In using my Economics tuition lessons to train up a student’s essay skills, I am mindful that many students have received feedback on their submitted essays lacking in rigour or economic analysis. This article delves into the essential components of economic analysis, which can help students see how an Economics essay differs from a general paper (GP) essay. When discussing economic analysis, it is crucial to incorporate four key elements, referred to as DDEE in my teaching framework.
Economics Tuition to Train Essay Skills – Definitions and Diagrams
The first “D” in DDEE represents the importance of definitions in economics essays. From defining various elasticity concepts to the different macroeconomic goals, clear definitions set the foundation for a rigorous essay. As a general rule of thumb, the most important definition (e.g. keyword in a question) can appear in the introductory paragraph, while other definitions e.g. each macroeconomic goal can appear in various topic sentences.
Next, the second “D” aka diagrams play a vital role in demonstrating economic concepts such as the use of demand and supply curves, externality diagrams, firm diagrams and ADAS diagrams to support a writeup. For example, in explaining how externalities cause market failure, we follow 7-steps (my MEDICAL framework) to explain how deadweight loss occurs on the diagram.
Explanations and Examples
Moving on, the first “E” in DDEE focuses on explanations. It is vital to provide detailed explanations of diagrams, often involving rehearsed writeups. For instance, when shifting demand and supply curves, explain the market adjustment process and its impact on equilibrium output and price. When explaining shifts in ADAS diagrams, rehearsed chunks such as the succinct multiplier process are also important. Explanations also involve the use of key terms when explaining ECONOMIC FACTORS to add depth to the economic analysis. For example, when explaining how a change in income affects demand, the concept of income elasticity of demand (YED), alongside its definition, sign and magnitude should be explained. When linking a change in interest rates to consumption spending, key terms such as cost of borrowing to buy big ticket items should be included.
Lastly, the final “E” in DDEe emphasizes the use of examples to augment a paragraph with context. For example, when considering how economies with limited budget are unable to deploy subsidies to aid consumers or producers, and would likely resort to price controls, an example would be useful.
For further guidance, I have free consolidated notes that cover these key elements. Students can access these resources for free by clicking the link above. If in need of assistance, you are encouraged to reach out me via email or message for additional support.
In conclusion, mastering economic analysis and integrating these components in essays can significantly enhance a student’s writing skills in economics. By following this structured approach, students can elevate their essays and demonstrate a deeper understanding of economic concepts.