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The Ultimate Guide to HSC Economics Essays

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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!)

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.

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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Economics Revision Essay Plans

Last updated 17 Dec 2019

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This series of resources provides revision essay plans for a wide variety of essay topics, including synoptic questions.

For the 2019 papers check out our collection of videos on building A* evaluation into your answers

Have you tried our series of more than 50 Quizlet revision activities? Click here to access!

Essay Plan: Limits on Monopoly Power

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Revision essay: exchange rate depreciation and macroeconomic objectives, to what extent should full-employment be the main macro policy objective, housing supply (revision essay plan), minimum alcohol pricing (revision essay plan), oligopoly and collusion (revision essay plan), building confidence in writing synoptic 25 mark essays (edexcel), behavioural and neo-classical economics (revision essay plan), barriers to entry and economic profit (revision essay plan), micro and macro impact of a plastic tax (revision essay plan), edge revision webinar: market failure and government intervention, farm subsidies (revision essay plan), competitiveness of the uk motor industry (revision essay plan), labour migration (revision essay plan), financial market failure (revision essay plan), tariff on chinese steel (revision essay plan), policies to improve food affordability (revision essay plan), reducing a trade deficit (revision essay plan), museums and government subsidy (revision essay plan), fiscal policy and inequality (revision essay plan), globalisation and inequality (revision essay plan), economic inactivity (revision essay plan), competition and consumer welfare (essay technique video), essay plan: is the euro the main cause of the crisis in greece and italy, china: successes and failures essay plan, our subjects.

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Complete Guide to HSC Economics – How to Ace HSC Economics

Taking my years of teaching Economics and distilling it into one post.

Aatish Budhwani

99.75 ATAR and 97 in Economics

1. Introduction

Hey there! Did you know that Economics is actually the most popular major amongst the world’s richest people? It’s true! According to a study by Match College, almost 20% of the world’s top 100 billionaires actually have an Economics degree.

So, if you’re currently studying HSC Economics, that’s great news! You’re already on your way to success. As you delve into the HSC Economics course, you’ll learn about a variety of economic policies and management strategies that impact the Australian and global economy. Though it may not be easy (understanding labour market policies to analysing economic growth can be hard!), don’t worry, I’m here to help.

My name is Aatish Budhwani, and I’m an Economics Resourcer at Project Academy. I actually completed the HSC in 2022 and managed to achieve a 99.75 ATAR, 97/100 in Economics, and even ranked 15th in NSW in Legal Studies. After graduating from Penrith High School as the Proxime Accessit, I went on to enrol in a Commerce and Law degree at the University of Sydney where I’ll be pursuing a major in finance.

In this guide, I want to share my tips and tricks for studying HSC Economics effectively. I’ll cover everything from how to understand economic theory, to how to apply it through crafting masterful short answers and impressive essay responses. So, let’s get started!

2. Get to Know What’s in The Year 12 Economics Syllabus

When I was studying HSC Economics, I used to think of the Economics syllabus as a cheat sheet for acing the subject. It’s like having an answer sheet that guides you to answer exam questions correctly. The HSC Economics Syllabus is divided into four interesting topics including:

The Global Economy

Australia’s Place in the Global Economy

Economic Issues

Economic Policies and Management

When creating content notes for Year 12 Economics, the most useful framework is the ‘students learn about’ section of the syllabus.

Here’s a sneak peek of what you’ll learn from Topic 2 of the HSC Economics Syllabus:

As you can see, the syllabus provides specific details that you can use to structure your notes. Exam questions usually focus on a singular syllabus dot point or aim to combine a few, so using the syllabus as your guide will help you cover all the key areas and develop a solid understanding of the subject matter.

3. How to best use your Year 12 Economics Textbook

In Year 12, most schools will use one of two textbooks:

Tim Riley’s “Year 12 Economics” Textbook

Tim Dixon’s and John Mahoney’s “Australia in the Global Economy Textbook”

While these are undoubtedly great sources of information, just reading them isn’t enough to truly understand and retain the content. That’s where active recall methods come in - and trust me, they’re anything but boring! For example, you could try:

• Teaching Others:

It might sound crazy, but explaining a topic to someone else, even if they’re not an expert in economics, can work wonders in solidifying your understanding. Plus, it helps you identify any gaps in your own knowledge if you struggle to explain something.

This is a classic study technique that never gets old. Making flashcards for key concepts, definitions, and theories and testing yourself regularly is a great way to reinforce your understanding. You can even turn it into a game by getting a friend to quiz you!

• Brain Dumping:

Take a blank piece of paper and write down everything you remember about a particular topic without looking at your notes or textbook. It might seem daunting at first, but trust me, it’s worth it. And then cross-reference this with the HSC Economics Syllabus dot points and your own notes - whatever you’ve missed is what you need to revise!

• Application:

This is all about taking what you’ve learned and applying it to real-world situations. Look for examples of economic theory in the news, in case studies, or even in your own life. Practice explaining how these concepts apply and what the implications might be.

• Exam Practice:

Of course, let’s not forget about exam preparation! Make sure you’re familiar with the format of the exam and practice answering different types of questions, including multiple-choice, short answers, and essays. Past papers from NESA and other schools’ HSC Trials, as well as sample answers, are also great resources to get a sense of the mark range and what examiners are looking for.

One thing to keep in mind is that textbooks usually don’t contain niche statistics or advanced theories. So, it’s CRUCIAL to use other resources when note-making, like your class notes, YouTube videos, or even Project Academy’s notes. The more varied your sources, the more well-rounded your understanding will be.

4. Effective Note-Making for Year 12 Economics Study

Now, let’s talk about note-making! We all know how overwhelming it can be to keep track of all the complex concepts, theories, and relevant economic information we need to know. That’s why I’m here to share some tips that helped me stay on top of my note-taking game.

First, I recommend you structure your notes into TWO separate documents as follows:

• HSC Economics Content Notes
• HSC Economics Essay Plans

4.1. HSC Economics Content Notes

This is where you should structure your notes using the syllabus dot points, comprising of:

• Definitions of key terms
• Diagrams and explanation (if relevant)
• Trends (if relevant)
• Advantages and disadvantages

It is important that for every concept, you consider its positive and negative effects as this is most commonly tested in the HSC Economics exam. Thankfully, Project has an extensive range of notes for each topic produced by our state-ranking tutors; which you’ll receive along with your very own iPad!

4.2. HSC Economics Essay Plans

The second document you should create is your HSC Economics Essay Plans. This is where you can craft your arguments for the different topics in the Economics Syllabus. To achieve high marks, it’s crucial that you undertake expansive research into what’s really happening in the economy and incorporate advanced theories and hypotheses to achieve that “WOW factor”. Creating essay plans for broad questions is super helpful to organise these economic theories and concepts. Your essay plans should have at least 3 well-thought-out ideas. If you’re tackling a broad question, your essay plan may have many ideas (e.g., 6+), which is perfectly fine as you won’t be using all of them in the exam. The more ideas you have, the more you’ll be able to adapt to any question you get!

To give you an idea, here’s a snippet of one of my essay plans for a broad Topic 1 case study question for China. Trust me, it’s not as daunting as it may seem!

5. Tackling Multiple Choice Questions in Year 12 Economics

The multiple-choice section of the HSC Economics exam is where you will be tested on how well you understand ALL the economic concepts learned throughout the year. You will generally have a mixture of specific content questions as well as scenario questions where you must apply your knowledge to the circumstances presented. While this can be challenging, here are some key tips you should ALWAYS consider when answering multiple-choice questions:

• Read the question carefully:

Yes, I know, this may sound obvious, but trust me, it’s crucial. Even if a question seems easy, make sure to read it at least twice. HSC Economics questions can be tricky, and sometimes there are keywords or phrases that can catch you off guard if you’re not paying attention. So, always read the question carefully! For example, in the question below, an important word to note is “deliberate”.

Taken from the 2021 HSC Economics Exam

• Watch out for modality:

Now, this may sound a bit technical, but it’s really just about paying attention to certain words in the question. Words like “can,” “must,” and “will” can give you a clue about which answers to eliminate.

• Eliminate wrong answers:

After reading the question and considering the use of modality, try to eliminate the options that are most likely to be wrong. There will usually be two answers that are clearly incorrect, so focus on those first.

• Use your knowledge and skills:

This is where you get to show off all the economic concepts you’ve been learning! I found it helpful to create mini flow charts to help me visualize cause and effect. For instance, we can use a flow chart to answer the following question:

Taken from the 2022 HSC Economics Exam

If we consider Option B, an increase in the childcare subsidy —> decreases the difficulty for parents managing work alongside family commitments —> encouraging greater entry into the labour force —> most likely INCREASING the participation rate. Therefore, B is correct!

• Beware of time:

Time is of the essence in the multiple-choice section! You’ll want to aim to spend around 10-15 minutes on this section, which means you have about 30-45 seconds per question on average. So, if you get stuck on a particular question, always take a guess - you never know, it might just be your lucky day!

• Practice past papers:

Testing yourself with an actual exam paper is probably the best way to improve your multiple-choice marks. Practice makes perfect, right?

6. Getting Full Marks on Short Answer Questions in Year 12 Economics

Writing short answer responses in HSC Economics can be compared to ticking off a checklist - if you hit all the right points, you are bound to receive full marks. In this section, I will discuss the key elements that make up a perfect short answer response, helping you to hone your skills and improve your grades. To do this, let’s deconstruct the following Topic 3 question below.

• Identify the mark value:

This particular question we’ll be deconstructing is worth 5 marks. But don’t worry, there’s a general rule for short answer questions - 1 MARK = 3 LINES of writing. So, for this question, you should aim to write approximately 15 lines. And, unless specified, you should have 1 IDEA for every 2 MARKS. Hence, the structure would be as follows:

• Definition (1 mark)
• Idea 1 (2 marks)
• Idea 2 (2 marks)
• Identify the directive term:

The directive term in this question is EXPLAIN. This means that we must show the relationship between cause and effect . NESA has a whole list of directive terms, so be sure to check it out here if you’re unsure about any of them.

• Brainstorm your ideas:

Next, you should brainstorm TWO key conflicts between the objective of environmental sustainability and other objectives (e.g., sustainable economic growth, price stability, full employment, external stability, and income and wealth equality). For this answer, we will examine the conflict between environmental sustainability and price stability, as well as environmental sustainability and economic growth.

• Develop your response:

And now, the moment you’ve been waiting for - the example answer! Pro tip: underlining your headings can be useful to clearly show the marker what your key ideas are.

Exemplar answer:

Environmental sustainability is an economic objective focused on preserving the natural environment and biodiversity, ensuring the sustainable use of renewable and non-renewable resources, and minimising the negative environmental impacts of economic activities. This objective can conflict with the objective of: (1 MARK)

Price stability: If the government aims to achieve environmental sustainability, it may pursue market-based policies such as taxes on demerit goods (i.e., goods whose consumption generates negative externalities) which would increase firms’ average costs of production. This would increase firms’ total costs resulting in a fall in profit margins. Given firms are rational profit maximisers, this would cause a decrease in the quantity supplied of the demerit good leading to a decrease in aggregate supply, thereby putting an upward pressure on general price levels (i.e., cost-push inflation). (2 MARKS)

Economic growth: In an attempt to pursue environmental sustainability, the government may impose regulations such as limiting the use of harmful goods in production (e.g., non-renewable resources such as fossil fuels). This would decrease the quantity of raw materials available for production which lowers the nation’s productive capacity, thereby lowering output and thus short-term economic growth. (2 MARKS)

So, are you feeling more confident about short answer responses in HSC Economics now? I hope so! Remember, it’s just like ticking off a checklist. And who doesn’t love checking things off a list?

7. How to Structure a 20/20 HSC Economics Essay

Just like a builder needs a strong foundation to construct a building, you need a solid understanding of the key economic concepts to write an excellent essay. However, that’s just the beginning. You also need to know how to organise and present your creative ideas in a way that is both logical and aesthetically pleasing. Think of it as building a beautiful and functional house that meets all the requirements of your clients. Similar to short answers, it is essential to pay close attention to the directive term in the question.

So, what’s the best structure for answering economics essay questions? I recommend the following:

Introduction

The introduction of your essay should cover a few general points including:

Definition of the key term in the question

Thesis statement that directly addresses the question

Signposting key ideas

Contemporary statistic

Body Paragraphs (3-4 Ideas)

The body paragraph structure I used throughout my HSC for Economics was PDEAL. This stood for:

Point (P) – Outline your main point/topic for this paragraph.

Definition (D) – Define/describe the key concept you will be discussing. This sentence will usually be connected to the last.

Explain (E) – Logically explain your argument with reference to contemporary statistics, and a relevant diagram if applicable.

Analysis (A) – Offer counter-arguments to your point as no economic policy or concept is perfect. You may use relevant advanced theories or hypothesises if applicable.

Link (L) – Link back to the question and solidify your judgement.

Restate judgement and key ideas (i.e., similar to the introduction)

Future statement (e.g., a statistic forecasting protection levels in the future)

It is undeniable that finding statistics and advanced theories to support your arguments can be difficult. Fortunately, Project’s notes include both of these which will certainly help you in crafting 20/20 Economics essays.

For a more detailed step-by-step guide on how to write 20/20 Economics essays with exemplar responses, feel free to check out A State Rankers Guide to Writing 20/20 Economics Essays .

8. Year 12 Economics Tutoring at Project Academy

Economics at Project Academy is not like your average tutoring experience. You get the full package, with amazing benefits including:

• Weekly 3-hour classes taught by state-ranking Economics teachers or 99+ ATAR achievers
• Unlimited 1 to 4 tutorials to get personalised help for 1.5 hours every week
• 12 predicted HSC exams that cover almost every question you can possibly be asked. For more information regarding LEAP (our HSC exam program), see our LEAP page .
• Unlimited short answer and essay marking with detailed feedback from top Economics achievers
• Unparalleled support online and in-person, outside of class hours
• Your own Project iPad featuring comprehensive notes, state-ranking exemplars, and 300+ past papers
• A world-class study space open till 11 pm every night
• A fantastic community of dedicated and high-achieving students and tutors who will bring out the best in you

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.

For more information on our HSC Economics Course at Project including our 3 week free trial, see our HSC Economics page .

Is Economics hard for HSC?

It’s totally understandable if you find HSC Economics challenging. But guess what? Everyone has their own set of strengths and weaknesses, and that’s perfectly okay. Some may find Economics to be a piece of cake due to its logical nature, while others may need some extra time and effort to grasp the many complex theories and concepts. But don’t worry, with a little dedication and hard work, you can do great in Economics too!

How to memorise statistics for Economics?

When it comes to memorising statistics for Economics, it can feel like an uphill battle. But fear not, there are ways to make the process less daunting and even a bit enjoyable. From my experience, simply memorising a list of numbers won’t cut it. Instead, try incorporating them into your essay plans. By doing so, you’ll create a connection between the numbers and the concepts they represent, which will make it easier to recall them during an exam. Another helpful tip is to use visual aids such as infographics and charts. It’s amazing how much easier it is to remember information when it’s presented in a visually appealing way. Lastly, consider using spaced repetition techniques to help with long-term memory retention. Apps and programs like Anki or Quizlet can be incredibly helpful for this.

Do you need to do Economics in the HSC to do commerce in university?

Ah, the age-old question: to study Economics or not to study Economics in the HSC? It’s a tricky one, but the short answer is no, it’s not a strict requirement for studying Commerce at university. However, it can definitely give you a leg up in your first year of study. You see, many of the introductory Commerce subjects you’ll encounter in your first-year cover topics that are very similar to what you would have learned in your Prelim and HSC Economics courses. Having this prior knowledge can make the transition to university life a little less daunting.

Does Preliminary Economics Matter for HSC Economics?

The Preliminary Economics course is where you’ll learn all about the basic concepts and principles of economics that you’ll need to build on in the HSC Economics course. We’re talking about things like supply and demand, market structures, economic policies, and macroeconomic issues. Think of it like laying the foundation for a house - you need to make sure it’s strong and sturdy before you start adding the walls and roof. And that’s exactly what the Preliminary Economics course does - it provides you with a solid foundation to build on.

How long should an Economics essay be?

Generally, a good guideline is to aim for around 1000 words. But, keep in mind that it’s not just about hitting that word count. You also need to include 1-2 diagrams that are well-explained to support your argument. These diagrams can really elevate your essay and help to demonstrate your understanding of the topic at hand. Of course, managing your time during the HSC exam is crucial, and you don’t want to find yourself rushing through your essay at the last minute. So, it’s a good idea to budget your time wisely and aim for a minimum of 50 minutes for each Economics essay. This will give you enough time to develop your ideas, include those important diagrams, and ultimately craft a well-constructed and comprehensive essay.

What is HSC Economics about?

Picture this: you’re a detective trying to solve a complex case. You have to piece together clues, make connections, and ultimately come to a conclusion. That’s what studying HSC Economics is like. First, you’ll delve into the complexities of the Global Economy, examining how different countries interact and the impact of globalisation. Second, you’ll explore Australia’s Place in the Global Economy, investigating the factors that influence our economic performance and how we are impacted by global events. Third, you’ll explore the theory and trends in central economic issues, such as economic growth, inflation, and unemployment. But you don’t stop there. You also have to examine the macroeconomic and microeconomic policies used to manage these issues, and critically analyse their effectiveness. It’s a challenging but fascinating journey, and at the end of it, you’ll have a deeper understanding of the inner workings of the global economy and Australia’s role within it.

How hard is it to get a Band 6 in Economics?

It’s not an easy feat, but it’s definitely possible with the right mindset and approach. Sure, memorising theories and concepts is important, but it’s not everything. To truly excel in Economics, you need to be able to critically analyse and evaluate economic situations, applying theories to real-world scenarios and understanding their implications. And that’s not all – you also need to be able to clearly communicate your ideas and arguments in writing, all within the time constraints of the exam. It’s a tall order, but with practice and dedication throughout the year, you can definitely aim for that Band 6!

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Economics Essay Guide

Monday 17th, July 2017

Isaac Dela Torre

One of the hardest parts of the whole economics course, besides the enormous amount of dry content we are expected to know, is actually figuring out a way to write all of it in an economics essay that “synthesises knowledge, integrates economic concepts and demonstrates a clear understanding of every topic.”

With Trials looming, I thought I would prepare a quick guide on how best to approach economics essays!

The most important thing before starting to write an essay is to look at the directive verb. This should dictate how you structure your response. You should be familiar with them for all your subjects. They tend to pop up a lot in short answer questions as well!! If you need to refresh your memory check out this glossary of key words .

To show you how to write an economics essay, I’ll be integrating an essay I wrote in my trial:

“For an economy other than Australia, discuss and evaluate the strategies used to promote economic growth and development ”

First, let’s break down the question:

Discuss – Provide points for and against.

Evaluate – Provide a judgment based on criteria.

Strategies – This is asking us for policies the government put into place.

Economic growth and Development – It is important to know the difference between the two (they are defined in the essay) as well as the criteria for each so that you can properly evaluate if the strategies lead to Economic growth and development.

The first thing you should  always  do is PLAN! You should always brain dump anything your mind thinks of then assess what you have written, what is relevant, what your structure will be. Here is a picture of my planning page for this essay.

Introduction

The introduction to your essay is incredibly important. It’s your marker’s first impression of your whole economics essay; make a sh*t one and your marker will be slightly annoyed when reading the rest of it. Markers want succinct and sophisticated introductions that provide a clear outline of your essay, as well as your stance on the question. So how do you make sure your marker loves your introduction?

Your introduction should always start with a definition of the key words in the question. This shows the marker that you know exactly what you are talking about. It can also help with clarity as you have already established what the economic concepts are.

The next sentence should address the question and be your “ thesis ” for your essay. This basically outlines your argument and your stance. This is especially evident if it is a question that requires a judgement.

Your next few sentences should outline what will be in your subsequent paragraphs – this can be done fairly briefly as you will explain more within the paragraphs.

Finally, sum up your introduction by linking your paragraphs to your thesis and the question.  

Economic growth is defined as an increase in the total value of goods and services produced by an economy over a period of time, whereas economic development is a qualitative measure of a countries wellbeing based on quality of life which is measured through the Human Development Index (HDI) using criteria of GNI/capita, mean years of schooling and life expectancy. The Chinese economy has undergone major structural reforms in order to promote economic growth and development by embracing globalisation. Economic growth and development have successfully been increased through strategies such as the Open-Door Policy, Agricultural Reforms and Special Economic Zones. These changes have seen increases in China’s GDP growth as well as HDI and other development attributes. More over these policies benefits have not been shared equally as there a large extent of inequality within China.

Trend Analysis

The next paragraph should always be a trend analysis outlining the trends in whatever economic concept you are being asked. You should include what has happened to the concept in recent years as well as why it happened.

This includes the direction (increase/decrease), a high point, a low point, an average and a current point. This should be repeated for as many trends as necessary, dictated by the question. For the question posed, it asks about Economic growth as well as development in a country other than Australia. This section gives the marker the context of what you are talking about. We’ve all been told to use statistics and trends in our essays. This is where the bulk of them should go.

Prior to Deng’s rule, China was a closed economy having growth rates less than 5% as well as increasing poverty and low development. After and during Deng’s reign, the policies aforementioned boosted aggregate demand and supply seeing an increase in GDP growth that averaged 11.9% for 3 decades and reached a high of 16% in 1995 and 14% in 2007, maintaining high growth until the GFC which unlike other economies slowed but did not go into negative at 7%. GDP growth is still high but has significantly slowed since then currently at 6.9% as at 10/8/16. Due to GDP growth China’s HDI increased from 0.432 in 1980 and currently at 0.732 in 2015 showing rising development within China; reinforced by 400 million less people in absolute poverty (less than $1.25 USD a day). However, income inequality has significantly worsened within China, with the combined income of households in eastern coastal regions have 2.7x more income than inland regions.

The body of your essay is where you really start to explain the different concepts and apply them to real life global events. You’ll find that these are incredibly similar to English essays in your paragraph structure. Hopefully they will be a little easier to write!

You should always start each paragraph with a topic sentence outlining what you will be discussing.

Then you should include a definition (if applicable) of whatever the concept in this paragraph is; you should then provide an explanation of what it is and how it works. You should try to provide diagrams to show what you are talking about and explain the concepts more clearly. Never just throw in a diagram without explaining it!

The next few sentences vary depending on the question. They usually show the cause or effect of something; or show  advantages and disadvantages.

Just like how you have quotes in an English essay as textual evidence, you need to show evidence that what you are saying is true. Each time you show a cause/effect of something or provide an advantage/disadvantage, use an example from real life to prove what you are saying is true.

You should repeat steps 3 and 4 as many times as you need. With questions that ask for an explanation of how something leads to another thing, make sure you provide every necessary step in order to get there.

Finally, end each of your paragraphs with a linking sentence back to the question.

Here’s an example body paragraph to the above question:

Special Economic Zones within China have promoted both economic growth and development. Through reforms to create special economic zones along coastal ports; Transnational Corporation investment was incentivised through tax cuts and the abundant labour supply (loose legislation). From increased investment through FDI flows, Aggregate Demand (C + I + G + X – M) was boosted as seen in figure 1 where an increase in Aggregate demand results in an increase of Output from Q to Q1. This saw an increase in economic growth from 4% to approximately 7% in 1980s as investment contributed 40% within this time. Due to FDI, China’s employment within that area increased which gave these people higher incomes that could spent on food, shelter, education or healthcare, improving economic development. Businesses in China increased production of mainly manufactured foods which increased Aggregate Supply in the economy as seen in figure 2 where an increase of Aggregate supply from AS to AS1 creates an increase in GDP from Q1 to Q2.

This increase facilitated an increase in productive capacity and thus fostered economic growth. Through this policy taxation was collected from TNC’s which was used by the Government to fund expenditure in healthcare, infrastructure, education which significantly improved development throughout China. However, inequality between the coastal SEZ regions and rural areas has resulted, seeing 40% of the population still living in absolute/extreme poverty and the Lorenz gap widening as seen in figure 3.

 Thus, the special economic zone strategy has promoted both economic growth and development.

You’ve smashed out a stellar introduction, given the marker flawless body paragraphs that clearly explain economic theory and relationships and shown you are up to date with contemporary economics; the only thing left to do is to conclude your essay in a way that solidifies your greatness in the marker’s mind. So, how do you do it?

Your first sentence should be a restating of your thesis that directly links back to the question.

Your second few sentences should be a really quick summary of what you talked about in each of your paragraphs and how they relate to your argument as well as the question.

Lastly, you should sum up your argument again, taking into account any counter arguments.

Ultimately, China’s strategies to open up the economy to global markets and increase efficiency have successfully facilitated economic growth and development. Policies including the Open-Door Policy, Special Economic Zones, Agricultural Reforms and Taxation Reforms have created higher growth levels and development levels than China has previously had; enabling the transition to an emerging economy soon to be advanced. Whilst many benefits have come to China’s popular, inequality has been created between Eastern and Western/Northern provinces, seeing a significant amount of China’s population still in extreme poverty; even so, overall strategies have been effective.  

And that’s it! You’ve delivered an amazing Band 6 worthy Economics essay, and you didn’t even break a sweat!

I really hope you found this guide helpful. I know that when I first started writing economic essays I was so confused as to what to talk about. How many stats to have, how to integrate trends and diagrams… But I really hope you are a little bit more at ease now and have some direction. By all means, this is not the be all and end all structure; feel free to mix up body paragraphs and go into depth about one particular concept or split up all of your advantages/disadvantages – this is just a simple rough guide that can be moulded to suit your particular style.

As always, if you need help or clarification on anything, be sure to come and ask me!

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