For this guide, the sample question I have chosen is: Assess the effectiveness of macroeconomic policies in achieving economic objectives in the Australian economy. During this time period you should emphasise the downturn in the business cycle and implementation of discretionary expenditure measures to boost growth and prevent a recession. There should be no questions at the end. Be sure to constantly link to the motherhood statement or your Thesis throughout your body paragraph. Example: Monetary policy refers to actions by the RBA to influence the supply and cost of credit in the economy. To achieve the objective of price stability the RBA adopted a loose monetary policy stance by buying second hand Commonwealth government securities and depositing funds in exchange settlement accounts, increasing the supply of loanable funds. Post written by Chloe Segal (10th in the state Economics, 11th in the state Business Studies and 4th in the state English Advanced 2015), Why Green Banking May Help Pave the Way for a Green New Deal, How Satellite Imagery is Revolutionizing the Wa, Why it may be difficult to unseat China as the worlds factory just yet, May Wins Leadership Contest; ECB, SNB and Norges Bank Meetings, The Unemployment Report, Economic Transformation Before Our Eyes, Define key terms (e.g. In terms of the effectiveness of fiscal policy you could quote Arthur Sinodinos (Australian political) who argues: Structural reforms will release the handbrake on growth by improving the allocation of resources and relieving capacity constraints., Post written by Chloe Segal (10th in the state Economics, 11th in the state Business Studies and 4th in the state English Advanced 2015). To structure your Thesis Paragraph, follow the TALK scaffold: Thesis: Your thesis statement, as outlined above. sole traders, partnerships), Investment in renewables has been slashed, Commitment of $2.55 billion to funding the Emissions Reduction Fund (direct action policy), $525 million in funding for the Green Army initiative, $100 million Great Barrier Reef Conservation, $330 million Youth Employment Strategy to fund training programs for individuals during the four week waiting period before they are eligible to receive access to particular youth welfare payments, $10 000 wage subsidy for employers to hire older workers, $3.5 billion childcare package to encourage greater workforce participation among women, Determine whether the government actually implemented the policy (many fiscal policy measures never pass through parliament), Review economic outcomes and how closely they relate to policy objectives. Restate your Thesis. You should only write your conclusion after you have produced the rest of your essay. Determine whether other factors significantly affect the economic outcome, such as changes in global economic conditions, overseas interest rate movements, exchange rate fluctuations, changes in commodity prices etc. collection of HSC Economics Essay Questions here! However make sure you also explain graphs and their effects, rather than simply referring to them as Figure 1, as failure to do so severely limits their effectiveness. The main tool of monetary policy is the RBAs use of domestic market operations to influence the cash rate or interest paid of overnight loans from the cash market or short-term money market. How to Write a Band 6 HSC Economics Essay. Depending on which directive verb you are asked, this is also where you can start to show relationships (analyse), provide additional economic theories that demonstrate a cause and effect (explain) or make a judgement (assess). Make a final statement about your argument and the module. This means that the marginal return the RBA gets, in terms of an uplift in economic growth, for any given 25 point rate cut, is falling because Australians either are unwilling, or unable, to take on any more debt. Using diagrams, explain how market-based policies can assign a price to a negative externality (e.g. Evaluate the policies used to promote economic growth and economic development of a country other than Australia. The government has relied on this process as a driver of increases in non-discretionary revenue. An essay, generally, is an academic piece of work that presents the argument of the author. good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. It is also the first chance for you to summarise the link between the Motherhood Statement and your Thesis. It can be broken down into three parts. It should directly link to one of the arguments you listed in your Thesis paragraph. Have no idea where to start when it comes to writing HSC Economics study notes? It is one of the most important skills youll ever develop. A strong believer that lessons should be engaging, relevant, and effective, his hustle and teaching approach have led to his recognition on the UNSW Faculty of Social Sciences Deans List for Academic Excellence, the NSW Teachers Federation Future Teacher scholarship, and the New Colombo Plan program. It must be sophisticated, it must address the question, and it must give you a chance to show what you know about the question. Definition assume the marker is a layperson (has limited knowledge of the course) and ensure you are defining the economic term or concept to reflect your understanding. Why Plan? Then use qualifiers or intensifiers (to some extent, significantly, is ineffective) to answer the essay question. This will determine the level of depth and the approach the markers are looking for. Reaffirm your position and perspectives by restating your thesis your answer to the question. Now, this is really tricky, and it is sometimes impossible, but it is a trick that really worked for me, and so maybe it will help you guys too! This is partially because I sometimes only had a chance to write two sentences, so I had to be flexible. The first consideration is to decide which policies and budgets you will be discussing. If you are HSIE focused Well, you would know all too well that essays can be nasty. Art of Smart Education is an award winning provider of, It can sometimes be difficult to find practice, To find out more and get started with an inspirational tutor and mentor, HSC Economics Syllabus from the NSW Education Standards Authority (NESA), HSC Topic 2: Australias Place in the Global Economy, HSC Topic 4: Economic Policies and Management, NAPLAN Practice Tests for Years 3, 5, 7 and 9, How to Write an English Essay in Years 9 and 10, How to Write a Band 6 HSC Creative Writing Story, How To Complete A Close Study of a Novel in 5 Easy Steps, The Ultimate Guide to Prescribed Texts in the HSC Common Module [2020], What Its Like Studying a Bachelor of Design in Architecture At UTS, What Its Like Studying a Bachelor of Exercise Physiology at UNSW, What Its Like Studying a Bachelor of Actuarial Studies at UNSW, What Its Like Studying a Bachelor of Laws at Macquarie Uni, How to Analyse The Curious Incident of the Dog in the Night Time for HSC English. I personally had to write 8 of them across my subjects, and I was math/science oriented. The topics of your body paragraphs. Thankfully, this is a skill that can be learned. Do not just write a sentence. You can sort of see how it ties the arguments you listed, with the composers in the amplification, with your Thesis. Thankyou Thankyou Thankyou!! For example: This will increase your minds ability to chunk the information without feeling overwhelmed. Example: Recently, the effectiveness of monetary and fiscal policy in achieving objectives related to inflation, economic growth, unemployment and income distribution, has been hindered by external influences related to economic conditions in the global economy. While predictions are never going to be totally accurate, you can get some great ideas for how to prioritise your workload by looking at exams from previous years. In terms of sourcing these quotations useful websites are the RBA, the Australia and the Financial Review. I'm a bit confused. Your study notes for HSC Economics should be comprehensive and cover the entire syllabus. The budget deficit for 201617 is 2.2% of GDP and is forecast to fall to 0.3% of GDP by 201920 as the government is focused on achieving a steady trajectory towards a balanced budget and lower government debt (current statistic). Sample body paragraph on monetary policy: The effectiveness of fiscal policy was supported by a parallel approach taken by the RBA, which adopted an expansionary monetary policy stance during the GFC, through lowering the cash rate from 7.25% in 2008 to 3% in 2009. Can be integrated into the response and does not need its own sentence. As a side note, what is with the right turns from the left hand lane in Melbourne? Read through the questions and have a go at writing a practice essay! All points, arguments and statistics are simply used to support it. Remember these are YOUR HSC Economics study notes! If you need more essay questions you can use past HSC exams, your textbook, or ask your teacher. You have tonnes and tonnes of information to take in during the lead up to exams, so the act of writing your notes will help with memory retention. Hence this makes it extremely difficult for you to stray off topic, allowing you tocreate a sustained response! Achieving a Band 6 mark for HSC Economics Essays requires ample theory, supported by relevant statistics. To find out more and get started with an inspirational tutor and mentorget in touch today! You could use the following quotation to support an argument about effectiveness: Glenn Stevens (on the reason why monetary policy in Australia is losing its effectiveness): On the demand side, it seems more difficult to generate growth in spending in an economy where households are carrying significant debt.. It is also important that you plan the essays as you would in an exam to give you practice for planning for unseen questions. Therefore, you could argue that rising levels of household debt are a factor constraining the effectiveness of monetary policy in achieving objectives related to economic growth and inflation targeting. Thomas Woolley loves Economics and Business Studies. Before I start, I wanted to make sure you guys all knew about our FREE HSC TutoringThreads. You are only getting the reader ready for what is to come. Download your HSC Economics Study Notes Template Here! Give your essay a good solid ending. Is debt the real reason wages are not rising? You have tonnes and tonnes of information to take in during the lead up to exams, so the act of writing your notes will help with memory retention. For example, a Thesis statement from Legal Studies: Domestic violence, despite a somewhat effective response from domestic measures, remains an example of how the NSW Legal System is failing to protect victims of relationship breakdown. He enjoys helping out his students whilst studying B Commerce / B Education at UNSW to become an actual economics/business studies teacher in 2018. Recently, the effectiveness of fiscal policy has been hindered by external influences relating to economic conditions in the global economy (addressing the key focus on effectiveness). Discuss what you think is necessary to discuss. Here is the example question were going to use throughout this article to demonstrate what to do to get that Band 6 in your HSC Economics Essay (Question 27 of the 2016 HSC). In order to achieve this, it is best to use a clear structure (which we have planned for in Step 1) as it forces you to retain a logical and cohesive structure. When you are choosing which years to analyse you must analyse fiscal policy measures that were implemented during different stages of the business cycle. So this is my breakdown of how to write a HSC essay! To make it easy for you, weve compiled a list of 20 HSC Economics essay questions into their respectful topic and written a small blurb on what you will need to cover in each topic! Try to write to some practice essays using these tips and the structure discussed above. This of course means you must know your content well and be able to connect different parts of the syllabus together and understand their relationships. The sustained element of the marking criteria means the markers want the essay to flow uninterrupted. Id develop a plan for my essays and then go back to the Multiple Choice section. Not only must you remember course content, you must also remember relevant statistics and graphs. In terms of quotations always try to find something from the RBAs website for monetary policy. Get exclusive HSC content & advice from our team of experts delivered weekly to your inbox! Your study notes should be from the HSC Economics Syllabus. Besides this, it simply sets up what this paragraph is about. Then say, in your key statement, that you have now proven your point and you are leaving to go have coffee and eat food. It is often useful to critique fiscal policy by including a few quotations from prominent economists. To evaluate the effectiveness of a policy, complete the following steps: You should raise the following key points when critically analysing the effectiveness of fiscal policy: Here is a sample body paragraph that could be used to as analysis of effectiveness: Continued economic uncertainty has hindered Australias growth performance and necessitated the continued support of automatic stabilizers. STEP 5: INTRODUCE YOUR ESSAY. Most students make the mistake of assuming that the question wants you to discuss the 2016 Budget. Your Thesis paragraph is first. Give us a ring on 1300 267 888, email us at [emailprotected] or check us out on Facebook! Do your thing! This proposal would have major ramifications for fiscal policy as a macroeconomic policy instrument as the federal budget would include major reforms to transfer payments and social security. In the introduction you need to include three main points: Example: Macroeconomic policies refer to fiscal policy and monetary policy, which have a countercyclical role in reducing fluctuations in the business cycle. Subscribe to receive a free template to help you writekiller HSC Economicsstudy notes and get that Band 6! Ideally, you want to be aiming to write at least 3 pages for your essay. What were trying to do is pull out all of the key points and summarise them neatly to aid our memories. Fiscal policy measures during this time period focused on the following objectives: 4. Next, organise your ideas into dot points which you can will write your paragraphs on. How We Went from Land of Opportunity to Lifestyles of the Rich and Famous, Missing middle housing? Essay on nature is a great teacher. I ended up getting a 97 in Eco and I think learning to write successful essays played a big part in that. Provide a final statement that zooms out and provides a broad perspective of the question. 3. When planning what to include in the body paragraphs it is crucial to establish a time frame. 3 is generally how many are required to get a good level of detail and explanation. Sometimes you can spend hours on your study notes but still feel like theyre not helping you actually study. Also note down any sub points or arguments you think of underneath. The transmission mechanisms failure to boost consumption and business investment has lead to poor economic growth, and combined with below target inflation, unemployment that exceeds the NAIRU (non-accelerating inflation rate of unemployment), and an increasing current account deficit (CAD) driven by a widening trade deficit, monetary policy has failed to achieve a positive impact on the Australian economy and its objectives. Here is an example of a body paragraph that critiques fiscal policy using quotes as supporting evidence: Australian politician, Arthur Sinodinos suggests targeted structural reforms will be required to boost economic growth.
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