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The Ultimate Guide to HSC Economics Essays

  • August 2023
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Struggling to write essays in the HSC? This is the ultimate guide to writing an A-range (17-20) essay in the HSC! Essays comprise 40% of your Final HSC Economics Exam, so getting a good grasp on them is paramount. You are required to respond to two essays in the HSC, Section III and Section IV. Each essay is worth 20 marks each. Section III consists of two stimulus-based essays . You are required to pick ONE of them and respond to it. Section IV consists of two non-stimulus-based essays. You are required to pick ONE of them and respond to it.

General Guide to Essays

Planning your essay.

In the HSC, your first writing booklet will consist of 8 pages, the first being the cover sheet, leaving 7 pages of writing lines. On your first page , plan out our response! In your plan, write down what you aim to explain/discuss/evaluate for each paragraph. But why the first page of the writing booklet? Doesn’t that take up a full page of my writing space? Although it may take up a page of potential writing space, you can always ask for more writing booklets! If you know you’ll write more than 6 pages, ask for extra writing booklets while you do your plan! Put your hand up and wait for the invigilator to give you extra writing paper. Additionally, planning on your writing paper makes it easier for the marker! This is because you show the marker on the first page exactly what you will be talking about in your essay, so as they read it, it makes it easier for them to follow along. The plan also provides a structure to follow so you won’t have a disjointed and unstructured essay! Let’s take a look at Question 26 from the 2022 HSC Economics Exam! (Unfortunately, part of the stimulus is unavailable, however, we still have plenty to work with!)

how to write a hsc economics essay

When choosing your essay question, you should first break down the question and work out exactly what it asks! The first thing to note is the directive term for the one above . In this case, the directive term is analyse. What does this directive term mean? According to NESA, analyse means:

Identify components and the relationship between them; draw out and relate implications

So, for this question, we need to find the relationship between labour market policies and something else and the implications (effects) on economic growth and the distribution of income. For instance:

Labour market decentralisation results in wages being tied to productivity in the Australian Economy. An implication of this is that it results in a more inequitable distribution of income in Australia, as those who are less skilled have lower productivity and thus will receive lower incomes compared those who are more educated and have higher productivity.

Ensure you know your directive terms and how to respond to all questions, short answers and essays! You can find a list of common economics directive terms in the following document below.

When planning your response, also ensure that it is cohesive and logical. Basically, ask yourself if your plan will make sense to someone else if you show it to them and it is easy to understand! As we can see below, this is also stated in the marking criteria for every essay question.

how to write a hsc economics essay

Writing Your Introduction

There are a few things you should do in your introduction.

  • Answer the Question! I’ve found that students frequently forget to answer the question, so your first sentence (your “thesis) should directly address the question! For instance, using the above question, we could say “Historical and recent labour market policies have had many mixed implications on economic growth and the distribution of income and wealth in the Australian economy”. It doesn’t have to be complicated, just make sure it answers the question!
  • Define your key terms! For the question above, we would want to define labour market policies and the distribution of income, wealth, and economic growth!
  • Signpost your key arguments! Write down the main points you will discuss in your body paragraphs, which should come from your plan.
  • Link to stimulus (for Section III)! If it is a Section III essay, you should always link to the stimulus in each paragraph. How do we do this? Just say something like “as seen in the stimulus!”

Writing Your Body Paragraphs

Ideally, you should aim for 6-8 points (6-8 body paragraphs) in your essays. However, this isn’t a strict rule. Some students like to break up their paragraphs so they have multiple small ones, whilst others prefer one big paragraph! However, as seen above, you need to demonstrate comprehensive understanding to achieve a 17-20 essay, so we aim for 6-8 points! For each body paragraph, we want to use the PEEL structure. Your classroom probably has a poster of this with a banana on it! Essentially, you want to in each body paragraph.

  • Point: Tell the marker what this paragraph is going to be about. This is your topic sentence! For instance, “labour market decentralisation has resulted in negative implications in the equitable income distribution.” It doesn’t have to be fancy, as long as it tells the marker exactly what you will talk about in your essay and it answers the question!
  • Explain: Explain to the marker what your point is. You may not necessarily always “explain”. It might be evaluate or discuss, but the general gist is to elaborate on our topic sentence.
  • Example: Provide relevant examples and statistics to back up your arguments. Statistics are always your best friend. Ideally, you should have a bunch of statistics to use for all your essays!
  • Link: Essentially, restate the point of your paragraph. “Link” back to the question! If necessary, link to the stimulus as well.

Now, you don’t have to follow this structure to the T. However, it provides a great start for your paragraphs! Ensure that in your body paragraphs, what you’re writing is succinct and clear! Use proper economic terminology! The following shows an example of proper and improper use of economic terminology.

The introduction of the Fair Work Act (2009) had positive implications on the distribution of income in the Australian economy. The JobTrainer Fund consisted of $2 billion dollars from the Federal and State Governments to improve Australia’s labour productivity by training jobseekers and young Australians in free or low fee programs.
The new labour policy led to income distribution to become bad. They spent $2 billion in Jobtrainer to make Australians more skilled so that we can produce more things. You might think who on “who on earth writes like this!” but I’ve seen it before!

For the question above, what are some possible points we can discuss?

  • Labour market decentralisation
  • Fair Work Act (2009)
  • Youth PaTH Program
  • Jobs and Small Business Package
  • VET Training Programs
  • Changes to HECS
  • Addition of 11th National Employment Standard
  • Jobs and Skills Summit

As you can see, there are quite several points that we can use! You don’t have to use all of them; you’ll probably run out of time, but pick the ones you are most confident with!

Writing Your Conclusion

Your conclusion doesn’t have to be complicated; summarise everything you have discussed in a few quick sentences and answer the question again! In fact, if you’re running low on time, rewrite your thesis statement and move on to the next essay!

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Writing an HSC Essay on Economics? Everything You Need to Know About It

Writing an HSC Essay on Economics

Table Of Contents

What is hsc and band 6, insight into essay on economics, how to write an hsc band 6 essay, 5 tips to follow for writing an economics essay.

  • Why Seek Experts’ Help with Writing an Essay on Economics?

The Complete Guide to Writing a Band 6 HSC Essay on Economics

HSC Band 6 essay on economics is a nightmare for many students. Not because this task is impossible, but this subject is a bit tough for them. If you can also relate to this situation of facing anxiety and stress because of essay writing on economics, then read this blog to know more about HSC essay and prepare for it beforehand.

Higher school certificate or the HSC is a credential for students who complete their senior high school level studies in Australia. This has been in practice ever since it was first introduced, which is from 1967.

But do you know what these bands mean? If not, then these are the grading systems for HSC. And the marks equivalent to each brand are explained here:

  • Band 6 = 90 - 100 marks
  • Band 5 = 80 - 89 marks
  • Band 4 = 70 - 79 marks
  • Band 3 = 60 - 69 marks
  • Band 2 = 50 - 59 marks
  • Band 1 = 0 - 49 marks

These are the bands used to represent the non-extension courses in six different levels. But, if you are pursuing an extension course, then it is mainly divided into four categories which are as mentioned below:

  • Band E4 = 45 - 50 marks
  • Band E3 = 35 - 44 marks
  • Band E2 = 25 - 34 marks
  • Band E1 = 0 - 24 marks

Now, let us take an insight into an essay on economics. 

As we already know, economics is a subject that studies the production, distribution, and consumption of goods and services. Professors usually assign students to write an essay on economics to ensure that they gain enough subject knowledge, strengthen their foundations, and become efficient with this subject. This practice will help the student in the short and long run as well, which includes scoring the best grades in assignment to cracking an interview for the dream job.

If you are thinking of pursuing a career in this, then you need to satisfy the requirement of at least twelve preliminary level units and at least ten HSC level units. Here are some subjects that you need to learn during this course period:

English is the only mandatory subject for HSC certification. But, there are six of these from which you can choose one. And, other subjects include the following:

  • Human society and Its Environment
  • Aboriginal Studies
  • Ancient History
  • Business Studies
  • History Extension
  • Legal Studies
  • Modern History
  • Society and Culture
  • Studies of Religion
  • Mathematics
  • Earth and Environmental Science
  • Investigating Science
  • Agriculture
  • Creative Arts
  • Music 
  • Visual Arts
  • Community and Family Studies
  • Board Endorsed Courses
  • Computing Applications
  • Exploring Early Childhood
  • Marine Studies
  • Photography, Video and Digital Imaging
  • Sport, Lifestyle and Recreation Activities
  • Visual Design
  • Work Studies
  • Language courses
  • Vocational Education and Training courses

These are some of the subjects that you need to choose from for pursuing this course. But, do you really know how to write a Band 6 essay? If not, then the below section is just for you! 

Writing a Band 6 HSC essay on economics is just a few simple steps away. We have listed down the steps for you. All you need to do is just follow them carefully.

1. Refer to Sample HSC Essays

The first step to drafting a perfect HSC Band 6 essay on economics is to refer samples on the same. When you go through the samples, you get an idea about how to prepare your essay and what to include in it and where. 

2. Plan Your Economics Essay

Now, based on the analysis you have done on the reference materials and keeping your requirements into consideration, prepare a plan for your economics essay. In simple words, decide what to include, make an outline, structure your document, and collect all the necessary materials for the essay writing process. 

3. Begin with The Introduction

The main thing to focus on now is the introduction part. This is what catches the attention of your professor in the first place. So, always make sure your introduction is worth a good read. You can make use of an interesting fact, attention-grabbing hook, or any stats that can make your professor curious to read your complete essay.

4. Implement DPEEL Strategy

The DPEEL stands for definition, point, explain, evidence, and link. This is a writing strategy that follows the concept to define the topic, then add to the point facts, followed by an explanation on the same. Then you need to provide evidence as to the support for the facts that you have mentioned in the essay and finally check if the overall content is linked together.

5. Prepare a Table of Key Points

Once you are done with this section, it is time that you prepare a table of the key points in your content. Make sure to collect all the important data and then organize it well. You can include topics like economic developments, key statistics, and more in this section.

6. Edit and Proofread Your Essay

The last step of this process is to proofread and edit your work. Make sure to read all your assignment thoroughly and then, look for any errors or mistakes in it. If you find any, correct them as soon as possible so that you can submit a flawless document to your professor.

Now, when you are writing an economics essay, it is obvious that you might not know everything about it. At such times, you need some experts’ guidance with it. If you are looking for the same, then the experts’ tips in the below section can help you with the process. Go, check them out now!

Here are some tips experts follow when it comes to writing an economics essay. We suggest you also look into these tips once and follow them so that it becomes easy for you to score your dream grades in your economics assignment. So, let us look into them now!

  • Understand the question before you begin with the writing process.
  • Use simple and small sentences to convey your thoughts.
  • Make sure to provide an answer to the question in the topic.
  • Evaluate factors like time lag, state of the economy, variables, impact, and supply-demand when it comes to solving economics essays.
  • Double-check any formulas and theorems that you have used in your document.

Now, these are the tips that, when followed properly, can help you draft a perfect essay in less time. However, if you are still facing any trouble, then the solution to your struggles is in the below section. But, in case assignment writing is your concern, look into  A to Z of assignment writing: everything you need to know about it  before you begin with it.

Why Seek Experts' Help with Writing an Essay on Economics?

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Economics Help

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.

fall-in-ad-arrow-ad-as

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.

fall-in-ad-depending-spare-capacity-full

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

tax-depends-elasticity

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

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9 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?

This is an excellent source of adbvise

Leave a comment Cancel reply

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How to Write a Good Economics Essay

Last Updated: July 16, 2024 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a Private Tutor and Life Coach in Santa Cruz, California. In 2018, she founded Mindful & Well, a natural healing and wellness coaching service. 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. Emily also received her Wellness Coach Certificate from Cornell University and completed the Mindfulness Training by Mindful Schools. This article has been viewed 129,594 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.
  • 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.

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. [8] 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. [9] 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.

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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
  • ↑ 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 a hsc economics essay

Economics Essays Plans (Topic 1-4)

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ECONOMICS ESSAYS

DEFINITIONS  

OUTLINE BODY PARAGRAPHS

LINK TO THESIS

HISTORICAL > STATS

CURRENT > STATS

LINK TO QUESTION

TOPIC SENTENCE

DEFINITIONS + FORMULAS

CAUSE/EFFECT OR ADVANTAGES/DISADVANTAGES

CURRENT TRENDS + FUTURE TRENDS

SUMMARY OF ARGUMENTS

FUTURE TRENDS

FINAL ARGUMENT/THESIS

ESSAYS FOR ELSIE

ESSAYS FOR ELLA

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how to write a hsc economics essay

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

Your complete guide to Year 11 HSC Prelim Economics!

Xerxes Lopes

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:

how to write a hsc economics essay

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.

how to write a hsc economics essay

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:

how to write a hsc economics essay

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:

how to write a hsc economics essay

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”:

how to write a hsc economics essay

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 :

how to write a hsc economics essay

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 !

how to write a hsc economics essay

Year 11 Prelim Economics Question Bank [Pt 2]: All The Short Answer Questions and Answers You’ll Ever Need

All The Short Answer Questions and Answers You’ll Ever Need!

how to write a hsc economics essay

Study Guide to Year 11 HSC Chemistry Module 2 - Introduction to Quantitative Chemistry

Chemistry State Ranker Bec Wood's guide to Year 11 Module 2 Chemistry!

Bec Wood

Dux in Mount St Benedict

how to write a hsc economics essay

Ultimate Guide to Year 11 Chemistry

Your complete guide to Year 11 HSC Prelim Chemistry!

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Alex Loustau

Head of Biology & 99.45 ATAR

how to write a hsc economics essay

Year 11 Prelim Economics Question Bank [Pt 3]: Multiple Choice Question Examples

All the year 11 HSC Prelim Economics MCQs and answers you’ll ever need!

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ATAR Notes

Study Techniques for HSC Economics

Giuliana De Bellis

Tuesday 9th, March 2021

Learning Content and Making Notes

Depending on how you learn, will depend on how you should go about approaching content in Economics. Personally, I hand-wrote notes in class based on my teacher’s presentations. I would then type up my notes into a document. Once a week I would read through these notes and cut out any unnecessary information. Closer to exams, I would read through my notes side by side with the textbook and ATAR Notes book, ensuring I wasn’t missing any information or had unnecessary detail. I would also add in extra notes I had collected from the news and other relevant sources.

Personally, I used the previous edition of these notes to solidify my knowledge in Economics. I highlighted my hardcopy and handwrote extra notes from the book. For students who note-take in class, I would recommend using this book as a supplement. For students who prefer making notes before content is covered at school, or don’t take notes in class this book contains enough notes to cover the syllabus comprehensively. You may find supplementing this book with a textbook may enhance your understanding of Economics.

This method of note taking allowed me to revise content at the same time. When I typed my notes, I would revise content from that day, then compiling my notes allowed me to revise every week-month. Alongside my extended readings from the news and other resources, this allowed for a wholistic study of Economics, where I had a deep understanding of the course. Like I mentioned at the beginning of this book, understanding the content is much more important than (and actually helps with) memorisation!

Now, I learn easily from reading and writing so this method worked for me, however, it won’t work for all students! So, here are a list of techniques you could try out to learn content and make notes for Economics:

* Make mind maps on topics, including mini diagrams to help you remember link

* Watch YouTube videos explaining concepts (even if they aren’t HSC-focused!

* Watch the ATAR Notes Lecture series for Economics

* Make flashcards with definitions, key concepts and formulas

* Record yourself speaking your notes, and play it back on repeat

* Attempt practice questions and past exam papers

Revising Content

To revise on content before exams, I would print my final notes, highlight key components, and handwrite a condensed cheat-sheet like version. In this process, I would also speak my notes out loud, have someone test me on the content, or better still, have group study sessions where you revise the content and discuss theory with your friends. Group study sessions are a highly effective form of revision! Often, our memory associates content with events, funny moments, quirks or anything of interest – so group study sessions can often assist you with understanding and remembering difficult concepts.

Essay Plans

When it came to prepare for Trials and HSC, my preferred method of practicing applications of my knowledge was the creation of essay plans. By the HSC, I aimed to have essay prepared for each sub-topic, e.g. for each economic issue in topic 3. I found essay plans were the most efficient way of preparing for these larger exams, as they wouldn’t take longer than 20 minutes to create (shorter than writing an entire essay), but allowed me to organise theory and create links in my mind – effectively applying my understanding of the content. It also allowed me to recall case studies and statistics, and practice analysis – which are tricker components of economics study.

I would set out these essay plans in dot-point form. My introduction would be 2-3 dot points. Paragraphs would have a topic sentence-like title, with theory, links and examples below. My conclusions would also be around 2 dot points. All up, an essay plan might be around 1-2 pages. I preferred writing my essay plans on A3 paper so I could visually see the progression of my essay on one page.

Studying with essay plans effectively allows you to practice for short answer questions too (as these are often in a similar format to body paragraphs) and recall information tested in multiple choice questions, effectively minimising the time you need to study, and maximising the development of your Economics skills.

Practice Papers

Many students attempt practice papers before they understand content. In my opinion, this can be bad for motivation and confidence levels. If you are nearing an exam (contrary to popular opinions), I think it is more important to take a step back, ensure you understand all the theory being tested, and then focus on practicing and applying your knowledge. Going to practice questions will give you exposure to typical exam-style questions and will build up your analytical skill, but without a foundational knowledge of the content FIRST , your efforts will not be as effective.

Furthermore, you may identify topics of weakness you should prioritise practicing over others, saving you time. I also recommend students to have everything they practice be marked, for this reason you may wish to start by practicing essays and short answer questions in the lead up to an exam and getting feedback on those with enough time for you to apply this feedback. Multiple choice questions can be done closer to exams as they can be self-marked.

Truthfully, I spent much more time understanding content and writing essay plans than doing practice papers. But again, this was what worked for me – you may find you learn best through practical tasks, and practice papers may help you more.

In the lead up to the HSC, I found my weakness lied in multiple choice questions, so I spent most of my ‘practice time’ grinding past HSC and Trial multiple choice questions, rather than essays or short answer questions. The main piece of advice I can give is to focus on which skill (e.g. multiple choice, short answer or essay questions) and topic (e.g. inflation) you are the least confident in to practice. Start here, and work towards those topics you are more confident in. Although this may feel uncomfortable when studying, it will maximise the efficiency of your study and result in the greatest boost of marks possible, as you are improving upon your weakest areas.

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How to Write Effective HSC Economics Study Notes

how to write a hsc economics essay

Have no idea where to start when it comes to writing HSC Economics study notes?

Sometimes you can spend hours on your study notes but still feel like they’re not helping you actually study.

So, it’s time you learn to work smarter, not harder!

In this article I’m going to show you how to write some truly incredible HSC Economics study notes, so let’s get started! 

And, if you’re looking for extra support on your HSC Economics notes, check out HSC Economics Tutoring Sydney !

What are Study Notes? Tip #1: Try using our HSC Economics study notes template Tip #2: Refine your HSC Economics study notes into exam notes Tip #3: Write your HSC Economics study notes in your own words

What are Study Notes?

Your study notes for HSC Economics should be comprehensive and cover the entire syllabus .

However, at the same time as being thorough, they should also be concise.

A note is a brief record of points or ideas written down as an aid to memory. 

Please note the word brief — we’re not trying to rewrite the entire textbook. What we’re trying to do is pull out all of the key points and summarise them neatly to aid our memories.

Your study notes should be from the HSC Economics Syllabus. This allows you to make sure you have covered everything you need to know. At the same time it provides you with a clear and concise structure for your notes.

Make sure you’ve grabbed a copy of the  HSC Economics Syllabus Here   (if you haven’t already).

Tip #1: Try using our HSC Economics study notes template

Below, you’ll be able to download a Study Note Template that we have created for you to help you write your HSC Economics study notes.

We’ve broken down the syllabus into sections. The key headings are highlighted and then each subtopic is found underneath. I prefer to highlight the syllabus points to make sure my notes are easily organised and make sense.

You should ideally aim to write roughly 5 dot-points for each heading.

how to write a hsc economics essay

Unlock the template below and I’ve filled out the first one for you. Remember you’re allowed to slightly change the format or colour scheme to suit your desires.

Download your HSC Economics Study Notes Template Here!

HSC Economics Notes Preview

Want to use Notion instead? Check out our HSC Smart Notion Template for study notes , which includes HSC Economics syllabus dot points to follow, past papers, a habit tracker, Pomodoro timer, and more!

Tip #2: Refine your HSC Economics study notes into exam notes

When creating/writing your study notes you want to be thorough. This means including statistics and key points from many sources including your textbook, teacher and other articles.

However, when it comes to exams, you want a shorter set of notes that you can quickly run your eyes over the night before or maybe on the morning of your exam.

Exam notes are far more concise than your study notes. They are designed to help you remember the key points.

Here are some of my exam notes. Note here that I’ve condensed what would be 35 dot-points into less than a single page.

screenshot-2017-01-25-15-34-19

Your HSC Economics study notes should be comprehensive and cover the entire syllabus, whereas your exam notes should be specific and to the point.

Always find yourself catching up on study notes? Here’s what you should be doing before, during, and after class to stay ahead and organised!

Tip #3: Write your HSC Economics study notes in your own words

Your HSC Economics study notes will work best when they are written in an organised manner in your own words!

You have tonnes and tonnes of information to take in during the lead up to exams, so the act of writing your notes will help with memory retention.

It doesn’t really matter whether you decide to use full sentences or dot points for the key points but you do need to make sure that they are all written in your own words.

Writing down information consolidates it in your memory far more effectively than simply reading the material.

Simply copying slabs of text from a book will not achieve very much. You need to write everything in your own words and be able to verbalise everything clearly!

That wraps up our top 3 tips for writing killer notes for HSC Economics — good luck!

Looking for videos to help you understand the HSC Economics syllabus dot points further? Check out HSC Together here!

Trying to create study notes for other subjects?

Check out our guides for the subjects below:

  • Standard & Advanced English
  • Standard Maths
  • Advanced Maths
  • Modern History
  • Ancient History
  • Legal Studies
  • Visual Arts
  • How to Write Effective HSC Study Notes for Any HSC Subject

On the hunt for other HSC Economics resources?

We’ve got just what you need! Check out our other guides and articles below:

  • How to Write a Band 6 HSC Economics Essay
  • HSC Economics Past Papers Master List

The Ultimate Guide to Getting a Band 6 in HSC Economics

  • How Oliver Scored 90+ in HSC Economics
  • How Patrick Transformed His Study Approach to Ace HSC Economics!

Looking for some extra help with HSC Economics?

We pride ourselves on our inspirational hsc economics coaches and mentors .

We offer tutoring and mentoring for Years K-12 in a variety of subjects, with personalised lessons conducted one-on-one in your home or at one of our state of the art campuses in Hornsby or the Hills!

Get tutoring support for HSC Economics in Campbelltown with our team of expert, friendly and equipped tutors!

To find out more and get started with an inspirational tutor and mentor get in touch today!

Give us a ring on 1300 267 888, email us at  [email protected]  or check us out on  TikTok !

Thomas Woolley loves Economics and Business Studies. He completed his HSC in 2013 and has been working at Art of Smart since 2014. He enjoys helping out his students whilst studying B Commerce / B Education at UNSW to become an actual economics/business studies teacher in 2018. Since high school Thomas has also learned to scuba dive, salsa dance, and he can fly a quadcopter like a pro. However, he still cannot skateboard.

  • Topics: 📚 Study , 🏦 Economics

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how to write a hsc economics essay

How To Write A Macroeconomic Policy Mix Essay In HSC Economics

Thinking about some of the harder topics in the syllabus, and a possible question that could be examined, i thought it would be a good idea to offer a step by step overview of writing an essay on macroeconomic policy..

Alex Luo

State Ranker Manual

Post written by Chloe Segal (10th in the state Economics, 11th in the state Business Studies and 4th in the state English Advanced 2015). See all articles first and personally get in touch with our state rankers here

I know a lot of people struggle with this topic due to the shear amount of content that has to be covered in a short essay, so if that’s you then take a look at this guide and hopefully I will clarify all your queries and leave you feeling confident to write this essay in the HSC!

For this guide, the sample question I have chosen is:

Assess the effectiveness of macroeconomic policies in achieving economic objectives in the Australian economy.

What to include in the introduction?

In the introduction you need to include three main points:

  • Explain what constitutes macroeconomic policy — i.e. fiscal and monetary policy collectively represent macroeconomic policy tools
Example: Macroeconomic policies refer to fiscal policy and monetary policy, which have a countercyclical role in reducing fluctuations in the business cycle.

2. Define fiscal and monetary policy and incorporate a current statistic

Example: Monetary policy refers to actions by the RBA to influence the supply and cost of credit in the economy. The main tool of monetary policy is the RBA’s use of domestic market operations to influence the cash rate or interest paid of overnight loans from the cash market or short-term money market. This involves buying and selling second hand commonwealth government bonds and repurchase agreements. Currently, the RBA has set the cash rate at 1.5% in an effort to stimulate aggregate demand. Fiscal policy is a countercyclical macroeconomic policy that involves the use of taxation and government expenditure to allocate resources to achieve economic objectives and general policy goals. These goals relate to internal balance and therefore aim to achieve price stability and a sustainable rate of economic growth. Currently, the government has adopted a contractionary fiscal stance, aiming to reduce the budget deficit which is currently 2.4% of GDP.

3. Explain what economic objectives fiscal and monetary policy target and briefly mention the effectiveness of current macroeconomic policies

Example: Recently, the effectiveness of monetary and fiscal policy in achieving objectives related to inflation, economic growth, unemployment and income distribution, has been hindered by external influences related to economic conditions in the global economy.

Body paragraphs

In terms of structuring your body paragraphs I recommend creating a table which has economic objectives as rows and fiscal and monetary policy as columns. Then for each cell write summary notes on policies to discuss and evaluate whether they were effective or not.

You can also structure your response in terms of time periods. As conditions in the economy fluctuate, economic objectives change so fiscal policy and monetary policy have to be flexible and adapt to meet new objectives throughout the different time periods.

Sample body paragraph on fiscal policy:

Fiscal policy can be deemed effective during the GFC as the Australian economy remained resilient in the face of external shocks. Cyclical unemployment was minimized as the rate of unemployment fell from a peak of 5.8% in 2009 to 5.2% by 2011, reflecting the positive impact of targeted education policies and unemployment initiatives. In addition, the Australian economy avoided a deflationary spiral as fiscal policy lifted inflation from 1.7% in 2009 to 3.3% in 2011. Fiscal stimulus lifted economic growth from 1.1% in 2009 to reach trend growth of 3% by 2011, shielding the Australia economy from the repercussions of a recession.

Sample body paragraph on monetary policy:

The effectiveness of fiscal policy was supported by a parallel approach taken by the RBA, which adopted an expansionary monetary policy stance during the GFC, through lowering the cash rate from 7.25% in 2008 to 3% in 2009. The objectives of monetary policy were akin to those of fiscal policy, with an added emphasis on achieving the inflation rate target of 2–3% over the medium term. To achieve the objective of price stability the RBA adopted a loose monetary policy stance by buying second hand Commonwealth government securities and depositing funds in exchange settlement accounts, increasing the supply of loanable funds. This boost to liquidity put downwards pressure on the cash rate.

Points to discuss when addressing effectiveness of fiscal and monetary policy

Monetary policy.

  • More effective during a boom
  • Quicker to implement but slower to impact (6 to 18 month time lag)
  • Rarely effective when used on its own (needs to be supported by similar fiscal policy settings — currently working in opposite directions due to fiscal consolidation)
  • Effective during the GFC (prevented recession — one quarter of negative economic growth)
  • Independent from political pressure
  • Breakdown in the transmission mechanism (banks don’t pass on interest rate cuts, consumers still reluctant to increase consumption, $A may not decrease)
  • Limited as it is demand based and cannot target structural weaknesses (targets demand pull inflation not cost push inflation)
  • Cannot successfully address the problem of a high CAD because it cannot bring about a structural improvement in international competitiveness or the level of national savings

Fiscal policy

  • More effective during a downturn due to the shorter time lag
  • Political constraints (election cycle, lobby groups)
  • Avoided recession during the GFC
  • Can target specific types of inflation and unemployment
  • Slower to implement but quicker to impact

Incorporation of diagrams

Monetary policy diagrams.

  • Cash rate diagram
  • Aggregate demand aggregate supply diagram
  • Short Run Phillips Curve
  • Deflationary gap diagram
  • Inflationary gap diagram

Fiscal policy diagrams

  • Inflation rate diagram (cost push or demand pull)
  • Negative externalities diagram (social cost)
  • Lorenz Curve

Incorporation of quotations

In terms of quotations always try to find something from the RBA’s website for monetary policy. You could use the following quotation to support an argument about effectiveness:

Glenn Stevens (on the reason why monetary policy in Australia is losing its effectiveness):

‘On the demand side, it seems more difficult to generate growth in spending in an economy where households are carrying significant debt.’

This means that the marginal return the RBA gets, in terms of an uplift in economic growth, for any given 25 point rate cut, is falling because Australian’s either are unwilling, or unable, to take on any more debt. Therefore, you could argue that rising levels of household debt are a factor constraining the effectiveness of monetary policy in achieving objectives related to economic growth and inflation targeting.

In terms of the effectiveness of fiscal policy you could quote Arthur Sinodinos (Australian political) who argues:

‘Structural reforms will release the handbrake on growth by improving the allocation of resources and relieving capacity constraints.’

Post written by Chloe Segal (10th in the state Economics, 11th in the state Business Studies and 4th in the state English Advanced 2015)

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What a Thesis Paper is and How to Write One

A student sitting at her laptop working on her college thesis paper.

From choosing a topic and conducting research to crafting a strong argument, writing a thesis paper can be a rewarding experience.

It can also be a challenging experience. If you've never written a thesis paper before, you may not know where to start. You may not even be sure exactly what a thesis paper is. But don't worry; the right support and resources can help you navigate this writing process.

What is a Thesis Paper?

Shana Chartier,  director of information literacy at SNHU.

A thesis paper is a type of academic essay that you might write as a graduation requirement for certain bachelor's, master's or honors programs. Thesis papers present your own original research or analysis on a specific topic related to your field.

“In some ways, a thesis paper can look a lot like a novella,” said Shana Chartier , director of information literacy at Southern New Hampshire University (SNHU). “It’s too short to be a full-length novel, but with the standard size of 40-60 pages (for a bachelor’s) and 60-100 pages (for a master’s), it is a robust exploration of a topic, explaining one’s understanding of a topic based on personal research.”

Chartier has worked in academia for over 13 years and at SNHU for nearly eight. In her role as an instructor and director, Chartier has helped to guide students through the writing process, like editing and providing resources.

Chartier has written and published academic papers such as "Augmented Reality Gamifies the Library: A Ride Through the Technological Frontier" and "Going Beyond the One-Shot: Spiraling Information Literacy Across Four Years." Both of these academic papers required Chartier to have hands-on experience with the subject matter. Like a thesis paper, they also involved hypothesizing and doing original research to come to a conclusion.

“When writing a thesis paper, the importance of staying organized cannot be overstated,” said Chartier. “Mapping out each step of the way, making firm and soft deadlines... and having other pairs of eyes on your work to ensure academic accuracy and clean editing are crucial to writing a successful paper.”

How Do I Choose a Topic For My Thesis Paper?

Rochelle Attari, a peer tutor at SNHU.

What your thesis paper is for will determine some of the specific requirements and steps you might take, but the first step is usually the same: Choosing a topic.

“Choosing a topic can be daunting," said Rochelle Attari , a peer tutor at SNHU. "But if (you) stick with a subject (you're) interested in... choosing a topic is much more manageable.”

Similar to a thesis, Attari recently finished the capstone  for her bachelor’s in psychology . Her bachelor’s concentration is in forensics, and her capstone focused on the topic of using a combined therapy model for inmates who experience substance abuse issues to reduce recidivism.

“The hardest part was deciding what I wanted to focus on,” Attari said. “But once I nailed down my topic, each milestone was more straightforward.”

In her own writing experience, Attari said brainstorming was an important step when choosing her topic. She recommends writing down different ideas on a piece of paper and doing some preliminary research on what’s already been written on your topic.

By doing this exercise, you can narrow or broaden your ideas until you’ve found a topic you’re excited about. " Brainstorming is essential when writing a paper and is not a last-minute activity,” Attari said.

How Do I Structure My Thesis Paper?

An icon of a white-outlined checklist with three items checked off

Thesis papers tend to have a standard format with common sections as the building blocks.

While the structure Attari describes below will work for many theses, it’s important to double-check with your program to see if there are any specific requirements. Writing a thesis for a Master of Fine Arts, for example, might actually look more like a fiction novel.

According to Attari, a thesis paper is often structured with the following major sections:

Introduction

  • Literature review
  • Methods, results

Now, let’s take a closer look at what each different section should include.

A blue and white icon of a pencil writing on lines

Your introduction is your opportunity to present the topic of your thesis paper. In this section, you can explain why that topic is important. The introduction is also the place to include your thesis statement, which shows your stance in the paper.

Attari said that writing an introduction can be tricky, especially when you're trying to capture your reader’s attention and state your argument.

“I have found that starting with a statement of truth about a topic that pertains to an issue I am writing about typically does the trick,” Attari said. She demonstrated this advice in an example introduction she wrote for a paper on the effects of daylight in Alaska:

In the continental United States, we can always count on the sun rising and setting around the same time each day, but in Alaska, during certain times of the year, the sun rises and does not set for weeks. Research has shown that the sun provides vitamin D and is an essential part of our health, but little is known about how daylight twenty-four hours a day affects the circadian rhythm and sleep.

In the example Attari wrote, she introduces the topic and informs the reader what the paper will cover. Somewhere in her intro, she said she would also include her thesis statement, which might be:

Twenty-four hours of daylight over an extended period does not affect sleep patterns in humans and is not the cause of daytime fatigue in northern Alaska .

Literature Review

In the literature review, you'll look at what information is already out there about your topic. “This is where scholarly articles  about your topic are essential,” said Attari. “These articles will help you find the gap in research that you have identified and will also support your thesis statement."

Telling your reader what research has already been done will help them see how your research fits into the larger conversation. Most university libraries offer databases of scholarly/peer-reviewed articles that can be helpful in your search.

In the methods section of your thesis paper, you get to explain how you learned what you learned. This might include what experiment you conducted as a part of your independent research.

“For instance,” Attari said, “if you are a psychology major and have identified a gap in research on which therapies are effective for anxiety, your methods section would consist of the number of participants, the type of experiment and any other particulars you would use for that experiment.”

In this section, you'll explain the results of your study. For example, building on the psychology example Attari outlined, you might share self-reported anxiety levels for participants trying different kinds of therapies. To help you communicate your results clearly, you might include data, charts, tables or other visualizations.

The discussion section of your thesis paper is where you will analyze and interpret the results you presented in the previous section. This is where you can discuss what your findings really mean or compare them to the research you found in your literature review.

The discussion section is your chance to show why the data you collected matters and how it fits into bigger conversations in your field.

The conclusion of your thesis paper is your opportunity to sum up your argument and leave your reader thinking about why your research matters.

Attari breaks the conclusion down into simple parts. “You restate the original issue and thesis statement, explain the experiment's results and discuss possible next steps for further research,” she said.

Find Your Program

Resources to help write your thesis paper.

an icon of a computer's keyboard

While your thesis paper may be based on your independent research, writing it doesn’t have to be a solitary process. Asking for help and using the resources that are available to you can make the process easier.

If you're writing a thesis paper, some resources Chartier encourages you to use are:

  • Citation Handbooks: An online citation guide or handbook can help you ensure your citations are correct. APA , MLA and Chicago styles have all published their own guides.
  • Citation Generators: There are many citation generator tools that help you to create citations. Some — like RefWorks — even let you directly import citations from library databases as you research.
  • Your Library's Website: Many academic and public libraries allow patrons to access resources like databases or FAQs. Some FAQs at the SNHU library that might be helpful in your thesis writing process include “ How do I read a scholarly article? ” or “ What is a research question and how do I develop one? ”

It can also be helpful to check out what coaching or tutoring options are available through your school. At SNHU, for example, the Academic Support Center offers writing and grammar workshops , and students can access 24/7 tutoring and 1:1 sessions with peer tutors, like Attari.

"Students can even submit their papers and receive written feedback... like revisions and editing suggestions," she said.

If you are writing a thesis paper, there are many resources available to you. It's a long paper, but with the right mindset and support, you can successfully navigate the process.

“Pace yourself,” said Chartier. “This is a marathon, not a sprint. Setting smaller goals to get to the big finish line can make the process seem less daunting, and remember to be proud of yourself and celebrate your accomplishment once you’re done. Writing a thesis is no small task, and it’s important work for the scholarly community.”

A degree can change your life. Choose your program  from 200+ SNHU degrees that can take you where you want to go.

Meg Palmer ’18 is a writer and scholar by trade who loves reading, riding her bike and singing in a barbershop quartet. She earned her bachelor’s degree in English, language and literature at Southern New Hampshire University (SNHU) and her master’s degree in writing, rhetoric and discourse at DePaul University (’20). While attending SNHU, she served as the editor-in-chief of the campus student newspaper, The Penmen Press, where she deepened her passion for writing. Meg is an adjunct professor at Johnson and Wales University, where she teaches first year writing, honors composition, and public speaking. Connect with her on LinkedIn .

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About southern new hampshire university.

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SNHU is a nonprofit, accredited university with a mission to make high-quality education more accessible and affordable for everyone.

Founded in 1932, and online since 1995, we’ve helped countless students reach their goals with flexible, career-focused programs . Our 300-acre campus in Manchester, NH is home to over 3,000 students, and we serve over 135,000 students online. Visit our about SNHU  page to learn more about our mission, accreditations, leadership team, national recognitions and awards.

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