I have year 11 yearly exams and I know that the essay is about the RBA and monetary policy. I have never really officially written an economics essay. I am a very very good english student (19 if not 20/20) but I get a bit annoyed when I write an economics essay and get 16 to 17. I know all the content perfectly, I just need a regimented framework/ how to use graphs and statistics.
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How to write an economics essay? (1 Viewer)
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Has the essay question been released?
For eco you just support your arguments with graphs, statistics aren't as important but will differentiate you from other students.
e.g. for monetary policy you should have showing of shifts in aggregate demand, like contractionary monetary policy interest rates go up so aggregate demand shifts to the left as people have less incentive to borrow.
When writing an economics essay it is important to use economic terminology (e.g. cash rate and exchange settlement accounts for you monetary policy essay) and use diagrams to illustrate what you have just talked about, show movements on the graph (e.g. increase in demand because of expansionary monetary policy). Try to integrate your diagrams into the essay. Stats are important because it differentiates the top students from the middle band students because it shows to the marker that you actually are able to apply all the theory you have learnt in class to the real world and able to analyse using those stats. Trends and movements in monetary policy can be useful to know and include in the essay, especially when talking about the factors that influence monetary policy changes. E.g. in the years leading up to the GFC there was high interest rates because of inflationary pressures and strong growth but once the GFC interest rate decreased drastically. This shows the influences on monetary policy stances and shows that you know how monetary policy in used in reality rather than just in theory.
Hope this helps & good luck with your exams
Hope this helps & good luck with your exams