How do you prepare for the gazillion possible essay questions in economics??? (1 Viewer)

[Flise]

What would be the most efficient and effective approach in regards to preparation for essays in economics as one can be assessed on various topics? I’ve briefly heard about ‘essay plans’. Any advice from past economics students of their preparation? Should I start making and memorising essay plans now so I won’t be overloaded before trials and the HSC?

 

[notme123]

Ye essay plans are the way to go but just know you might have to improvise in the exams. e.g. in the hsc i didnt have an essay plan for trade and financial flows so i just ripped my current account essay and pasted it there. also the topic 3 essays like causes and consequences of inflation etc. are probably the least likely to show up because markers know anyone can write these essays. they like testing policies on ANY objective (even weird ones like monetary on income dist), current account and environmental essays the most. this year theres mostly likely going to be a case study essay but if you dont want to do case study, youre limited in options.

No, do not memorize essay plans. Treat them like your notes doubling as a scaffold for essays. I just read over mine a lot a few weeks before the hsc. It's a big waste of time in eco to memorise. It's more useful for english. Also if you start memorising content now, you are most definitely going to forget by trials and hsc unless youre consistent with it. But start making essay plans as soon as you can. I suggest starting with topic 2, causes and consequences of changes in current account, a free trade essay and protection essay, and causes and consequences of exchange rate essay.

 

[Flise]

Ye essay plans are the way to go but just know you might have to improvise in the exams. e.g. in the hsc i didn't have an essay plan for trade and financial flows so i just ripped my current account essay and pasted it there. also the topic 3 essays like causes and consequences of inflation etc. are probably the least likely to show up because markers know anyone can write these essays. they like testing policies on ANY objective (even weird ones like monetary on income dist), current account and environmental essays the most. this year there's mostly likely going to be a case study essay but if you don't want to do case study, you're limited in options.

No, do not memorize essay plans. Treat them like your notes doubling as a scaffold for essays. I just read over mine a lot a few weeks before the hsc. It's a big waste of time in eco to memorise. It's more useful for english. Also if you start memorising content now, you are most definitely going to forget by trials and hsc unless you're consistent with it. But start making essay plans as soon as you can. I suggest starting with topic 2, causes and consequences of changes in current account, a free trade essay and protection essay, and causes and consequences of exchange rate essay.

Thanks alot.
Also for questions around 'Changes in the global/domestic economy' how would you structure the essay? Would it be around significant events like the 2005-11 TOT Boom, GFC, COVID-19, trade tensions with China, formation of international organisations (I hope we NEVER get an essay on this) etc?? Or like in general such as reduced protectionist policies? Because I know it's related to topic 1 but I'm not aware of any specific syllabus dot point around 'changes in the global economy'?

Also I need to redo my China essay as my Task 1 was around the 'EFFECTIVENESS of strategies in promoting growth and development' (for some reason globalisation wasn't the central focus, just the strategies had to be in some way related to globalisation). Any advice on how yall structured your case study essay?

Also has anyone prepared essays related to a Current Account Surplus? Perhaps like, the consequences of a CAS, or account for the causes for Australia's transition to a CAS?

Finally, has there ever been an essay question that asks for a prediction/judgement of Australia's economic performance?

 

[notme123]

Thanks alot.
Also for questions around 'Changes in the global/domestic economy' how would you structure the essay? Would it be around significant events like the 2005-11 TOT Boom, GFC, COVID-19, trade tensions with China, formation of international organisations (I hope we NEVER get an essay on this) etc?? Or like in general such as reduced protectionist policies? Because I know it's related to topic 1 but I'm not aware of any specific syllabus dot point around 'changes in the global economy'?

Also I need to redo my China essay as my Task 1 was around the 'EFFECTIVENESS of strategies in promoting growth and development' (for some reason globalisation wasn't the central focus, just the strategies had to be in some way related to globalisation). Any advice on how yall structured your case study essay?

Also has anyone prepared essays related to a Current Account Surplus? Perhaps like, the consequences of a CAS, or account for the causes for Australia's transition to a CAS?

Finally, has there ever been an essay question that asks for a prediction/judgement of Australia's economic performance?

so for changes in the global economy, i never had any essays prepared for that either but i made a few stretches in the actual exam to fit it. But all the changes in the global economy you listed I would definitely structure it like that in chronological order. I would also add global secular stagnation. I suspect the 2022 paepr wont have such a question because two of the 2021 essays had something to do with changes in the global economy.

for the case study i never studied for it to be honest because if a case study question appeared I would always pick the other option so maybe someone else can help.

 

[Flise]

Also in terms of stats, how picky are the markers? Are we allowed to make up stats (within a reasonable estimate) for curveball questions, for example, (I really hope this never appears): "Assess the effectiveness of international organisations and forums in promoting globalisation"

Would we able to make up stats like: Following the Uruguay round(.?)/Doha round, agricultural subsidies declined by 10% etc etc?? Of course I wouldn't leave any topic to chance and will probably memorise a few stats in relation to this but still... ugh!

 

[notme123]

Also in terms of stats, how picky are the markers? Are we allowed to make up stats (within a reasonable estimate) for curveball questions, for example, (I really hope this never appears): "Assess the effectiveness of international organisations and forums in promoting globalisation"

Would we able to make up stats like: Following the Uruguay round(.?)/Doha round, agricultural subsidies declined by 10% etc etc?? Of course I wouldn't leave any topic to chance and will probably memorise a few stats in relation to this but still... ugh!

ye i get where you're coming from i was in your position once but don't freak out. everyones in the same boat. if they throw a restrictive question or question with little material to go off, the quality of responses are going to be terrible, which is harder to mark. nesa definitely doesnt want this. of course you can make up stats but make sure it's related to the content and it has a purpose. I'm very sure you know this but just saying subsidies declined isn't much but explaining that it improves international competition and efficient allocation of resources will make the fake stats sound more real.

How i would structure an essay to that is obviously first the WTO and it's rounds, then the World bank promoting globalisation through financial and social infrastructure assistance e.g. building ports and roads in India which helps global and rural economy, however, results in the displacement of homes without resettlement (i think vox or nytimes made a video on this. youtube is your friend for this topic). Then I'd talk about how EU is a trading bloc which reuduces globalisation and formation of a monetary union under maastrict treaty. Results in regionalisation, not globalisation. Then talk about how IMF promotes globalisation through 2 ways: 1. financial and exchange rate stability, and 2. under conditionality principle, IMF can demand structural changes to an economy like Greece in exchange for bailouts to avoid defaulting. Also the IMF and japan lended 500m to kosovo to build banks and finance to interact with world economy --> globalisation. And finally talk about OECD coordinating fiscal policies around the world to synchronise business cycles --> globalisation.
Obv this is not the only things you talk about but these are good pointers i reckon

 

[Flise]

ye i get where you're coming from i was in your position once but don't freak out. everyones in the same boat. if they throw a restrictive question or question with little material to go off, the quality of responses are going to be terrible, which is harder to mark. nesa definitely doesnt want this. of course you can make up stats but make sure it's related to the content and it has a purpose. I'm very sure you know this but just saying subsidies declined isn't much but explaining that it improves international competition and efficient allocation of resources will make the fake stats sound more real.

How i would structure an essay to that is obviously first the WTO and it's rounds, then the World bank promoting globalisation through financial and social infrastructure assistance e.g. building ports and roads in India which helps global and rural economy, however, results in the displacement of homes without resettlement (i think vox or nytimes made a video on this. youtube is your friend for this topic). Then I'd talk about how EU is a trading bloc which reuduces globalisation and formation of a monetary union under maastrict treaty. Results in regionalisation, not globalisation. Then talk about how IMF promotes globalisation through 2 ways: 1. financial and exchange rate stability, and 2. under conditionality principle, IMF can demand structural changes to an economy like Greece in exchange for bailouts to avoid defaulting. Also the IMF and japan lended 500m to kosovo to build banks and finance to interact with world economy --> globalisation. And finally talk about OECD coordinating fiscal policies around the world to synchronise business cycles --> globalisation.
Obv this is not the only things you talk about but these are good pointers i reckon

Thanks heaps! No wonder you got a 96 for eco

 

[Jojofelyx]

The advice on copy pasting information from other essays is a the best advice you'll get. I did it in my exam last year and it saved my ass. Need to have a very good understanding of how the topics relate to each other, because they are very closely linked. Mind mapping concepts and seeing how one thing affects 3 other things in economics will come in handy if youre given a very curveball question.

Also

FIRST IMPRESSIONS MATTER. Make your introduction and 1st paragraph extremely good.
Good luck, have fun x