Economic Statistics and trends
The best way to increase up your marks in an economics essay is to include key statistics and trends to show how these statistics have changed over the past decade. It is important to know current figures on:
- Current Account Deficit (CAD)
- Unemployment rate
- Inflation rate
- Interest rate
A good way to study is to have a one paged summary of key statistics to revise constantly. The best way to memorise these large amounts of numbers is being able to link each figure to a real-world event. For example, it is easier to remember that the inflation rate slowed to 1.5% between 2008-2009, due to the GFC. Having some knowledge on the economic affairs will also help in writing paragraphs on trends. It is better to write trends in chronological order, to show the movement of a figure (such as inflation) over the last decade. RBA releases monthly reports on key figures in the Australian economy, so it is good to keep up with those.
Government policies and real world examples:
Another key thing to include in economic essays is government policies that have been implemented, and their effect on the economy. You should aim to critically analyse the policies, through outlining the advantages and disadvantages of certain policies.
For example, RBA’s monetary policy of targeting interest rates has led to a steady inflation of 2-3% band (ADVANTAGE). However, monetary policy is a lagging indicator, as it has a 6 to 9 month lag between the implementation and the effects. (DISADVANTAGE)
To demonstrate up to date knowledge on economic affairs, it is also good to mention past policies included in the budget. E.g. During the GFC, the unemployment rate was projected to double from 4.25% to 8.5% between 2008-2009. Due to the Rudd government’s $50 billion stimulus package (which included the National Building and Jobs Plan), the unemployment figure only rose slightly to 5.8%.
A conclusion should wrap up the argument succinctly, and answer the question. Be careful to not introduce new ideas in the conclusion, and it is generally better to refrain from loading statistics into it.
So, here you have a breakdown of every type of economic essay that you may be asked to write! It is important to attempt past papers to revise, so you can be exposed to the different kinds of essay questions that have been asked in past HSC’s.
For more information on economic essays, head to “Economic Essay Breakdown” (this is the page of the main blog post with all the separate links).
For more tips on economics, head to “5 Tips to Succeed in HSC Economics”.