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economics essay scaffold

A State-Ranker’s Guide to Writing 20/20 Economics Essays

So, you want to know how to improve your preliminary and HSC economics essay...

economics essay scaffold

1. Introduction to this Guide

So, you want to know how to improve your preliminary and HSC economics essay writing? Look no further! In this guide, I’ll be covering key tips to help YOU smash the structure, amaze with your analysis, conquer the contemporary, and ultimately master the mystery of maximising your marks.

My name is Cory Aitchison, currently one of the Economics tutors at Project Academy . I completed the HSC in 2018, achieving a 99.95 ATAR as well as two state ranks — 6th in economics and 12th in chemistry. Graduating from Knox Grammar School, I also topped my grade in economics and was awarded Dux of the School for STEM. Believe it or not, at the beginning of Year 11 I initially struggled with economics due to the transition in conceptual thinking required in approaching economic assessments in comparison to my other subjects such as English. However, through Year 11 and Year 12, I built up key tips and strategies — that I’ll be sharing with you in this guide — to help me not only consistently achieve top marks in my internal assessments, but to ultimately go on to achieve the results I did in the HSC.

2. The Correct Way to Write

First off, you need to understand something: HSC economics essays are NOT english essays! They aren’t scientific discussions, nor geography reports, nor historical recounts. They’re unique and often quite different from other essays that you might’ve done previously in high school. The style of writing and approach to answering questions can be confusing at first, but follow these tips and you’ll be ready in no time:

Phrasing should be understandable and concise

Unlike some subjects where sophisticated phrasing is beneficial to getting marks, HSC economics essays should emphasise getting your point across with clarity. This means don’t run your sentences on for too long, be aware of any superfluous words, and make sure you actually understand yourself what you’re trying to say in a sentence.

For example:

GOOD: “An increase in interest rates should lead to decreased economic growth.”

NOT GOOD: “As a result of a rise or increase in interest rate levels from their previous values, the general state of economic activity in the domestic economy may begin to decrease and subsequently indicate the resultant situation of a decrease in economic growth.”

“Understandable” does not mean slang or lacking in terminology

Just because you want to get a point across, doesn’t mean you should resort to slang. In fact, using economic terminology is a strong way to boost your standing in the eyes of the marker — if you use it correctly! Always make sure you use full sentences, proper English grammar, and try and incorporate correct economic terms where possible.

GOOD: “This was a detrimental outcome for the economy.”

NOT GOOD: “This was a pretty bad outcome for the economy.”

GOOD: “The Australian Dollar depreciated.”

NOT GOOD: “The Australian Dollar decreased in value.”

Analysis should be done using low modality

Modality just refers to the confidence of your language — saying something “will” happen is strong modality, whereas saying something “might” happen is considered low modality. Since a large portion of economics is about applying theory, we have to make sure that we are aware that we are doing just that — talking about the theoretical, and so we can’t say for sure that anything will happen as predicted.

Some useful words include:

May, Might, Should, Could, Can theoretically

Don’t use words like:

Must, Will, Has to, Always

3. How to use Statistics

“What’s most important is that this contemporary is used to bring meaning or context to your argument…”

Using contemporary (statistics) can often seem straightforward at first, but using it effectively is usually harder than it looks. Contemporary generally refers to applying real-world facts to your analysis to help strengthen (or weaken) the theoretical arguments. This can include many different statistics or pieces of information, including:

  • Historic economic indicators, such as GDP, inflation, GINI coefficients, exchange rates, or unemployment rates
  • Trends or economic goals, such as long-term GDP growth rates, or the stability band for inflation
  • Names of economic policies, such as examples of fiscal or microeconomic policies
  • Specifics of economic policies, such as the amount spent on infrastructure in 2017

economics essay scaffold

Whatever statistics you deem relevant to include in your essay, what’s most important is that this contemporary is used to bring meaning or context to your argument — just throwing around random numbers to show off your memorisation skills won’t impress the marker, and in fact might appear as if you were making them up on the spot. Rather, your use of contemporary should actively improve your analysis.

GOOD: “Following a period of growth consistently below the long-term trend-line of 3%, the depreciation of the AUD to 0.71USD in 2017 preceded an increase in economic growth to a 10-year high of 3.4% in 2018.”

NOT GOOD: “Economic growth increased by 1 percentage point in 2017 to 2018”

NOT GOOD: “GDP was $1.32403 trillion in 2017”

GOOD: “The 2017 Budget’s Infrastructure Plan injected $42 billion into the economy — up 30% from 2016’s $31 billion, and 20% higher than the inflation-adjusted long-term expenditure.”

NOT GOOD: “The 2017 Budget’s Infrastructure Plan injected $42 billion into the economy”

That in mind, don’t think that these statistics have to be overly specific. As long as the general ideas gets across, it’s fine. You don’t need to say “$1,505,120” — just “$1.5 million” will suffice.

Ask yourself: if I get rid of the contemporary from my paragraphs, does the essay still have enough content?

Further, don’t get roped into the “contemporary trap” — where you fall into the mindset that “if I memorise all these statistics, my essay will get good marks”. Including numbers and contemporary at the expense of having a robust theoretical explanation and analysis will definitely be detrimental in getting you top marks. Particularly in trial exams and the HSC when you’ve got all these numbers floating in your head, it can be tempting to try and include as many as you can (often just because you can!). To avoid this, always try and focus your arguments on analysis and syllabus content first, contemporary second. Ask yourself: if I get rid of the contemporary from my paragraph, does the essay still have enough content?

4. Must Have Insightful “However”s

If you really want to extend your analysis and show the marker that you know your stuff, including insightful “however”s is a strong way to do it. What I mean by this is that for each of your paragraphs, try and include a counterpoint that highlights the flexible nature of economic theory. There are broadly two kinds of “however”s:

Theoretical “However”s

These are counterpoints that are based on theory — often there will be theoretical limitations for many of the concepts you come across in economics. It’s always important to include these limitations as it reinforces your knowledge of the actual content of economics.

“Although the Budget and fiscal policy can be effective at stimulating economic growth, it is also restricted by the “implementation time lag” limitation since it is only introduced annually.”

Contemporary “However”s

These are counterpoints that are based on contemporary — highlighting how although something should happen theoretically, this isn’t usually what is observed in reality. This can be particularly powerful in that it combines your knowledge of theory with your analysis of contemporary.

“Despite the expansionary stance that the RBA adopted in 2012–2016 for monetary policy, Australia’s annual GDP growth rate has remained below the trend rate of 3% — against the theoretical expectations. This could be attributed to factors such as …”

5. How to Interpret the Question

When you first look at a question, before you even put pen to paper, you need to come up with a plan of attack — how can you ensure that you answer the question correctly, and give the markers what they want? There are three main points to look for when interpreting essay questions:

Knowing your verbs

As you may (or may not) know, NESA has a bank of words that they like to pull from when writing questions, and these words impact how they want their question answered. These verbs should help steer your analysis onto the right path. For example:

Explain: “Relate causes and effects”

To answer these questions, you have to demonstrate a thorough understanding of how theory and events impact each other and the economy. This verb particularly emphasises the idea of a process — you need to be able to make clear links as to how each step leads to the next, rather than just jumping to the outcomes.

Analyse: “Draw out and relate implications”

These questions usually wants you to investigate the connections between different aspects of economic theory. Generally this involves showing a holistic understanding of how different areas (such as micro- and macroeconomic policies) come together to make a cohesive impact on the economy. It usually helps to think back to the syllabus and how the points are introduced when figuring out which ideas to link together.

Assess/Evaluate: “Make a judgement based on value/a criteria”

These require you to not only critically analyse a topic but also come to a conclusion given the arguments you provided. This type of question usually gets you to make a judgement of the effectiveness of some economic theory — such as the ability for economic policies to achieve their goals. Make sure you actually include this judgement in your answer — for example, say things like “strong impact”, “highly influential”, “extremely detrimental”.

Discuss: “Provide points for and/or against”

Similar to assess, discuss wants you to provide arguments towards and against a particular topic. Although it doesn’t require a specific judgement to be made, it does place greater emphasis on showing a well-rounded approach to the argument — providing relatively equal weightings towards both the positive and negative sides of the discussion.

Linking to the syllabus

When trying to understand what the question wants from you, I found the best way to approach it is to consider what points in the syllabus it is referring to (To do this, you need to have a solid understanding of the syllabus in the first place). Once you’ve located it, try drawing upon other topics in the vicinity of that dot point to help you answer the question.

For example, if the question mentions “trends in Australia’s trade and financial flows”, then you know from the syllabus that you probably need to talk about value, composition and direction in order to get high marks. Further, it may also be worth it to bring in ideas from the Balance of Payments, as this is the next dot point along in the syllabus.

Digging into the source

For essay questions that provide a source for you to include in your answer, this is another goldmine from which you can discern what the marker really wants. If the source mentions microeconomic policy, it probably wasn’t on accident! Even if it may not be obvious how to link that to the question immediately, try and draw upon your knowledge and implications and see if there’s a different angle that you might be missing.

6. Putting it All together — Structuring your essay

My essays usually consisted of four main parts: an introduction, a background paragraph, body paragraphs, and a conclusion.

Introduction

Your introduction should not be long. I rarely wrote an introduction longer than three sentences.

First sentence: Answer the question (thesis)

Try and answer the question, while including the main key words of the question in your answer. Don’t directly restate it — instead, try and add meaning to it in a way that represents what you’re trying to get across in your essay.

For example: if the question was “Assess the impact of microeconomic policy in improving economic growth in Australia”, my first sentence might be “Microeconomic policy has had a significant impact in increasing aggregate supply and thus long-term economic growth in Australia since the 1960s”.

Next sentences: Introduce your arguments/paragraphs

In this part, it’s fine to almost list your paragraphs — there’s no need to do a whole sentence explaining each. That’s what the paragraphs themselves are for.

For example: using the same question as above, my next sentence might be “Although trade liberalisation may have been detrimental for short-term growth in manufacturing, policies such as competition policy and wage decentralisation have been highly effective in fostering economic growth in Australia”.

Background Paragraph

The aim of a background paragraph is threefold: to get across the main theory that underpins your argument; to establish the economic context for your argument; and to show the marker that you “know your stuff”.

For example, if the essay was on monetary policy, you may want to describe the process of Domestic Market Operations (how the reserve bank changes the cash rate) in your background paragraph, so that you don’t need to mention it each time you bring up changing stances. Further, it may be good to showcase the current economic climate — such as GDP growth rate and inflation — to give context to your analysis in your essay.

Some ideas for what to include in this paragraph include:

  • Key theory such as DMOs or the rationale for macroeconomic policies
  • Economic indicators that provide context to the time period that you’re working in, such as growth rates, inflation, unemployment rates, exchange rates, cash rates, etc.
  • A brief description of the recent Budget (if talking about fiscal policy), including the stance and outcome

Bear in mind that this paragraph shouldn’t be too long — it isn’t the focus of your essay! Instead, aim for around 100–150 words at most. At this point in your essay, it may also be good to include a graph (more on this later).

Body Paragraphs

There’s no set rule for how many body paragraphs to include in your essay — I generally aim for at least 4, but there’s no real limit to how many you can (or should) write! Unlike english essays, it’s totally acceptable to just split a paragraph in two if you feel like the idea is too large to be written in one paragraph (as long as each paragraph makes sense on its own).

When writing a paragraph, I usually follow this structure:

Topic sentence

This is where you answer the question, and outline your argument or idea for this paragraph. If you are doing a discuss/assess/evaluate essay, try and make your judgement or side obvious. For example: “Trade liberalisation has been detrimental in its impact on economic growth in manufacturing industries”.

These sentences are where you bring together the theory and contemporary to build up your argument. Remember, the theory should be the focus, and contemporary a bonus. Try and weave a “story” into your analysis if you can — you should be showing the marker how everything fits together, how causes lead to effects, and ultimately bringing together relevant economic concepts to answer the question. Feel free to also include graphs here when they help strengthen your argument.

Fit in your “however” statements here. For discuss questions, this however section may take up a larger part of the paragraph if you choose to showcase two opposing arguments together.

Link your argument back to your overarching thesis, and answer the question. Following on from your “however” statement, it can often be a good idea to use linking words such as “nevertheless”, “notwithstanding”, or “despite this” to show that taking into account your arguments presented in the “however” statement, the overarching idea for the paragraph still remains.

Like the introduction, your conclusion should not be overly long. Rather, it should briefly restate the arguments made throughout your essay, and bring them all together again to reinforce how these points help answer the question.

economics essay scaffold

Aggregate Demand / Supply Graph

Graphs are a great way to add extra spice to your essay — not only does it help strengthen your explanations of economic theory, it also makes it look like you wrote more pages than you actually did! Graphs, such as aggregate demand graphs, business cycle graphs, and Phillips curves, can be great in reinforcing your ideas when you mention them in your essay. They usually come either in background paragraphs or body paragraphs, and it’s usually best to draw them about a quarter to a third of the page in size. It’s also good practice to label them as “Figure 1” or “Graph 1”, and refer to them as such in your actual paragraph.

Although they can be beneficial, don’t try and force them either. Not all essays have appropriate graphs, and trying to include as many as you can without regards for their relevance may come across negatively in the eyes of the marker.

8. How to Answer Source Questions

If your essay question involves a source, try and refer to it multiple times throughout your essay. For example, this can be in the background paragraph and two of your body paragraphs. Rather than just adding in an “…as seen in the source” to one of your sentences, try and actively analyse it — show the marker that you understand why they included it, and how it actually helps strengthen your arguments.

9. Plan You Essay

Don’t be afraid to use the first page of your answer booklet as a planning page. Taking a couple minutes before you answer the question to lay out your scaffold for body paragraphs is a great first step to helping ensure that you actually end up answering the question to the best of your abilities. It also serves as a great reminder to keep checking as you finish each paragraph to ensure that you actually wrote what you intended. Just make sure to make it clear to the marker that those scribbles on the page are just a plan, and not your actual essay!

10. How to Prepare for Essays in the Exam

I find it much better to prepare paragraphs and ideas that you can draw upon to help “build up” a response during the exam itself.

Don’t go into the exam with a pre-prepared essay that you are ready to regurgitate — not only are there too many possibilities to prepare for, but it’s also unlikely that you’ll actually answer the question well with a pre-prepared response.

Instead of memorising sets of essays before the exam, I find it much better to prepare paragraphs and ideas that you can draw upon to help “build up” a response during the exam itself. What I mean by this, is that in your mind you have a “bank of different paragraphs” and ideas from all the topics in the syllabus, and when you read the exam, you start drawing from different paragraphs here and there to best formulate a response that answers the question. This allows you to be flexible in answering almost any question they can throw at you.

On top of this, ensure you have a solid foundation in both the theory and contemporary — knowing what statistics or topics to include in your essay is useless knowledge unless you have the actual content to back it up.

Now that you know the basics of how to write a good HSC economics essay, it’s time to start practising! Have a go, try out different styles, and find what works best for you. Good luck!

If you would like to hear more from me and get the PDF version of the guide complete with additional diagrams and tables, click here !

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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 126,552 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

Step 1 Read the question carefully.

  • 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

Step 2 Research the topic thoroughly

  • 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.

Step 4 Plan out your content.

  • 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.

Step 5 Think about your...

  • 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

Step 1 Write the introduction...

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

Step 2 Outline your argument.

  • 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.

Step 3 Write the body of the essay.

  • 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

Step 4 Provide evidence for your argument.

  • 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.

Step 5 Write the conclusion...

  • 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

Step 1 Check for divergences away from the question.

  • 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.

Step 2 Assess the quality and depth of your argument.

  • 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

Step 3 Check spelling, grammar and style.

  • 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

Step 4 Check your referencing and bibliography.

  • 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

Community Answer

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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

Emily Listmann, MA

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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How to write essays for Edexcel A-level Economics

In this post I outline the key requirements for each section (mainly B and C) in papers 1 and 2 for Edexcel A-level Economics A. This is the advice I give to my tuition students to help them achieve improved grades.

From years as an economics tutor and from reading through the examiner’s reports, I have picked up students’ typical mistakes and good general approaches for A-level Economics students.

For an online course on economics exam technique, check out this link here:

For sample answers to 25 mark questions, check out the link below:

Here the total marks – 25

So ideal timing – ideally you would get this section done the quickest, for example around 15 minutes or even quicker. 

Note there is no need to say much about the structure here. It is important to be succinct with short answer questions. 

Also with questions asking to draw a graph, make sure to label axes, lines  and equilibria correctly.

Section B 

Now this section requires the knowledge, application and analysis (KAA) skills as well as the evaluation skills. 

Total marks – 50. Note this is half the marks of the paper for papers 1 and 2.

Here the ideal timing – 60-70 minutes. Note you may want to spend some time reading here.

Below, this table shows the mark allocation for each question.

To summarise, the more marks allocated to analysis or evaluation, the more you need to write. You should remember this table when doing exam questions.

economics essay scaffold

Breakdown of Section B by question

First the 5 mark question. Answer the question quickly and use the extract to support your answer. Keep it succinct, at most an extended paragraph. No evaluation required.

Next the 8 mark question. Here 6 marks for KAA, 2 for evaluation. A good general structure is 2 KAA paragraphs and 2 short evaluative comments (or 1 evaluative comment well developed). See page 24-25 of this examiner’s report for a good example, though the evaluation could be even shorter as the examiner’s report notes: here .

Now for the 10 mark question, 6 marks for KAA, 4 for evaluation. The difference between the 8 and the 10 mark question is the extra marks for evaluation. Again 2 KAA paragraphs but now 2 developed evaluative comments.

For the 12 mark question, 8 marks are for KAA and 4 for evaluation. For the 12 mark question, we need 2 more detailed KAA paragraphs, ideally one where a diagram is being used and explained, and 2 developed evaluative comments. To find a response that received full marks, see pages 27 to 28 on the examiner’s report here .

Finally for the 15 mark question, there are 9 marks for KAA, 6 for evaluation. For this we need 2 KAA paragraphs, ideally with at least one diagram where possible. Note these explanations should be deep with more than one chain of analysis per paragraph. The two evaluation paragraphs should be well explained.

Typical Mistakes in Section B

From students essays I have observed, typical mistakes in section B include:

  • Often overwriting;
  • Specifically spending too much time on 8 and 10 mark questions. This is often to the detriment of 12, 15 mark questions and the 25 mark question in section C;
  • Conversely leaving parts or whole questions blank due to not understanding the question or time constraints;
  • Also missing one or more of the criteria – application, analysis or evaluation.

Section C – 25 Mark Essay

Finally for the section C essay, total marks – 25 

Here the ideal timing – 35-40 minutes.

So for the 25 mark essay, the mark allocation is 16 marks for KAA, 9 for evaluation.

Now regarding the structure different teachers have different recommendations on the structure of this question. The simplest way is to:

  • First, have a short introduction with one/two key definitions;
  • Then two extended KAA paragraphs each with multiple chains of analysis, at least one (if not two) graphs in the analysis;
  • Between these KAA paragraphs, two extended evaluation paragraphs with extended chains of analysis;
  • Finally there should be a conclusion that directly answers the question, justifies the answer and relates back to the context.

In addition for an example essay that scored in the top bands is on pages 56-60 in this examiner’s report here .

Any spare time you should use to make your answers more complete, filling in any gaps left. This exam is often quite tight for time. So please do practise in timed conditions.

Further Reading

Next, a key criterion for doing well is using examples from the real economy. Tips on how to score application marks for Edexcel Economics A-level:

To practise your essay technique on practice papers, you are welcome to look into the practice papers here:

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Structure Scaffold for A Level Economics Essays

Structure Scaffold for A Level Economics Essays

Subject: Economics

Age range: 16+

Resource type: Other

Stephanie Clark

Last updated

9 October 2018

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This structure scaffold is aimed at A level Economics students. Many students find writing an economics essay extremely daunting - this sheet enables students to plan and execute their essays demonstrating all four assessment objectives, in the depth required to access the highest levels of response. It can be laminated and sent home with students or kept in the classroom for timed assessments. It is suitable for all the major exam board requirements, and can be edited by teachers if desired.

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Building Confidence in Writing Synoptic 25 Mark Essays (EdExcel)

Last updated 12 Jun 2018

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Here are some thoughts on constructing an answer to this question: "Evaluate the likely micro and macroeconomic impact of a decision by the UK government to introduce a tax on carbon emissions."

Extracts on carbon emissions and carbon pricing

economics essay scaffold

Brief introduction

A carbon tax is an environmental tax on producers based on each tonne of CO2 emitted from supplying goods and services. As Extract 1 says, some economists, including Joseph Stiglitz and Nicholas Stern, say taxes of $100 per tonne could be needed by 2030 which would mean a carbon price of around £75 – this is over ten times higher than the current carbon emissions price in the ETS mentioned in Extract 3 and would therefore represent a significant government intervention which would have micro and macroeconomic effects. 

One possible microeconomic effect of a high carbon tax would be to increase costs of producers such as airlines, energy suppliers and steel manufacturers. A tax per tonne of carbon would add directly to their variable costs and this would lead to an upward shift in both MC and AC. Assuming constant AR and MR, this would lead to a fall in industry profits and also higher prices for consumers. For example, air fares would likely have to rise by a significant amount and the rising cost of steel would be an extra cost for car manufacturers and the housing industry. My analysis diagram shows the effect of a carbon tax on steel producers. A fall in profits and indeed, possible losses given tough competition in the global steel industry from countries such as China, Germany and Russia and this could cause job losses and plant closures.

economics essay scaffold

Evaluation of Point 1

However, the carbon tax might also be a strong incentive for businesses to invest money in research and development and fast-forward innovation so that their carbon emissions are reduced. Indeed, one of the main long-term aims of the tax is stimulate innovation in low-carbon technologies. The pollution tax creates a new price signal and businesses such as airlines – if they know that the carbon price will be both high and stable – might decide to increase investment in lighter, more fuel efficient aircraft such as the Boeing Dreamliner. Power companies might ramp up investment in renewable energy sources and house-builders in Britain might find more innovative ways of building new homes with a lower carbon footprint. In this way a carbon tax could stimulate an improvement in dynamic efficiency which will have wide benefits.

A second microeconomic impact of a carbon tax is that it helps reduce market demand for products with high carbon intensity and therefore addresses market failures associated with negative externalities. Carbon emissions are negative externalities from both production and consumption. In my diagram, we see how marginal social cost diverges from marginal private cost leading to over-production and a deadweight loss of social welfare. There is a case for a carbon tax by “making the polluter pay” to help internalise the externalities. Consumers for would likely face higher prices and this might be a signal for them to curb demand – e.g. by spending money on home insulation or choosing more fuel efficient vehicles. Decisions taking at a micro level by households and firms can have a big macroeconomic effect in aggregate.

economics essay scaffold

Evaluation of Point 2

A counter-argument is that critics of a carbon tax say that it would be inequitable, in other words, it risks having a regressive effect on poorer households. Low-income families might struggle to pay higher energy bills and their transport costs would rise, which limits geographical mobility of labour. If the UK introduces a new carbon tax well above the current ETS carbon price of Euro 18 and this leads to job losses in industries most affected, then people will suffer from structural unemployment and a fall in their real living standards. Much depends on how a carbon tax is implemented and whether the UK government uses revenues generated by a tax to help at-risk families – for example by investing in training to help ease the transition from high carbon industries such as coal or subsidies for home insulation to increase energy efficiency.

A carbon tax would also have macroeconomic effects. I will focus on the size of the budget deficit. Extract 2 says that the UK produced total carbon emissions of 388 million tonnes in 2017. If a carbon tax of say £20 per tonne covered all emissions, this would bring in an estimated £7.76 billion of extra tax revenue which might make a sizeable contribution to cutting the existing UK budget deficit which was £42 billion (or 2.3% of GDP) last year. One effect of this would be that the government could increase spending on public services such as improved NHS care or education funding which might have beneficial long-term effects on our competitiveness. An alternative would be to provide a counter-balancing cut in business taxes (such as National Insurance) so that a carbon tax was revenue neutral, cutting pollution but helping to create more jobs in the economy.

Evaluation of Point 3

Although in theory a carbon tax would raise a sizeable amount of extra revenue, in practice the impact on the UK fiscal position might be limited. Firstly, a carbon tax would be unlikely to cover the whole economy and secondly, there is a risk that a large tax would cut business profits and employment which might then cause a decline in revenues from direct taxes such as corporation tax and income taxes. If a carbon tax is introduced, some industries in the UK (in the short term at least) could become less price competitive overseas and this might lead to weaker export sales and slower GDP growth. Some businesses might shift production to countries without a carbon tax even to EU countries where emissions trading continues and where President Macron is according to extract 3 planning a big rise in the minimum carbon price in the ETS to Euro 40.

Final reasoned comment

Even some free market economists agree that there are strong grounds for a tax on carbon to address environmental market failure. But if the UK acts alone by introducing a carbon tax after we have eventually left the EU, a big risk is that it will lose some inward FDI and also bring about a rise in cost-push inflation. In my opinion, there is a case for all revenue from a carbon tax to be ring-fenced so that taxpayers know how much is being raised and how it is being spent. This might help provide stronger public support for a pollution tax which is needed because it makes economic and social sense at a micro and a macro level to put a price on carbon emissions to change the behaviour of agents in the economy.

  • Carbon Credits
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Developing Scaffolds in Evolution, Culture, and Cognition

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13 Scaffolding in Economics, Management, and the Design of Technologies

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The chapter reviews ideas that have been developed to describe the emergence and change of structures in three fields: Economics, Management, and Design of Technologies. The chapter focuses on one empirical setting, the economy, and more specifically how firms, industries, and technologies change over time. Today’s industrialized economies are very different from the economies before the industrial revolution. The chapter presents key theoretical ideas from evolutionary economics, management, and technology that try to explain why and how economy has been so dramatically transformed over the past 400 years.

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Introduction to Economics - Essay Scaffold

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HSC Economics complete and comprehensive notes

HSC Economics complete and comprehensive notes. These 385 page notes were created in 2021. All the topics are covered in detail. Got 95% in exam.

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    docx, 114.26 KB This structure scaffold is aimed at A level Economics students. Many students find writing an economics essay extremely daunting - this sheet enables students to plan and execute their essays demonstrating all four assessment objectives, in the depth required to access the highest levels of response.

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