Economics

1. What makes Economics distinct?

• A strong Economics EE:

• applies economic theory accurately and purposefully

• analyses a real world issue through economic reasoning

• uses diagrams, models and assumptions correctly

• integrates data to support analysis

• explores alternative outcomes or perspectives

• evaluates limitations, time lags, behavioural factors and external influences

It should be unmistakably an Economics essay, not Business Management, Global Politics or general commentary.

2. What counts as a suitable Economics topic?

A suitable topic:

• focuses on a specific economic issue or change

• uses real and accessible data

• allows you to apply theory in depth

• can be linked to a clear place, policy, period or market

• is narrow enough for 4,000 words

Examples of suitable topic types

• analysing the impact of a minimum wage change

• evaluating the effect of a tax, subsidy or price control

• investigating the behaviour of a local market

• analysing the impact of exchange rate movements

• evaluating the economic effects of a development policy

• investigating elasticity, revenue or market structure changes

• assessing the impact of an externality or environmental regulation

Examples of unsuitable topics

• macro scale topics with no data (for example “inflation in Europe”)

• essays relying purely on opinion pieces

• business strategy questions (Business Management)

• political questions without economic analysis

• topics too broad or impossible to quantify

• relying on predicted or modelled data with no real evidence

Economics requires actual data, not hypothetical situations.

3. Using data in an Economics EE

Data is essential. Your essay should include:

time series data

market level data (prices, quantities, revenue)

government or institutional reports

surveys if appropriate

policy data where relevant

indexes and indicators (for example CPI, GDP, HDI)

Data must be:

relevant

credible

clearly sourced

used to support analysis, not simply presented

Avoid:

• non economic data (for example general sentiment surveys)

• unverifiable or low quality online sources

• anecdotal or purely descriptive accounts

Examiners expect data to be interpreted using economic concepts, not described.

4. The role of theory and diagrams

Economic theory must be at the centre of your essay.

This includes:

• diagrams such as supply and demand, elasticities, market structures

• macroeconomic models where appropriate (for example AD–AS, labour markets)

• development indicators

• cost and revenue curves

• game theory (if suitable)

• externality diagrams

Diagrams must be:

• clearly labelled

• applied to your case

• integrated into your argument

• used to explain real outcomes

Avoid copying generic textbook diagrams without adaptation.

5. Appropriate methods for Economics

Your analysis may include:

• elasticity calculations

• revenue or cost analysis

• market structure evaluation

• policy impact assessment

• time series interpretation

• modelling short term versus long term effects

• comparison of theoretical expectations with real outcomes

Methods must be relevant to your topic and used accurately.

6. Expectations for analysis

Your analysis should:

• link evidence directly to economic concepts

• explain causal relationships

• interpret data trends and anomalies

• distinguish between short term and long term effects

• draw on diagrams and theory to show why an outcome occurred

• connect your findings to your research question

Strong essays use economic reasoning at every step, not general commentary.

7. Expectations for evaluation

Evaluation might include:

• strengths and limitations of your data

• model assumptions and how realistic they are

• external factors or shocks that influenced outcomes

• distributional effects

• time lags in policy impact

• behavioural or non economic influences

• alternative explanations of the data

Evaluation must be explicit and relevant to the research question.

8. Common pitfalls in Economics EEs

Avoid:

topics too broad for proper economic analysis

essays dominated by description rather than theory

minimal or poor quality data

confusing Business Management with Economics

overly political or opinion based arguments

unrealistic or hypothetical situations without evidence

misuse of theory or inaccurate diagrams

These errors are widely cited in subject reports.

9. Model research questions

Here are high quality examples of Economics EE questions:

1. To what extent did the introduction of a higher minimum wage affect youth employment in New Zealand between 2015 and 2020?

2. How far did the plastic bag levy reduce consumer demand in Hong Kong supermarkets?

3. To what extent has the Uber market structure in Singapore shifted from monopolistic competition towards oligopoly since 2018?

4. How effectively has a government subsidy influenced solar panel adoption rates in South Korea?

5. To what extent did exchange rate depreciation affect the export competitiveness of Japanese automotive firms between 2013 and 2019?

Each question is specific, theory based and answerable with data.