You like counting money in your wallet and definitely want to discover bigger numbers every time, but you know almost nothing about microeconomics. The thing is that it can explain why the amount of dollars in your pockets varies. Probably, it is inflation that “eats” your money or some other economics processes.
Anyway, you will have to learn some essentials of microeconomics, because you are assigned a microeconomics essay. Writing it might be tricky if you do not have a general understanding of at least some basic concepts, terms. If this is the case, work on microeconomics papers should start with sorting out the following:
- the difference between macro and microeconomics;
- demand, supply, and elasticity;
- money, their main functions;
- banking, etc.
So, these are absolutely important things to know when it comes to writing microeconomics papers. Now, let us pass to some basic principles of preparing good microeconomics essays, which are pretty simple but effective if you have enough knowledge.
Principle 1: define a question
Ideally, a teacher asks some question that you need to answer in details in your microeconomics essay. Make sure you have this question and understand it. If the teacher does not give any questions, it is better to come up with your own one.
Principle 2: think over your answer
Remember two important things about the answer that you will give in your microeconomics essay. First, it should be backed up with the relevant economic theory. Second, you should give a real-life example in your microeconomics essay to illustrate how everything works in reality.
Principle 3: choose materials
If you rely on textbooks only, do not expect to end up with an outstanding microeconomics essay. Books are all about theory, but we have just mentioned that microeconomics papers should be closely related to the real world. This is why newspapers, economics-related journals like the Wall Street Journal or the Economist are the best sources of materials for you to use.
Here, you can also read about a macroeconomics essay and an Adam Smith essay.
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