Extended Essay  : Economics

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What to write an Economics Extended Essay in:

by ManutdGurl on 07 Aug 2004 01:55 am

There is the big question under what broad category economics fits under; is it a science or is it a social science? This has its effect on the extended essay too (plus examiners like it to be brought up somewhere, even if it is just a mention).

Since economics is kind of like a science, it is easy to gather primary information through research. On the otherhand, one could do it like a history extended essay and rely on secondary information for the essay. I personally found it easier to go with the primary research way (and yes I did attempt both ways). This means that instead of writing a macroeconomics essay, I wrote one in business economics. This meant that I found it much easier to focus on a specific research question and I was able to gather primary information (although this is also possible if you do a macroeconomics extended essay). If you base your research on primary information, then it is also more likely to be original.

There is another important thing that has to mentioned when writing and economics extended essay or genereally any extended essay: that is HAVE A FOCUSED RESEARCH QUESTION!! Do not make it too broad e.g. focus it on a whole country or something in that direction. Also it is liked if you keep going back to your research question in the body of your essay. If you are not sure what your research question should be when you start writing your essay, then leave it. This is usually the sort of thing which evolves when writing and not right at the begining.

There is a lot more I could put about economics extended essays or extended essays in general but this is a start. If anyone has any questions please feel free to ask.

ManutdGurl

Location: austria / warwick uni


by moi_lynn_moi on 14 Mar 2005 03:18 am

Hey, I'm doing Economics HL and am in grade 11 now. I was wondering if you would know: When I'm doing my EE on hospitality (hotel, resort, restaurant) management, could I put it under economics At my school it has to relate to a school course. CAS and any other work after school.

Would you have an idea about a good argument for hospitality management?

Thx!

moi_lynn

moi_lynn_moi

blueline

Checking Your Coursework

by marie on 07 Aug 2004 09:13 am

Angela (IB Completed) says:

There are a few points to watch out, some sound trivial but make sure you didn’t make these mistakes. You never know!

— Are you writing something that is actually economics? Especially when it comes to development some people may not be using economic solution, or even being political.

— Are your arguments well supported by economic theory or even real world past examples, with explanation of causes and consequences, and further analyse the behaviour?

— Have you made judgements about your arguments, what are the counter-arguments and which one is more favourable?

— Did you relate anything to other sections of your syllabus? Especially in the last two sections (trade and development), you can always comment based on knowledge from other sections of the course.

— Have you defined all the economic terms correctly?

— Have you labelled your diagrams (If any) correctly?

— Are you writing within the word limit?

marie

Location: Cambridge, UK

blueline

Writing the Coursework

by marie on 07 Aug 2004 09:10 am

Angela (IB Completed) says:

I think everyone has their own method of writing so I will just jot down these important aspects in an economic coursework.

Diagrams

Drawing diagrams is one of the most effective ways to show your understanding and illustrate your explanation. Even if you are explaining something simple like supply and demand, still, use a diagram. It doesn’t take away your word count, why not use it? Of course, it should be fully labelled. I am not sure whether you can just write “P” to represent price but I guess it doesn’t take you much more time to type the full word?

Definitions

Make sure you define each economic term correctly in your coursework! I used brackets to refer to my definition. Try to make it as concise as possible.

Analysis

The coursework basically tests your application of economic concepts to the real world. Like any other subjects, do not summarize too much. You can summarize in the first sentence so it looks more integrated. I cannot fully explain what to do, as every article is different, but generally it can’t get away from these things:

Your job is to use economics to explain them.

Economic model

When you are using a specific economic model to analyse a situation, do not just state it, explain it to strengthen your argument.

A lot of articles involve an issue or debate about the economic problems in the real world, so you have to come up with solutions as an economist. Apart from explaining how the solution works by analysing behaviour. To further score higher marks, you have to EVALUATE them, there are some points I come up which help but you don’t have to consider all of them.

— Is that solution realistic? (Maybe it is very difficult to practise in reality?)

— What are the problems of this solution (Give some counter argument)

— Are there alternatives? If so, which one is the best? And why?

Eventually, you have to have a strong conclusion. What I mean by conclusion is that you judge whether it makes people better or worse. This is a subject of economics – which all concerns about resources satisfying human wants. Here I found it easier to relate it to the foundation of economics – concepts of efficiency, opportunity costs etc. It is difficult to explain this here, but for every section I have thought of some ideas and you will see what I mean:

Resources and market:

There is not much to say about a supply/demand simplistic model, but you can comment on the centrally planned/free market. Which is more efficient?

Business Economics:

By analysing the behaviour of the firms, state whether it will make consumers worse/better, do they get more goods for a lower price? Are the firms efficient or simply wasting resources? Are there externalities not taken into account?

Macroeconomics:

Similarly to business economics, comment on the macroeconomic policies. Is there an excess capacity of resources? Is there any other way to increase output or decrease price level?

International trade:

Does trade benefit that country and improve its balance of payments? What policies should they use if they want a lower price and higher output? Is a subsidy better than a tariff?

Development:

It is always better to argue in favour of the less developed countries because of they are less well-off in this unequal distribution. Think about how a development strategy helps the LDCs develop, or is it only the MDCs self-interest?

marie

Location: Cambridge, UK

blueline

Choosing the Right Article

by marie on 07 Aug 2004 09:08 am

Angela (IB Completed) says:

Your article shouldn’t be too short, or too long. About a single-sided page length will do.

I used a very weird way to choose my article. I would think about what I wanted to talk about, establish my argument first BEFORE I looked for one article. For instance, you can choose a section, say trade, and you want to talk about exchange rates, but merely talking about fall/rise in exchange rates is not enough for you to get high marks, the examiner wants to see how well you can use economic models to argue, so perhaps you can throw in something like Marshall-Lerner condition to bring in other economic concepts, and analyse what will happen to imports if they are elastic/inelastic. When you have brainstormed these ideas, type in those key words “exchange rates” “imports”, then probably you can find a few good ones for you to write on in the real world.

When I chose my article, I also chose one which is controversial, because one criterion is to test your evaluation. You have to come up with an original judgement at the end.

marie

Location: Cambridge, UK

blueline

Economics Coursework Guidelines

by marie on 07 Aug 2004 09:04 am

Angela (IB Completed) says:

Your overall score will be based on all the coursework you have done, but if you show a consistent improvement, they will take your higher scores, but if you start off having high scores then low at the end, the may take the average or the lower ones. Make sure you do well on the last ones.

marie

Location: Cambridge, UK