points of view

This is a great lesson learnd by me

how can I actually manage my time

The evaluation points in this article are really useful! The thing I struggle with is analysis and application. I have all the knowledge and I have learnt the evaluation points like J-curve analysis and marshall learner condition, but my chains of reasoning are not good enough. I will try the shorter sentences recommended in this article.

What kind of method for costing analysis is most suitable for a craft brewery, in order to analyze the cost of production of different types of beer_

Really useful!Especially for the CIE exam papers

Does anyone know how to evaluate in those advantages/disadvantages essay questions where you would basically analyse the benefits of something and then evaluate? Struggling because wouldn’t the evaluation just be the disadvantages ?? Like how would you evaluate without just stating the disadvantage?

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Economics For All Grade 11

Https://drive.google.com/file/d/1h06eikpp7obdzsx-27trqnhvcmvhemtk/viewusp=drive_web&authuser=0, https://www.oercommons.org/kaltura/embed/1_6k5wurro#, https://www.youtube.com/watchv=6dpvskiw-3y, https://www.youtube.com/watchv=mn5hpjyjzus, https://www.youtube.com/watchv=vflssr1ixig, economics for all grade 11 - the circular flow.

This is an Economics Grade 11 e-learning course that will be only focused on one module: the circular flow.

Learners are expected to bring their prior grade 9 and 10 knowledge on the circular flow as it will be needed for grade 11 knowledge building. On this particular module, learners will be required to:

• Define the concept 'circular flow'
• Compare open and closed economy
• Give examples of participants that fall in either open or closed economy
• Different between factors market and product market

Description of Economics grade 11 e-learning course

Warm greetings to you all! I trust you are all well and rested enough during the winter break. Now the real work begins. Welcome back to Economics For All! Here is what you can expect this term in Economics grade 11 course:

• Lesson 1: The circular flow model
• Lesson 2: The participants
• Lesson 3: Markets - factor market and product market
• Lesson 4: The flows - real flow and money flow
• Lesson 5: Leakages (L) and Injections (J)

Duration of the course: 3 - 4 weeks Meeting times: Monday at 15h00 - 18h00                             Thursday at 14h30 - 17h30 Lectures shall be conducted synchronously and asynchronously.  Synchronously : Microsoft Teams, Google Meet Asynchronously : Google Classroom, WhatsApp Economics group, MySpace portal The welcome video and course outline with assessment details and due dates, and most importantly my contact details, are attached below.

Objectives of Economics e-learning course

Upon completion of this unit, the learners should be able to:

• Know how to define and interpret the concept ‘circular flow’
• Discuss the participants of an open and closed economy
• Differentiate between factor market and product market 
• Define the money flow and real flow
• Illustrate an open circular flow
• Link what they have learnt to write their own essay

Here's a glimpse of what you can expect in the 5 lessons we shall have in this course:

Target audience

Economics For All is available to all learners who are studying towards the commerce stream, teachers of Economics, experts and the department. Any contributions by these participants is only allowed by the instructor's permission unless otherwise.

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Learners can enjoy the following benefits after completing the e-learning course:

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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

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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 Publication. Click here to order .

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Up: Home : Study Guidance > Effective Writing and Referencing > Writing the Economics Essay

• Writing the Economics Essay

An academic rhetoric (or organisation) is important to convince a reader that you understand the topic well – poor organisation can signal muddled thinking.

Thesis – Justification – Support

This is the rhetoric used by Bray et al.

Thesis – the main concept or idea that you are proposing

Justification – the reasons why your thesis is valid

Support – evidence that backs up your justification

Essay structure – your introduction, main body, and conclusion

Box: An example

The Thesis – Justification – Support rhetoric can be applied to an individual paragraph of an essay, or on an entire essay. For example, take the essay question:

‘The accumulation of capital is sufficient for ensuring sustainable growth in per capita living standards’. Discuss.

One possible answer would be:

Thesis: if we define capital as physical capital, the accumulation of capital will lead to diminishing returns

Justification: Demonstration of the Solow model : capital accumulation can result in higher levels of income but after a certain level not higher levels of consumption per capita (due to diminishing marginal returns).

Support: examples, such as India’s heavy investment drive in the 1950s, 1960s which was associated with low levels of ‘Hindu growth’; or econometric evidence, such as that from Mankiw, Romer and Weil (1992), which supports some of the conclusions of the Solow model (but also suggests improvements, see below).

The next section of the essay would play with the assumptions of the Solow model – for example by expanding our definition of capital to include human capital (and, if you’re really trying to impress, social capital and ‘natural’ capital as well).

You might also want to discuss if technological progress (the source of per capita income growth in the Solow model) is related to capital accumulation, for example through ‘ learning by doing ‘ (Arrow, 1962)

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How To Write A Good Economics Essay

In the Singapore-Cambridge GCE ‘A’ Level Economics (H2), the essay paper accounts for 60 per cent of the total marks. Therefore, good essay writing skills are essential for obtaining a good grade in the examination. Although there is no one best way to tackle an essay question, students can use “ The 8-Step Approach ” to construct a good answer.

The 8-Step Approach

Step 1:     Read the question carefully.

Step 2:     For a two-part question, look at the mark that each part carries as it indicates the length of the answer expected. Further, consider part (b) before attempting part (a) to prevent any overlap between the answers.

Step 3:     Pay particular attention to key words as they indicate the content areas on which you are required to focus.

Step 4:     Pay particular attention to command words as they indicate what you are asked to do. A list of command words commonly used in the GCE ‘A’ Level Economics paper together with their explanations can be found on Economics Tuition Methodology.

Step 5:     Make a note of the relevant economic theories and concepts that come to your mind without paying attention to their degree of relevance.

Step 6:     Prioritise the relevant economic theories and concepts in accordance with their degree of relevance.

Step 7:     If the list of relevant economic theories  and concepts is too long, consider ways to merge them. Otherwise, what you did in Step 6 should help you decide which of them to apply and which of them to ignore.

Step 8:     Organise the relevant economic theories and concepts that you have decided to apply in such a way that there is a structure to the answer. The answer should comprise an introduction, body and conclusion. It should be about four pages in length, excluding the diagrams which you are required to draw to substantiate your points.

Consider the following question: Discuss whether the growth of the Chinese economy would be detrimental to the Singapore economy.

Introduction

The introduction should define the economic terms in the question. It  should also give an overview of the approach in a clear and concise manner. For  structured questions, however, an overview of the approach may not be necessary. You should not form a judgment in the introduction. In other words, you should not use the conclusion as the introduction.

Economic growth refers to an increase in real national output. The effects of the growth of the Chinese economy on the Singapore economy can be discussed in terms of the effects on the balance of payments, national output and hence national income, unemployment, inflation and income equity.

The body should contain the thrust of the answer, usually comprising a few paragraphs, with each paragraph containing only one main idea. The main idea in each paragraph should be succinctly conveyed in the topic sentence, with the rest of the paragraph elaborating the topic sentence by giving details, examples, facts and statistics. The topic sentence is usually, but not always, the first sentence in the paragraph. Sometimes, the topic sentence can be the only sentence in the paragraph if it is self-explanatory.

Example (A Paragraph of the Body)

The growth of the Chinese economy may lead to a deterioration in the balance of payments of Singapore. The balance of payments is a record of all the transactions between the residents of the economy and the rest of the world over a period of time and is made up of the current account and the capital and financial account. The production of low value-added goods such as disk drives requires low-skilled labour. Due to its larger amount of low-skilled labour, China has a comparative advantage over Singapore in producing low value-added goods. When the Chinese economy grows, the supply of the low value-added goods produced in China will increase which will lead to a fall in the prices. When this happens, the demand for the low value-added goods produced in Singapore will fall as people switch to the low value-added goods produced in China. Therefore, the growth of the Chinese economy will lead to a fall in Singapore’s exports of low value-added goods. For example, Singapore’s exports of hard disks have decreased partly due to the growth of the Chinese economy. Furthermore, due to the same reason, Singapore’s imports of low value-added goods from China will increase. When these happen, the current account and hence the balance of payments of Singapore will deteriorate. When the Chinese economy grows, households will become affluent which will lead to a larger consumer market. Therefore, the growth of the Chinese economy will attract foreign direct investments away from Singapore. For example, the growth of foreign direct investment in Singapore has generally decreased over the last two decades partly due to the growth of the Chinese economy. Furthermore, due to the same reason, firms in Singapore will increase investments in China. When these happen, the capital and financial account and hence the balance of payments of Singapore will deteriorate.

For part (a) questions, the conclusion can be a summary or a recommendation, which is more for aesthetic purpose. For full-length and part (b) questions, the conclusion should be an evaluation, which carries 5 out of the total 25 marks.

In the final analysis, the benefits of the growth of the Chinese economy to the Singapore economy are likely to outweigh the costs. Due to the large amount of high-skilled labour and hence comparative advantage in producing high value-added goods in Singapore, Singapore’s exports consist of mainly high value-added goods with low value-added goods accounting for a smaller proportion of total exports. Therefore, economic growth in China is likely to lead to a larger increase in exports of high value-added goods than the decrease in exports of low value-added goods in Singapore which will lead to an increase in aggregate demand resulting in an increase in national output and hence national income. This is particularly true in view of the fact that Singapore is continually moving up the value-added chain. Indeed, the exports of Singapore have been increasing over the last few decades when China has been experiencing rapid economic growth. Furthermore, Singapore is a small economy that is highly dependent on external demand with the domestic exports accounting for a large proportion of the aggregate demand. Therefore, the increase in exports is likely to lead to a substantial increase in aggregate demand resulting in a substantial increase in national output and hence national income. In addition, as Singapore imports a large amount of intermediate goods due to lack of factor endowments, the increase in imports of cheaper intermediate goods from China is also likely to be very beneficial to the Singapore economy as the cost of production in the economy is likely to fall substantially.

In the Singapore-Cambridge GCE ‘A’ Level Economics examination, you are given only 45 minutes to plan and write the answer to an essay question. As you need about 35 to 40 minutes to write the answer, you have only about 5 to 10 minutes to plan the answer.

When you are planning the answer to an essay question, you should not be too concerned with producing the ‘standard answer’ because it does not exist. What is required of you is to show evidence that you have understood the question and that you have the ability to apply relevant economic theories and concepts to answer the question in a coherent manner that demonstrates the five core thinking skills: knowledge, comprehension, application, analysis and synthesis, and evaluation. Knowledge and comprehension are often considered the lower-order thinking skills. Application, analysis and synthesis, and evaluation are often considered the higher-order thinking skills.

When you are writing the answer to an essay question, you are encouraged to use diagrams that are correctly labelled to illustrate understanding of the relevant economic concepts. However, you need to take note that diagrams that are incorrectly explained or incorrectly labelled may do more harm than good. In contrast, diagrams which are correctly explained and correctly labelled illustrate understanding of the relevant economic concepts and substantiate your explanations and therefore will be awarded accordingly.

You should not write everything that you know about a given content area. In other words, you should answer the essay question directly, with the help of the key words and the command words, taking into consideration the marks allocated. Indirect answers and irrelevant answers will gain no marks.

You should refer back to the essay question occasionally to stay focussed on what is required of you to do. This is to avoid writing off the point.

Legible handwriting is crucial to obtaining a good grade in the subject. Although you will not get bonus marks for legible handwriting, you will not get any marks with illegible handwriting.

Good grammar will enhance the quality of the answer.

Essay writing skills will be discussed in greater detail in economics tuition by the Principal Economics Tutor .

Economics Tuition @ Economics Cafe Principal Economics Tutor: Mr. Edmund Quek

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Complete Guide to Year 11 Economics - How to Ace HSC Prelim Economics

Your complete guide to Year 11 HSC Prelim Economics!

Xerxes Lopes

All-Rounder & 99.65 ATAR

The Sacred Year 11 Economics Syllabus

As a Year 11 student, it’s tough to know where exactly to start studying. Thankfully, NESA actually produces a (somewhat) concise document that tells you EXACTLY what you need to know to ace your exams, key concepts, skills and all! This 44 page guide is called the HSC Economics Syllabus , and will be the most important document for the next 2 years of your life.

I’ll break it down for you so that we can ignore the fairly irrelevant information. All the IMPORTANT year 11 information starts on page 15 and ends on page 30. That’s it. That’s everything your school can test you on.

How to Make Economics Summary Notes 

With that in mind, you should use syllabus dot points as a guide to make summary notes throughout prelim. All the dot points under ‘ Students learn about’ , describe the actual topics your teachers will provide lessons on for the next 9 months.

Here’s an example below for Topic 1:

I personally used a google doc, and broke it into the 6 main topics, and then further by these dot points under each topic. Under each, summarise key theories, key concepts and explanations. However, if you want to be the BEST at Eco, you need to fill out your summary notes with loads and loads of contemporary examples, statistics and evidence to support all the theories you collate.

Year 11 Economics Revision

When it comes to that crunchtime near exams, you should be specifically referring to the dot points under ‘ Examine economic issues ’ and ‘ Apply economic skills ’. These dot points literally tell you what you should be able to do after finishing learning a topic, and therefore HOW your teacher will assess the content in your exams.

After learning Introduction to Economics (Topic 1) you should be able to do all of the above in an exam!

• For example, you could be asked a question on how “ A higher level of unemployment will impact the production possibility frontier for an economy ” - which is taken from dot point 3.
• So, trust me when I say the syllabus is pretty useful.

Other Summaries

In addition to normal summary notes, it’s integral that you have a summary of important formulae that you come across. Calculations are some of the easiest marks in the exam, and it never gets too complex if you know your basics. Looking through the syllabus dot points (just like above) will give you an idea of what equations you need to know for the HSC.

For some inspiration, here’s a snippet of Project’s very own equations cheat sheet:

Dealing With Economics Essays

Economics has essays?!?

Yes! As a HSC Economics student, you will NEED to know how to write amazing essays to 20 mark questions . It’s seems scary at first but let’s break down the general structure:

Introduction ‍

Define key terms

Signpost your arguments (that answer the question)

Link to the simulus (if necessary)

5-8 Arguments ‍

Expand on each of your arguments from your introduction

Conclusion ‍

Summarise your arguments in brief detail

For your arguments, you can implement a PEEL structure (or whatever body paragraph structure feels most familiar to you) - as long as it has these main points, your essay will flow well:

• Topic sentence - Topic sentence answering the question with an argument
• Theory - An explanation of the theory associated with the argument identified
• Evidence - Relevant evidence to support how the theory can be applied in real-life
• Link - Link your general argument back to the question, using the keywords given

The Wow Factor

Before giving you a 20/20 in an essay, teachers generally look for something we call the wow factor . This is also known as niche band 6 content - and as it implies, helps you push your essays into the top band. This wow factor can be a number of different things but generally teachers will look for:

• Interesting theories ; ones that build on the theory the syllabus explains
• Niche arguments ; that the average students wouldn’t think to include in a normal essay
• Unique pieces of evidence ; statistics & examples to support theory

If you are keen to learn more about essay structure, have a read of this article , which goes further into body paragraph structure and the wow factor, with an exemplar paragraph for a Topic 1 essay question.

Getting full marks in Economics Short Answer Questions

Short answer questions are instruments your teachers use to test specific parts of the syllabus. This means exactly you NEED to know the WHOLE syllabus. Know it in and out, and figure out what they’re trying to test you on. Most of the time, these questions are trying to test your content in an application-based scenario, where you must apply your fundamentals to the context given in the question. The marks associated with these questions generally range between 1 and 6 marks.

If you’re unsure of how to approach questions, look back on your summary notes. You can even ask your friends or teachers to explain the possible correct responses to you. As I said, most of these questions are very application based and few will be definitions-based. This means that you need to make sure you’re familiar with how to apply economic theory before you start practicing these - this is usually done by ensuring your summary notes are finished.

If you want to get full marks in your short answer responses, you’ll need to develop your own special exam technique. Unfortunately, it’s not something that you can learn overnight, but once you establish the skill through effort and practice you’ll be able to score high marks.

Here’s an example of a short answer question deconstructed using exam technique from topic 2:

From Topic 2:

Explain how consumer sovereignty in the market for smartphones may be undermined (4).

This question comes from the part of the syllabus where Advertising is a factor that influences consumer choice.

(A) With the explain directive verb in year 11 economics, we want to provide a point for every 2 marks.

• For an explain response, we want to use a cause and effect response

(B) Given this is a 4 marker, we should therefore provide 2 ways in which consumer sovereignty can be undermined through Advertising - specifically in the market for smartphones.

Here’s an exemplar answer:

Marketing from firms who sell smartphones can be used to alter spending patterns of consumers, manipulating them into purchasing their products over others . This will undermine the control that consumers have over the production of goods and services, reducing consumer sovereignty.

Smartphone firms may also produce goods that are designed to deteriorate rapidly, in order to encourage consumers to make more purchases in the future . This is known as planned obsolescence, which further reduces the control that consumers have in production decisions, lowering consumer sovereignty . If you’re keen to learn more about short answer exam technique, I’ve deconstructed more in this article !

Acing Year 11 Economics Multiple Choice Questions

The third and final type of question you’ll come across are multiple choice questions. These are all weighted at 1 mark each, and will pop up at the start of most of your exams. The MCQ is the section where you really shouldn’t be dropping ANY marks.

Unfortunately, there isn’t much to master when it comes to multiple choice techniques. The one and ONLY strategy you should use to ace the multiple choice section is practice . As you continue practicing, your accuracy should improve and the amount of time you spend will drastically decrease. In preliminary economics, there really is only a fixed number of question types you will see in your exams. Thankfully, Project has past papers from a variety of schools on the Library application; which you’ll receive along with your very own iPad.

Similar to SAQs, you should look back on summary notes if you’re lost answering MCQs. MCQs tend to be more calculation based and similar to SAQs will be very focused on the application of content to different scenarios (which tend to be hypothetical).

To give you an idea of some key techniques with year 11 multiple choice questions, I deconstructed a question from each topic below:

From Topic 1:

2019 North Sydney Girls Yearly

An outward shift in the production possibility curve, from P1P1 to P2P2, can be caused by:

• Discovery of new technology
• Discovery of new resources
• Increased productivity

Thus the correct answer in this case would be either (B) or (C). This is where an important exam technique comes into play; choosing the most correct answer.

• (B) directly satisfies the conditions mentioned above so it sounds like a pretty good choice
• (C) could lead to an increase in labour resources, but we can’t assume that the increase in population will directly increase the size of the labour force (as they may not want to / be able to participate in the labour force)

Therefore, we choose (B) since it is the most correct answer .

If you’re keen to see more multiple choice questions deconstructed, have a read of this other article , or visit Project Academy’s website !

How do I Memorise Stats & Examples in Year 11 Economics?

Strategy #1: the example bank.

If you feel like you want to organise your evidence really well, an example bank is essential. Start by dividing a new document into 6 different sections (based on the 6 topics in the syllabus). In each of the 6 sections, consider the most relevant examples based on the syllabus. If you want, you can put these example banks (or tables) throughout your summary notes as well if you think they fit better there.

For example, in ‘ Economies: their similarities and differences’ under ‘ Introduction to Economics ’, this is how you could document statistics and examples for “Examine similarities and differences between Australian and at least one economy in Asia in relation to”:

Strategy #2: Essay Scaffolding

This method is a little easier and more intuitive, but you could run the risk of not knowing certain stats in your exam.

Very simply, whenever you write an essay scaffold, you should be integrating relevant statistics and examples THROUGHOUT your response. By actively explaining stats while using them, it becomes much easier for your brain to remember numbers by heart.

Strategy #3: Don’t bring all the cutlery if you can bring a Swiss army knife

Many of your stats will double up between topics, and this flexibility should be used to your advantage. A good example of a versatile stat is the ‘ estimated 50,000 job loss due to Toyota pulling out of manufacturing in Australia ’. Use these flexible stats as much as possible and feel free to double up on them between different questions!

Strategy #4: The Hail Mary Rough Estimate  

The name of this strategy should tell you to use it as a last resort. Using this technique is very risky, since you can easily get called out by any marker who knows specific stats.

For this strategy, have an idea of what the stat ought to be, and from there it is much easier to estimate a value. For example, unemployment generally floats around 4.5-6% in the long term. If I was to provide a stat for unemployment during the second mining boom, where unemployment would have been lower, I could say unemployment is approximately 5% .

To make this strategy a little more structured, it would be a good idea to create a document (similar to the structure suggested in strategy #1) and collate different graphs relating to a variety of statistics . Graphically representing the trends in important statistics helps you to memorise roundball numbers a little better, especially if you are a visual learner.

If you’re keen on this strategy, use this website; https://www.rba.gov.au/chart-pack . The RBA collates data for a variety of important economic indicators, some of which are very likely to actually pop up in your exams.

Below are some examples of graphs from the RBA’s Economic Growth Chart Pack :

Why Project?

Joining Project Academy is a package deal. Along with your usual weekly lesson filled with syllabus content, you’ll receive exam-style questions hand-picked and made to replicate exam papers from NESA. To sweeten off the package, you’ll receive unlimited tutorial book-ins which you can use to prepare for assessment tasks or just revise any part of the syllabus. If you need help at any point throughout the week, you can slack message anyone from our team and receive personalised help on any misconceptions or questions you might have. In the 2020 HSC cohort alone, Project produced 3 out of the possible 10 state ranks in the whole of NSW, with an average band 6 mark of 93!

FAQs for Year 11 Economics

Q: how do you do well in hsc economics.

Read Project Academy’s Complete Guide to Year 12 Economics - How to Ace HSC Prelim Economics

Q: What topics are there in Year 11 Economics?

There are 6 topics in Year 11 Economics, including:

• Introduction to Economics
• Consumers and Business
• Labour markets
• Financial markets
• Government and the Economy

Q: Is Year 12 Economics similar to Year 11 Economics?

Similar to most Year 12 courses, HSC Economics builds on the foundational skills and knowledge taught in Year 11. Moving into Year 12, we focus on how the concepts of consumers, businesses, governments, and markets apply to a larger, macroeconomic scale; the Australian Economy & the Global Economy as a whole.

Q: How can I find more practice papers for Year 11 Economics?

To find more practice papers for Year 11 Economics, ask around! Ask your teachers, friends who’ve completed the subject already and friends from other schools. If you’re still looking for practice, Project Academy offers over 300 past papers in addition to homework exam-style questions assigned each week according to the syllabus.

Q: What are the best Economics textbooks?

Most schools will use one of two textbooks, either:

• Tim Riley’s “Year 11 Economics” Textbook
• Tim Dixon’s and John Mahoney’s “The Market Economy” Textbook

In year 12, both publishers produce textbooks as well:

• Tim Riley’s “Year 12 Economics” Textbook
• Tim Dixon’s and John Mahoney’s “Australia in the Global Economy Textbook”

Both textbooks are sufficient, but Riley tends to add extension information and concepts that build upon syllabus content. If you’re looking for something simple, use Dixon.

You should always be using the syllabus as an ADDITIONAL resource to supplement the other resources you have to help you. Some of the top economics students will write summary notes as they move through the syllabus. In writing these notes they consult a variety of resources; textbooks; School notes; Project’s notes. Never solely rely on one resource or another!

Q: Overall, is it hard to achieve a Band 6 in HSC Economics?

Year 11 and year 12 Economics can be hard at times, but staying on top of content, theories, policies, and contemporary information is your gateway to doing well.

Of course it isn’t as simple as that when it comes to achieving a band 6. If you want to be in that top band you’ll need to focus on smashing that final exam, section-by-section. If you break down your preparation according to the syllabus (both by content tested and how it can be tested as I’ve done above), you will achieve amazing exam results.

‍ If you’re interested in Economics tutoring and would like more past papers for revision, come sign up to Project Academy’s year 11 Economics course !

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