How To Apply Economic Theory To Essays

Written By Admin on Rabu, 06 Maret 2013 | 01.17

By Dottie Bates


Among the most mistaken things about economics is that it is all about numbers, quantities, as well as charts. Albeit it has an affinity with numbers, economics is much more than that. It is, instead, about the relationship of certain factors in real life, like income, deficits, prices of goods, import, and export which relate to how big and small economies, businesses, individual workers, and the ordinary man on the street live their lives each day.

Understanding economics is two-fold, but it is not a totally new concept either. The first aspect covers theory, and it includes concepts such as profits, losses, investments, and others. One can understand theory with classroom lectures and similar forms of formal teaching. Private economics tuition is one of these common ways of learning as well. The other aspect, meanwhile, refers to the application of these theoretical concepts into deducing and creating solutions to economic concerns in real life.

Take the case of inflation, for instance: each economics student learns about the its theory in the classroom. He learns, specifically, that a high inflation rate signifies prices of volatile prices of basic goods and services, and that on the other hand, low inflation rates signify stable prices. Once he has mastered this, he can proceed to study how inflation acts in certain economies, analyse the causes and the effects, and probably even suggest how its main players, the people, businesses, and the government, could address inflation problems.

One of the more effective ways to understand economic concepts is by writing about them. Indeed, Jc econs tuition is almost useless if founded on pure theory. Writing economic essays is one of the more reliable methods to evaluate a student's understanding of these concepts and to hone them even more. In Singapore, for instance, the GCE 'A' Level H2 Economics puts high value on essay outputs, 60 percent in particular, to evaluate Econs Tuition understanding comprehensively.

Students like you are thus enjoined to pay very close attention to how you state your understanding of economics questions, because these would ultimately let you pass your examinations. Read essay questions carefully, take note of relevant keywords in the questions, keep in mind your economic theories based on their significance, and create a definite structure for your essay (an introduction, body, as well as conclusion).




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