Which is easiest Economics or Business Studies?

This is a question I often get asked by students. - Is economics easy or difficult?

To be honest it's hard to answer. It's a bit like saying which is more difficult - running a marathon or cycling 100 miles. Both are difficult if you don't prepare for the event. But, if you do prepare, you can do well in either.

Sometimes students find Economics difficult in the beginning because there are many new concepts to learn. Business studies perhaps deals with more concepts that are general knowledge. But, I don't think we can say one is easier than the other. A lot may depend on how the subject is taught and whether you work at the subject.

When choosing subjects at A Level or university, it is a mistake to look for the "easiest one" It is best to choose a subject that you have an interest in and think you will be committed to studying. If you have an interest in the subject then you will be able to work through any difficulties.

If you find Economics difficult in the first month, don't despair. You will probably find it makes more sense over the course of the year. Once, one of my economics teachers said 70% of economics is about supply and demand, so it's really quite easy when you've mastered that.

Labels: economics help

However, when I want to bring economic analyise into political filed, I still confuse that what is appropriate way to use "the economic arguement"? Is it theory in economic e.g. Human Capital Theory? Or data of country such as exchange rate, import/export data etc? What is exactly "the economic arguement" means? Thank you for your kindly answer.

When writing economic essays it is important to use the following items in answering the question.

1. Economic Theory. e.g. Wages are determined by MRP theory. MRP = MR*MPP. The theory also needs to be explained

2. Application to real World. We see the implication of MRP theory to explain why Lawyers get higher wages than street cleaners. - Lawyers can make a big difference to a firms profit and therefore have a high MPP.

3. Economic Data. For longer essays you may wish to back up the answer with data. E.g. average wage of lawyers is $89,000 a year. Average wage of street cleaners $16,000. For university essays / dissertations it is important to include footnotes for the source of your data.

4. Evaluation of data / theory. MRP can be used to determine wages. However, for many jobs in the service sector it is difficult to measure a workers productivity.

I would be wary of using political arguments for an economics essays. For example, if you have a question about fiscal policy. You will not get any marks for saying things like

• Higher taxes will cause the government to be unpopularity.
  
• This kind of political argument is not relevant in an economics essay.

See also:

• Tips for writing economic essays
• Writing Evaluative essays
  

Labels: economics help

I am starting a new thread for Economics Questions. As usual you are free to leave any questions as a comment on this post.

I shall try to answer the economics question and / or point to other resources but please bear in mind.

1. The replies will be guidance and not for duplication. Your essays should always be your own work.
2. My specialty is economics for British A Level standard. My university economics is rusty in parts, because generally I don't use it in teaching A level economics.
3. I can't guarantee to always give full answers it also depends on my time schedule.
4. The answers will not necessarily be complete. I know several of my essays on this site could be improved.
5. Please Write the Questions clearly and with proper spelling. Some questions I have not answered because they were not clear what was meant.
6. I will answer as a new post. Check home page of blog for new post. With question and answers
   

I studied PPE at Oxford University and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.

If you find the information useful, you are welcome to buy me a coffee :)

Labels: economics help

• hi, i'll be doing my AL's soon, and i wanted to know some tips on writing good economic essays. i find it very hard to finish unit 6 within 1 hr and 45 mins, usually i spend about an hour on section A and then take another hour for section B.

Tips for saving Time

1. Avoid useless phrases "In this essay i will look at"
2. Avoid introductions where you repeat question.
3. Only answer the question set.
4. Diagrams don't need a ruler.
5. Use abbreviations, if the meaning is clear.
6. Split up the exam in term of time. E.g. if you have 90 minutes and 90 marks. A 6 mark question should be given 6 minutes.

• Since you are an edexcel examiner, could you please tell me how many points u should write for say 6, 10 and 12 marks.

Hard to say, without looking at question. 6marks might be 2 points. 12 marks 3 or 4. But, I cannot say exactly, you will have to use your judgement. The best thing is to spend the right amount of time. But, the important thing is that if it is discuss, examine, evaluate question 40% of marks will be for evaluation.

• Also, is it ok to use abbreviations in our essays like AD, AS, int. and FDI? Will marks be cut?

AD, AS is fine, FDI is fine. But, int is ambiguous - does it mean international or interest rates?

Labels: economics help, essays

Tips and advice for Writing Evaluation Essays.

Evaluation is an important component of an advanced essay.

Evaluation is a difficult skill because it requires more than simple analysis and explanation. Evaluation requires the ability to look at facts, arguments and analysis, with a degree of critical distance. To explain the meaning of evaluation it is most helpful to give different examples of what evaluation can involve.

1. How Reliable is the Data?

For any essay, you will be using a variety of sources. For example, an essay on trades unions, may include information from the TUC. It is good to give data from a source like TUC. However, a valid evaluation technique is to question the reliability and independence of your source.

For example, it is quite likely that the TUC will choose statistics that are more advantageous to workers. Business organisations on the other hand, are likely to give alternative sets of date.

Therefore, examine the likelihood of bias in data and resources for the essay.

2. Short Run and Long Run?

The effects of a decision can be quite different in the long run. For example, suppose you had an essay, which examined the impact of an increase in tax on petrol. The obvious answer is to say: "very little, demand for petrol is inelastic"

However, it would be evaluative to say; "However, over time demand may become more elastic. After a couple of years people may find alternative ways of driving.

3. It depends on other factors.

When looking at the effect of one outcome, it is worth bearing in mind it is often difficult to isolate other factors. For example, if we were looking at the impact of a rise in interest rates. The effect would usually reduce consumer spending. However, there are many other factors that can affect consumer spending. If confidence was high, for example, consumer spending may not fall at all.

4. Look at both Points of View.

In subjects like economics, history and politics there are usually several different viewpoints. It is important to give them all consideration, even if we don't necessarily agree with them. For example, if we look at the impact of a rise in government spending, a Keynesian might say this will increase growth; a Monetarist, on the other hand, may argue higher spending merely causes crowding out. Therefore, there are 2 different possibilities.

Related:

• Advice for Writing Economic Essays
• Tips for writing economic essays
• 7 Tips for Writing Essays
  

Labels: economics help, essays

I have written a short guide to writing Economics Essays

It is primarily aimed at British A Level economics students, but the principles and ideas are relevant for different subjects and standards.

The most important piece of advice for writing essays is:

• Answer the Question asked.
• Write in a clear and focused manner.
• Remember the 3 steps.

1. Identification of argument
2. Explanation
3. Evaluation.

• Evaluation is most difficult concept; it requires critical distance and deeper analysis. I shall write more on evaluation soon.

Essay advice

Labels: economics help, essays

Reader's Question


If the UK were to enter the EMU at this stage, interest rates would fall and this could cause inflation?"


Current interest rates for the Eurozone are 3.75%.

The interest rate for the whole Eurozone is set by the ECB European Central Bank in Frankfurt. (1)

UK interest rates are currently 5.25% (2)

If the UK were to join the Euro we would have the same interest rate as the Eurozone area. Monetary Union involves a Common Monetary policy - interest rates set by ECB. Therefore interest rates would fall by 1.5%. This would be good news for those with mortgage payments. However if interest rates were to fall by 1.5% it would increase consumer spending and therefore could cause inflation.

Lower interest rates would have a big impact on the UK because we have high levels of debt. It would also have a big impact on the UK housing market. Lower interest rates are likely to increase the housing boom, which is not desirable given the already high levels of high prices.

See also:

Why UK will never join EURO

Costs of Joining Euro

Labels: economics help, Euro

If you would like help or advice for an Economics essay or economic dissertation you are welcome to leave a question as a comment on this post.

I shall try to answer the economics question and / or point to other resources but please bear in mind.

1. The replies will be guidance and not for duplication. Your essays should always be your own work.
2. My specialty is economics for British A Level standard. My university economics is rusty in parts, because generally I don't use it in teaching A level economics.
3. I can't guarantee to always give full answers it also depends on my time schedule.
4. The answers will not necessarily be complete. I know several of my essays on this site could be improved.
5. Please Write the Questions clearly and with proper spelling. Some questions I have not answered because they were not clear what was meant.
6. I will not answer on this blog, but the one here
   

I studied PPE at Oxford University and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.

Labels: economics help, readers questions

If you are a student studying economics These 10 tips will help make Economics seem a little bit easier:

• Help for Studying Economics

Labels: economics help