essay on economic conditions

Economics Essay Examples

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Published on: Jun 6, 2023

Last updated on: Jan 31, 2024

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What is an Economics Essay?

An economics essay is a written piece that explores economic theories, concepts, and their real-world applications. It involves analyzing economic issues, presenting arguments, and providing evidence to support ideas. 

The goal of an economics essay is to demonstrate an understanding of economic principles and the ability to critically evaluate economic topics.

Why Write an Economics Essay?

Writing an economics essay serves multiple purposes:

• Demonstrate Understanding: Showcasing your comprehension of economic concepts and their practical applications.
• Develop Critical Thinking: Cultivating analytical skills to evaluate economic issues from different perspectives.
• Apply Theory to Real-World Contexts: Bridging the gap between economic theory and real-life scenarios.
• Enhance Research and Analysis Skills: Improving abilities to gather and interpret economic data.
• Prepare for Academic and Professional Pursuits: Building a foundation for success in future economics-related endeavors.

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If you’re wondering, ‘how do I write an economics essay?’, consulting an example essay might be a good option for you. Here are some economics essay examples:

Short Essay About Economics

A Level Economics Essay Examples

Here is an essay on economics a level structure:

Band 6 Economics Essay Examples

Here are some downloadable economics essays:

Economics essay pdf

Economics essay introduction

Economics Extended Essay Examples

In an economics extended essay, students have the opportunity to delve into a specific economic topic of interest. They are required to conduct an in-depth analysis of this topic and compile a lengthy essay. 

Here are some potential economics extended essay question examples:

• How does foreign direct investment impact economic growth in developing countries?
• What are the factors influencing consumer behavior and their effects on market demand for sustainable products?
• To what extent does government intervention in the form of minimum wage policies affect employment levels and income inequality?
• What are the economic consequences of implementing a carbon tax to combat climate change?
• How does globalization influence income distribution and the wage gap in developed economies?

IB Economics Extended Essay Examples 

IB Economics Extended Essay Examples

Economics Extended Essay Topic Examples

Extended Essay Research Question Examples Economics

Tips for Writing an Economics Essay

Writing an economics essay requires specific expertise and skills. So, it's important to have some tips up your sleeve to make sure your essay is of high quality:

• Start with a Clear Thesis Statement: It defines your essay's focus and argument. This statement should be concise, to the point, and present the crux of your essay.
• Conduct Research and Gather Data: Collect facts and figures from reliable sources such as academic journals, government reports, and reputable news outlets. Use this data to support your arguments and analysis and compile a literature review.
• Use Economic Theories and Models: These help you to support your arguments and provide a framework for your analysis. Make sure to clearly explain these theories and models so that the reader can follow your reasoning.
• Analyze the Micro and Macro Aspects: Consider all angles of the topic. This means examining how the issue affects individuals, businesses, and the economy as a whole.
• Use Real-World Examples: Practical examples and case studies help to illustrate your points. This can make your arguments more relatable and understandable.
• Consider the Policy Implications: Take into account the impacts of your analysis. What are the potential solutions to the problem you're examining? How might different policies affect the outcomes you're discussing?
• Use Graphs and Charts: These help to illustrate your data and analysis. These visual aids can help make your arguments more compelling and easier to understand.
• Proofread and Edit: Make sure to proofread your essay carefully for grammar and spelling errors. In economics, precision and accuracy are essential, so errors can undermine the credibility of your analysis.

These tips can help make your essay writing journey a breeze. Tailor them to your topic to make sure you end with a well-researched and accurate economics essay.

To wrap it up , writing an economics essay requires a combination of solid research, analytical thinking, and effective communication. 

You can craft a compelling piece of work by taking our examples as a guide and following the tips.

However, if you are still questioning "how do I write an economics essay?", it's time to get professional help from the best essay writing service -  CollegeEssay.org.

Our economics essay writing service is always ready to help students like you. Our experienced economics essay writers are dedicated to delivering high-quality, custom-written essays that are 100% plagiarism free.

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Barbara is a highly educated and qualified author with a Ph.D. in public health from an Ivy League university. She has spent a significant amount of time working in the medical field, conducting a thorough study on a variety of health issues. Her work has been published in several major publications.

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Economic Conditions

Prices are up in all u.s. metro areas, but some much more than others.

Inflation in the U.S. is down significantly from its recent highs. But actual prices remain elevated and are likely to stay that way.

Eggs, gasoline and car insurance: Where inflation has hit Americans hardest

As the U.S. economy began recovering from coronavirus-related shortages and shutdowns, consumer prices surged faster than they had in more than four decades.

Most People in 35 Countries Say China Has a Large Impact on Their National Economy

Large majorities in nearly all 35 nations surveyed say China has a great deal or a fair amount of influence on their country’s economic conditions.

Americans are split over the state of the American dream

Americans ages 50 and older are more likely than younger adults to say the American dream is still possible.

Biden, Trump supporters both say the U.S. economic system unfairly favors powerful interests

Trump and Biden supporters share a fair amount of common ground when it comes to criticisms of the U.S. economic system.

Economic ratings across 34 countries are more negative than positive

A median of about two-thirds of adults (64%) rate their country’s economic situation poorly.

Public’s Positive Economic Ratings Slip; Inflation Still Widely Viewed as Major Problem

Majorities of both Republicans and Democrats remain fearful about the state of the country.

Is College Worth It?

Americans have mixed views on the importance of having a degree. 47% say the cost is worth it only if someone doesn’t have to take out loans.

A look at small businesses in the U.S.

Among the roughly 6 million small business firms with employees, 49% have just one to four workers.

State of the Union 2024: Where Americans stand on the economy, immigration and other key issues

Ahead of President Joe Biden’s third State of the Union address Americans are focused on the health of the economy and immigration.

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Home — Essay Samples — Economics — Economic Inequality — Poverty and Economic Inequality

Poverty and Economic Inequality

• Categories: Economic Inequality

About this sample

Words: 618 |

Published: Jan 31, 2024

Words: 618 | Page: 1 | 4 min read

Table of contents

Definition and causes of poverty, economic inequality and its effects, government policies and interventions, global perspectives on poverty and economic inequality, solutions to poverty and economic inequality.

• World Bank. (2021). Poverty Overview. https://www.worldbank.org/en/topic/poverty/overview

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An assessment of economic conditions and the stance of monetary policy

February 18, 2020

In our most recent Federal Open Market Committee (FOMC) meeting, the Federal Reserve decided to leave the federal funds rate unchanged in a range of 1.5 to 1.75 percent. In addition, we made a 5-basis-point upward adjustment to the interest paid on excess reserves (IOER) held by banks on deposit at the Fed. This was a technical adjustment intended to support the setting of the federal funds rate well within the range set by the FOMC.

I supported these decisions as well as the post-meeting communication regarding the path of the Federal Reserve balance sheet. The Fed balance sheet expanded rapidly in the fourth quarter of 2019 as repurchase agreement (repo) operations and Treasury bills purchases were needed to maintain reserve levels.

It is my hope and expectation that, as reserves in the banking system meet or exceed ample levels of at least $1.5 trillion, the Fed balance sheet will expand only gradually to reflect trend growth in the demand for currency and other Federal Reserve liabilities. I would expect that, over the first half of 2020, the pace of balance sheet expansion will moderate significantly as active repo operations gradually decline and reserve management purchases of Treasury bills slow in the second quarter.

I continue to support a review of our supervisory guidance and regulatory policies in an effort to assess whether we could put Treasury bills and reserves on a more equal footing in terms of bank liquidity management. I also remain open to consideration of other alternatives which could help the Fed run an ample reserves regime with a sensitivity to limiting growth in the size of the Federal Reserve balance sheet.

Economic outlook

It is the base-case view of Dallas Fed economists that U.S. gross domestic product (GDP) will grow at a rate of approximately 2 to 2.25 percent in 2020. This forecast is based on our expectation that global growth is likely to remain sluggish but will show signs of stabilization due to some calming of trade uncertainties—particularly as a result of the ratification of the United States–Mexico–Canada Agreement, the Phase One agreement with China, and some greater clarity regarding Brexit. In this regard, we also expect U.S. manufacturing to remain sluggish but show some signs of stabilization. Lastly, we expect business fixed investment to firm somewhat from disappointing levels in 2019. These developments, combined with a strong U.S. consumer (which accounts for approximately 70 percent of U.S. GDP), should lead to solid growth in 2020.

Of course, this outlook is clouded by the impact of the coronavirus originating in Wuhan, China. This development will likely mean slower growth in China and risks to the downside for global growth. Dallas Fed economists are considering various alternative scenarios for how this virus could impact U.S. and global GDP growth. However, at this stage, it is still too soon to predict with confidence the ultimate impact of this virus on the U.S. and global economies. Our Dallas Fed team will continue to actively monitor this situation and assess its ongoing implications.

In addition, I am cognizant that the delay in production of the Boeing 737 Max airplane is likely to reduce U.S. GDP growth by as much as 0.4 percent (annualized) in the first quarter of 2020. The extent of the full-year effect will ultimately be determined by the timing of a return to production, likely later in the year. Finally, the first half of 2020 will benefit from the return of post-strike production at General Motors.

Against this backdrop, the U.S. consumer continues to be the key underpinning of the U.S. economy. Household debt to GDP has gone from a peak of 98 percent in 2008 to approximately 74 percent as of third quarter 2019. [1] In addition to this improvement in household balance sheets, the current rate of unemployment in the U.S. is approximately 3.6 percent. [2] Furthermore, the U-6 measure of unemployment—which takes into account the unemployed, plus discouraged workers who have given up looking for work, plus workers who work part time but would prefer to work full time—is currently running at approximately 6.9 percent. [3] This reading is near its historic low of 6.7 percent reached in December 2019. The labor force participation rate (the percentage of 16 year olds and above either employed or actively looking for work) now stands at 63.4 percent, its highest level since June 2013. [4] All this suggests to Dallas Fed economists that the U.S. economy is likely at or past the level of full employment. This further bolsters our near-term confidence in the strength of the U.S. consumer.

Based on our forecast, we would expect headline unemployment to drift down from the current reading of 3.6 percent to approximately 3.5 percent during 2020. In addition, Dallas Fed economists believe that the personal consumption expenditures (PCE) inflation rate will gradually move toward the Fed’s 2 percent target in the medium term. This confidence is bolstered by the fact that the Dallas Fed’s Trimmed Mean PCE measure of inflation, which exes out inflation components with extreme moves to the upside or the downside, is currently running at approximately 2 percent on a 12-month basis. [5] Our research indicates that the trimmed mean is a good indicator of future headline PCE inflation trends.

Potential GDP growth

Expected 2020 growth of 2 to 2.25 percent is in line with the average growth rate of the U.S. economy since 2010. [6] However, this level of growth is sluggish by historical standards. GDP growth is made up of growth in the workforce plus growth in productivity. As I’ve discussed in previous essays, aging demographics and sluggish workforce growth ( Chart 1 ) and more modest productivity growth ( Chart 2 ) are negatively impacting potential GDP growth in the U.S.

Downloadable chart

The rate of U.S. workforce growth has declined from a yearly average of approximately 2.71 percent in the 1970s to 1.27 percent in the 1990s to an expected 0.24 percent in the 2020s. [7] This deceleration in workforce growth is not being offset by improvements in productivity per worker. The rate of U.S. productivity growth has declined from a yearly average of almost 2 percent in the 1990s to 0.85 percent since 2010. [8]

It’s the view of Dallas Fed economists that structural reforms are needed if we are to improve U.S. workforce growth. These reforms could include policies that facilitate child care and transportation services, which make it easier for marginally attached workers to enter and stay in the workforce. In addition, immigration reform that focuses on skills and employer needs could also help increase the rate of U.S. workforce growth.

Productivity growth could be enhanced by policies that help workers impacted by technology and technology-enabled disruption to get reskilled. Dallas Fed economists believe that the emphasis on skills training programs could be dramatically increased in the U.S. In addition, policies that focus on improving early-childhood literacy and the overall math, science and reading skills of our next generation of workers would help improve their adaptability and productivity. Lastly, investments in selected infrastructure improvements could help create greater efficiencies in the U.S. economy.

We would also note that, in this context, global trade is likely an opportunity for the U.S. to grow faster. In particular, integrated logistics and supply-chain arrangements, especially those with Mexico and, to a lesser extent, Canada have been critical to improving the global competiveness of U.S. firms, which has allowed these firms to add jobs and domicile their businesses in the U.S.

Finding ways to improve the potential growth rate of the U.S. economy is critical given that the amount of U.S. government debt held by the public is now approximately 79 percent of GDP [9] and the present value of unfunded entitlements is now approximately $59 trillion. [10]

While monetary policy has a key role to play in enhancing the ability of the U.S. economy to grow at its potential, it is not a substitute for structural reforms and policies that can improve the level of potential growth in the U.S. As a central banker, I believe it is important to point out the limits of monetary policy and the need for broader policies to improve the economic future of the U.S. (See the essay “Economic Conditions and the Key Structural Drivers Impacting the Economic Outlook,” Oct. 10, 2019, which discusses these structural challenges and opportunities).

Oil industry outlook

The Eleventh District of the Federal Reserve is home to the Permian Basin, which accounts for approximately 36 percent of U.S. crude oil production. [11] , [12] Due to the emergence of the U.S. shale industry, the U.S. now produces approximately 12.9 million barrels per day (mb/d) of crude oil. [13] This compares with crude oil production of approximately 11.3 mb/d by Russia and 9.7 mb/d by Saudi Arabia. [14]

It is the view of Dallas Fed economists that global oil production (crude oil and liquids) will increase by 0.7 mb/d to approximately 102.3 mb/d from fourth quarter 2019 to fourth quarter 2020. [15] This production forecast assumes growth of 0.7 mb/d in the U.S. and 0.7 mb/d in other non-OPEC countries, and a decline of 0.7 mb/d in OPEC oil production.

The International Energy Agency (IEA) forecasts that global consumption will likely grow by approximately 1.0 mb/d to 102.2 mb/d in 2020. [16] The coronavirus presents a meaningful risk to demand growth globally as overall Chinese oil consumption represented approximately 14 percent of total global consumption and approximately 57 percent of global consumption growth in 2019. [17] The IEA consumption forecast indicates that, due to the impact of the virus, first quarter 2020 global oil demand will decline by approximately 0.4 mb/d versus the first quarter of 2019. It further assumes that a substantial portion of this consumption decline will reverse in subsequent quarters of 2020. It is worth noting that the expected first-quarter consumption decline would be the first year-over-year drop in quarterly oil demand since the Great Recession of 2007–09.

In this context, Dallas Fed economists expect U.S. crude oil production growth of approximately 0.4 mb/d in 2020. [18] This compares with production growth of 2.0 mb/d in 2018 and 0.9 mb/d in 2019. [19] These forecasts assume West Texas Intermediate oil prices stay in the range of approximately $50 to $60 per barrel.

This expected decline in U.S. production growth is influenced by weaker global demand growth and is also heavily influenced by a dramatic increase in pressure from capital providers to see “discipline” in capital allocation from energy and production firms. In practice, this means that capital expenditures for drilling activity will have to be funded by internal cash flow versus debt issuance. This is a fairly significant change from historic practice. It should be noted that shale projects are more “short-cycle” investments than typical conventional projects—they can be drilled and brought onstream very quickly and, on average, for approximately $6 million to $8 million per well. However, as output of wells tends to decline rapidly in the first few years of production, producers must continuously invest in order to maintain overall production levels.

As a result of these developments, our Dallas Fed oil industry contacts have indicated to us that they expect capital spending in the U.S. oil and gas sector could be down by as much as 10 to 15 percent in 2020. This reduction in capital spending is likely to have a substantial impact on energy service companies. Several companies have already announced restructurings, charge-offs and layoffs. In light of this, we would expect that 2020 will be a year of restructurings, consolidation where possible, and general belt tightening.

Implications for Texas and the U.S. Economy

Despite a more challenging environment for oil and gas production, Dallas Fed economists still expect 2020 job growth in Texas to be approximately 2.1 percent. [20] While the state’s economy has grown substantially and become much more diversified over the past several decades, the energy sector still represents approximately 9 percent of Texas GDP [21] and remains a key economic driver in a number of important regions of the state.

In the U.S. more broadly, lower oil prices should benefit U.S. consumers by freeing up more of their disposable income for the consumption of non-oil goods and services. However, because the U.S. is no longer a net importer of oil and petroleum products, the benefit to U.S. GDP of lower oil prices for consumers may be increasingly offset by the negative impact on domestic energy producers in terms of capital spending and employee compensation. Changes in oil prices will increasingly redistribute income between sectors and states within the U.S., as opposed to impacting the transfer of income between the U.S. and other oil-exporting nations.

As a result of these developments, over the past several years, the U.S. has become somewhat less sensitive than in the past to oil price fluctuations. Additionally, since the 1970s, the U.S. economy has become less oil-intensive due to substitution for oil by other forms of energy, improved fuel efficiency, and growth in the less-energy-intensive services sector as a share of the overall economy.

Growth in Renewables

Dallas Fed energy economists expect that global energy consumption will increasingly reflect reduced reliance on fossil fuels (oil, natural gas and coal) as a share of total consumption. This reduced reliance is primarily due to expected growth in renewable energy. Renewable energy sources include hydropower, solar power, wind power (offshore and onshore), geothermal and modern bioenergy production (including energy content in solid, liquid and gaseous products derived from biomass feedstocks and biogas). While estimates of the increase in renewable energy production vary, there is clear evidence that a transition is underway in the energy industry.

The International Energy Agency (IEA) base-case forecast suggests that renewables are likely to substantially increase as a percentage of global energy consumption over the next 20 years. [22] Their forecast indicates that, under stated policies, renewables will grow approximately 125 percent over the period, outpacing global oil and natural gas consumption growth of approximately 21 percent. [23] However, the IEA notes that if global regulators take a much more aggressive stance to achieve the energy-related goals of the United Nations Sustainable Development agenda, [24] it estimates that renewables could grow by over 200 percent and global oil and natural gas consumption could decline by as much as 20 percent by 2040. [25] In that case, renewables would account for nearly 33 percent of global energy consumption. [26]

Our Eleventh District industry contacts report to us that they believe investments in sustainability and innovative approaches to mitigate the impacts of climate change are likely to provide substantial growth opportunities for U.S. businesses. We are already seeing a number of these investments in Texas.

The stance of monetary policy

It is my view that, based on my base-case outlook for the U.S. economy, the current setting of the federal funds rate at 1.5 to 1.75 percent is roughly appropriate. Consistent with this view, my Summary of Economic Projections (SEP) submission in December 2019 indicated that I expected no movement in the federal funds rate through 2020.

Of course, my views are subject to revision based on how the outlook for the U.S. economy evolves over the course of this year. In that regard, I will be closely monitoring a variety of economic developments and, in particular, continuing to assess how the coronavirus ultimately will impact the U.S. and global economies.

• Data are from the Bureau of Economic Analysis (BEA), Federal Reserve Board and Haver Analytics. Household debt is from the Federal Reserve Board’s flow of funds series and is defined as households and nonprofit organizations; debt securities and loans; liability.
• As of January 2020. Data are from the Bureau of Labor Statistics (BLS).
• Data are from the BLS. Note that unlike the unemployment rate, which goes back to 1948, this series only goes back to 1994.
• See note 2.
• As of December 2019. Data are from the Federal Reserve Bank of Dallas.
• Data are from the BEA. Average GDP growth from 2010 to 2019 was 2.3 percent.
• Data are from BLS employment projections (20–64 years old) and Federal Reserve Bank of Dallas analysis.
• Data are from the BEA and BLS.
• As of fourth quarter 2019. Data are from the U.S. Department of the Treasury and the BEA.
• “The 2019 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds,” Centers for Medicare and Medicaid Services, April 22, 2019.
• In this essay, when the term “crude oil” is used, it refers to crude oil and condensates. The term “oil” refers to crude oil, condensates, natural gas liquids and biofuels. Prior to being consumed, oil is refined into “petroleum products” such as motor gasoline, jet fuel, kerosene, diesel, residual fuel and other products.
• Data are from the U.S. Energy Information Agency.
• Data are from the International Energy Agency (IEA). Production levels are as of fourth quarter 2019.
• See note 13.
• Data are from the Federal Reserve Bank of Dallas and the IEA. Growth rates are on a fourth-quarter over fourth-quarter basis.
• Growth rates are on a fourth-quarter over fourth-quarter basis.
• Data are from the IEA. Growth rates are on a fourth-quarter over fourth-quarter basis.
• Data are from the Federal Reserve Bank of Dallas. Growth rates are on a fourth-quarter over fourth-quarter basis.
• See note 16.
• Data are from the Federal Reserve Bank of Dallas.
• Data are from the BEA.
• IEA World Energy Outlook 2019. Data are from the stated policy scenario.
• IEA World Energy Outlook 2019. Data are from Table 1.1—World primary energy demand by fuel and scenario. The IEA defines renewables as bioenergy, geothermal, hydropower, solar photovoltaic (PV), concentrating solar power (CSP), wind and marine (tide and wave) energy for electricity and heat generation. Bioenergy is defined by the IEA as energy content in solid, liquid and gaseous products derived from biomass feedstocks and biogas, and it includes solid biomass, biofuels and biogas.
• The energy-related goals of the United Nations Sustainable Development agenda are defined by the IEA as Sustainable Development Goals (SDGs) 3.9, 7, and 13.
• IEA World Energy Outlook 2019. Data are from the sustainable development scenario.
• See note 24.

About the Author

Robert S. Kaplan was president and CEO of the Federal Reserve Bank of Dallas, 2015–21.

From the Author

I would like to acknowledge the contributions of Tyler Atkinson, Jackson Crawford, Jim Dolmas, Scott Frame, Marc Giannoni, Drew Johnson, Lutz Kilian, Evan Koenig, Pia Orrenius, Kunal Patel, Michael Plante, Kathy Thacker, Joe Tracy and Mine Yücel in preparing these remarks.

The views expressed are my own and do not necessarily reflect official positions of the Federal Reserve System.

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What Are Economic Conditions?

Understanding economic conditions.

• Why Economic Conditions Matter

The Bottom Line

• Macroeconomics

Economic Conditions: Definition and Indicators

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Economic conditions refer to the present state of the economy in a country or region. These conditions change over time along with the economic and business cycles , as an economy goes through periods of expansion and contraction . Economic conditions are considered to be sound or positive when an economy is expanding and are seen as adverse or negative when an economy is contracting.

Key Takeaways

• Economic conditions refer to the state of macroeconomic variables and trends in a country at a point in time.
• Such conditions may include gross domestic product (GDP) growth potential, the unemployment rate, inflation, and fiscal and monetary policy orientations.
• Economic conditions are measured by economists and analysts and take the form of quantifiable economic indicators.

A country's economic conditions are influenced by numerous macroeconomic and microeconomic factors, including monetary and fiscal policy , the state of the global economy, unemployment levels, productivity, exchange rates , inflation, and many others.

Economic data is released on a regular basis, generally weekly or monthly and sometimes quarterly. Some economic indicators like the unemployment rate and GDP growth rate are monitored closely by market participants, as they help to make an assessment of economic conditions and potential changes in them. A plethora of economic indicators can be used to define the state of the economy or economic conditions, including the unemployment rate, levels of current account and budget surpluses or deficits, GDP growth rates, and inflation rates.

Generally speaking, economic indicators can be categorized as leading, coincident, or lagging. That is, they describe likely future economic conditions, current economic conditions, or conditions of the recent past. Economists are typically most interested in leading indicators as a way to understand what economic conditions will be like in the next three to six months. For example, indicators like new orders for manufactured goods and new housing permits indicate the pace of future economic activity as it relates to the rate of manufacturing output and housing construction.

Other indicators that can forecast future economic conditions include the consumer confidence index , new factory orders (the new orders for goods by retail and other businesses), and business inventories (the inventories maintained by businesses to keep up with demand). 

Why Economic Conditions Matter for Investors and Businesses

Indicators of economic conditions provide important insights to investors and businesses. Investors use indicators of economic conditions to adjust their views on economic growth and profitability.

An improvement in economic conditions would lead investors to be more optimistic about the future and potentially invest more as they expect positive returns. The opposite could be true if economic conditions worsen.

Similarly, businesses monitor economic conditions to gain insight into their own sales growth and profitability. A fairly typical way of forecasting growth would be to use the previous year's trend as a baseline and augment it with the latest economic data and projections that are most relevant to their products and services.

For example, a construction company would look at economic conditions in the housing sector to understand whether momentum is improving or slowing and adjust its business strategy accordingly.

What Are the Conditions of the Economic Cycle?

The economic cycle, also know as the business cycle, refers to the way an economy might fluctuate over time. The four stages of the economic cycle are expansion, peak, contraction, and trough. Each stage is characterized by certain economic conditions related to growth, interest rates, and output.

What Are Bad Economic Conditions?

Economic conditions include a wide range of potential characteristics, each measured a different indicator. As such, there are many examples of poor economic conditions. Some of the most common illustrations include high inflation, high unemployment, and low wages.

What Is Economic Outlook?

Economic outlook is a concept closely related to economic conditions. Whereas the latter refers to present characteristics, the former more often refers to projections about what future economic conditions will be. Economic outlook is a future-oriented hypothesis about how the economy of tomorrow may shape up.

Economic conditions are the characteristics of an economy at any given point in time. They can be measured with a range of metrics and indicators, such as unemployment rate, inflation, output, and more. Economic conditions evolve in accordance with business cycles, which involve both periods of expansion and contraction.

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How to Write an Economics Essay: Key Steps for Writing

What is Economics Essay?

How to choose an economics essay topic, good economics essay topics, economics essay format, how to write an economics essay, economics essay example.

If you've been assigned an economics essay, this article is the guide you need to structure it effectively. Start by carefully reading and analyzing the question, then follow these steps:

• Read Recommended Material : Begin with lecture notes and core textbooks and supplement with additional readings.
• Understand and Answer the Question : Reformulate the question in your own words if necessary, and stay focused on answering it directly.
• Show Understanding and Accuracy : Ensure your discussion is accurate, write in your own words, and avoid extensive quotes.
• Structure Your Essay : Include a clear introduction, body, and conclusion.
• Use Appropriate Methods and Detail : Integrate relevant models, diagrams, and methods.

If you still struggle after reading this article, PaperWriter can assist with your essay. Our online paper writer will ensure you receive a well-researched, quality paper!

An economics essay is a specialized form of academic writing that delves into economic concepts, theories, and issues. What sets it apart from other types of writing, for example, an article review example , is its focus on the economic aspects of various subjects, its emphasis on data analysis, and its application of economic principles to real-world scenarios.

• Economic Perspective: This kind of writing approaches topics from an economic perspective, considering factors like given price and consumer's desire. It analyzes economic phenomena, such as market behaviors, price changes, production, and consumption, to provide a deeper understanding of the subject matter and its impact on total demand.
• Data-driven: These essays often rely on data and statistics to support arguments and conclusions. Whether you're discussing the impact of inflation on a nation's economy or the correlation between education and income, data plays a central role in validating your points.
• Application of Economic Theories: They frequently apply economic theories and models to explain and predict economic behaviors. Understanding theories like supply and demand, elasticity, or market structures is crucial in constructing a compelling argument.
• Interdisciplinary Nature: They can intersect with various disciplines. For instance, you might write an economics essay on the environmental impact of government policies, which blends economic concepts with environmental science and policy analysis.
• Policy Implications: Many economics essays explore the policy implications of economic findings. They discuss how specific economic phenomena might influence government decisions or corporate strategies.
• Real-World Relevance: Unlike purely theoretical essays, economics papers are rooted in real-world issues. They seek to address current economic challenges, such as unemployment, inflation, trade deficits, and more, making them highly relevant to contemporary society.

Choosing the right economics essay topics is key to writing a great paper. Here's how to pick a topic that will set you up for success:

• Identify Your Interests - A topic you are passionate about will make the writing process more enjoyable and engaging, so think about the areas of economics that fascinate you.
• Review Course Material - Look through your lecture notes, textbooks, and assigned readings for topics that have been discussed in class. This way, you'll find a relevant and manageable topic.
• Consider Current Events - Economic issues in the news can be a great source of inspiration. Look for recent developments or ongoing debates that you can analyze.
• Focus on a Specific Question - Narrow down broad topics to a specific question or issue. For example, instead of writing about "inflation," focus on "the impact of inflation on small businesses in the last five years."
• Check for Available Resources - A good topic will have plenty of academic papers, statistics, and case studies to support your argument, so ensure there is enough data and research available on your chosen topic.
• Get Feedback - Discuss your ideas with your instructor or classmates to get feedback and refine your topic. This can help you choose a topic that is both interesting and feasible.

Choosing good extended essay topics for economics in 2024 can be an exciting opportunity to delve deep into a subject that interests you. Here are some intriguing ones from our nursing paper writing service :

The Impact of Digital Currencies on Traditional Banking: Analyze the rise of cryptocurrencies and their potential to disrupt traditional banking systems, considering factors affecting demand and market equilibrium.

Economic Consequences of Climate Change Policies: Investigate the economic effects of government policies aimed at combating climate change, including carbon taxes and emissions trading schemes, and their impact on market demand and equilibrium price.

The Gig Economy: Explore the economic implications of the gig economy, including its impact on traditional employment, income inequality, and labor regulations, as well as its influence on quantity demanded and supply curve dynamics.

The Economics of Healthcare Access: Analyze the factors affecting healthcare access and affordability, with a focus on healthcare systems in different countries, and how these factors relate to particular price points and market prices.

Income Inequality and Economic Growth: Investigate the relationship between income inequality and a nation's economic growth, examining how inequality affects productivity and overall economic well-being, potentially leading to shifts in aggregate demand.

The Economics of Renewable Energy Adoption: Study the economic factors driving the adoption of renewable energy sources and their impact on energy markets and sustainability, affecting supply curve dynamics and market equilibrium.

Trade and Economic Growth: Analyze the relationship between international trade and a country's economic growth, considering trade agreements, tariffs, and export-oriented policies and their influence on demand curve shifts.

The Economics of Education: Investigate the economic effects of education, such as its impact on earning potential, social mobility, and national economies, potentially influencing market demand for educational services.

Economic Impact of the Aging Population: Explore how the aging population affects economic systems, including issues related to healthcare, pensions, and workforce dynamics, leading to changes in market equilibrium.

The Economics of Big Tech Companies: Analyze the economic influence and implications of large technology corporations on markets, competition, and innovation, possibly affecting aggregate demand and market price for tech-related products and finance essay writing service .

An effective economics essay, much like other academic essays, follows a structured format that clearly presents your argument and supports it with evidence. Here's a detailed guide to formatting your paper:

Writing an economics essay involves a structured approach that clearly presents your argument and supports it with evidence. To write a clear essay, follow this economics essay structure:

Introduction

Your economics essay introduction should set the context and present your main argument. Here's how to structure it:

• Context Statement : Explain why the question is important. For example, "The impact of minimum wage laws on employment is a crucial issue in economic policy, affecting both workers and businesses."
• Answer the Question : Provide your main argument. For example, "Raising the minimum wage can lead to higher unemployment among low-skilled workers."
• Summarize Your Argument : Briefly outline the main points you will discuss. For example, "This essay will examine the effects of minimum wage increases on employment, consumer spending, and business costs."

The main body should logically develop your argument. Here's how to organize it:

• Paragraph Structure : Each paragraph should start with a clear topic sentence that addresses the question.
• Topic Sentence : "Higher minimum wages can increase unemployment among low-skilled workers."
• Reasoning and Evidence : "Studies have shown that businesses may reduce their workforce to offset increased labor costs. For instance, a study by Neumark and Wascher (2007) found that a 10% increase in the minimum wage could reduce employment among teenagers by 1-2%."

Continue this structure for each point you want to make, ensuring each paragraph flows logically to the next. Also, effective use of modifiers can make your arguments clearer and more precise. For example, instead of saying, "Minimum wage laws affect employment," you can say, "Stricter minimum wage laws significantly affect employment among low-skilled workers." You can find out more on how to use modifiers in our dedicated article.

In the conclusion part, summarize your argument and restate your main point. Highlight the significance of your findings.

• Summarize Your Argument : "In summary, while raising the minimum wage aims to improve living standards, it can also lead to higher unemployment, reduced consumer spending, and increased business costs."
• Restate Your Answer : "Therefore, raising the minimum wage can have negative effects on employment."
• Significance : "Understanding these impacts is crucial for policymakers to balance the benefits and drawbacks of minimum wage increases."

Stressed About Your Economics Essay Deadline?

Our experts are here to create top-notch writing for you, even when time is running out!

In the realm of economics, mastering intricate theories and principles can often prove challenging. That's why our expert college admission essay writing service has crafted a practical economics essay example to shed light on complex concepts and provide a clear roadmap for understanding the subject.

Title: The Impact of Minimum Wage on Income Inequality

Income inequality has become a pressing concern in modern economies. As the wealth gap widens, policymakers and economists are increasingly focusing on potential solutions to address this issue. One such solution is the adjustment of minimum wage rates. This essay delves into the complex relationship between minimum wage policies and income inequality, exploring the various mechanisms through which minimum wage can either exacerbate or mitigate income disparities. By analyzing empirical evidence and economic theories, we aim to provide a comprehensive view of the effects of minimum wage on income inequality.

Minimum Wage and Low-Income Workers

Minimum wage policies have a direct impact on low-income workers. When the minimum wage is increased, these workers experience a boost in their earnings. This, in theory, should reduce income inequality, as those with the lowest incomes see an increase in their wages. For example, studies by Smith and Johnson (2020) found that a $1 increase in the minimum wage led to a significant rise in the income of low-wage workers, contributing to a reduction in income inequality.

Effects on Employment and Income Inequality

However, the relationship between minimum wage and income inequality is more intricate. Critics argue that raising the minimum wage can lead to job losses, particularly in industries with tight profit margins. This raises concerns about unemployment among low-skilled workers. For instance, the Congressional Budget Office (CBO) projected that a $15 minimum wage, if implemented, could lead to the loss of 1.3 million jobs by 2024.

Regional Disparities

Another aspect to consider is regional disparities in the cost of living. A uniform minimum wage may not account for variations in living costs across different regions. In high-cost metropolitan areas, the minimum wage may still fall short of providing a livable income, contributing to income inequality.

Income Substitution

Some argue that the impact of minimum wage on income inequality is offset by a phenomenon known as 'income substitution.' When the minimum wage is increased, employers may reduce non-wage benefits, such as health insurance or retirement contributions, to offset increased labor costs. As a result, the total compensation package for low-wage workers may not improve substantially, and income inequality may persist.

Counter Arguments

It's essential to acknowledge counter arguments as well. Proponents of minimum wage increases argue that they not only benefit low-wage workers but also stimulate economic activity. When low-income individuals earn more, they tend to spend more, boosting demand and potentially leading to job creation. Furthermore, minimum wage policies can improve overall labor productivity by incentivizing workers to stay in their jobs longer, thus enhancing their skills and value in the labor market.

In conclusion, the relationship between minimum wage policies and income inequality is multifaceted. While increasing the minimum wage can directly benefit low-income workers and potentially reduce income inequality, it is crucial to consider the broader implications. The impact on employment, regional disparities, and the potential for income substitution should all be taken into account when evaluating the effectiveness of minimum wage policies in addressing income inequality. Economists and policymakers must carefully balance the desire to uplift low-wage workers with the need to maintain a competitive labor market and promote economic growth.

• Smith, A., & Johnson, B. (2020). The Impact of Minimum Wage on Income Inequality. Journal of Economic Research, 45(3), 311-328.
• Congressional Budget Office (CBO). (2021). The Effects of a Minimum-Wage Increase on Employment and Family Income. https://www.cbo.gov/publication/56193

As we wrap up this article, let's quickly recap the main steps for writing an economics essay:

• Choose a topic that interests you and aligns with your course.
• Read recommended materials thoroughly.
• Reformulate the essay question in your own words.
• Structure your essay with a clear outline.
• Use models, diagrams, and data to support your arguments effectively.

Last but not least, always rely on our expert help—PaperWriter offers professional assistance for crafting a strong essay.

How Do You Start an Economic Essay?

To start an economic essay, begin with a clear introduction that includes a thesis statement. Briefly outline the main points you will discuss in your essay. Include a hook, such as a surprising statistic or a relevant quote, to engage the reader and make sure your thesis statement clearly presents the argument or question you will address in your essay.

How Do I Write an Economics Essay?

To write an economics essay, follow these steps:

• Research : Gather relevant data and sources.
• Outline : Plan the structure of your essay.
• Introduction : State your thesis and main points.
• Body : Develop each point with evidence and analysis.
• Conclusion : Summarize your findings and restate your thesis.

Is an Economics Essay in APA or MLA?

Economics essays are typically written in APA format. This format includes in-text citations and a reference list at the end. However, always check your assignment guidelines or ask your instructor, as some institutions may prefer MLA or another citation style.

• updated writing steps for choosing a topic and writing essays;
• updated format;
• added FAQs.
• Essay Writing in Economics -Useful Advice . (n.d.). https://www.st-andrews.ac.uk/assets/university/schools/school-of-economics-and-finance/documents/advice-essay-writing.pdf
• ‌ How to Structure Your Economics Essay . (n.d.). https://www.ibmastery.com/blog/how-to-structure-your-economics-essay

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How to Write a Good Economics Essay

Last Updated: July 16, 2024 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a Private Tutor and Life Coach in Santa Cruz, California. In 2018, she founded Mindful & Well, a natural healing and wellness coaching service. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. Emily also received her Wellness Coach Certificate from Cornell University and completed the Mindfulness Training by Mindful Schools. This article has been viewed 130,378 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies.
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute.

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [8] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [9] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

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• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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