Every course has its own particular method of solving it. From preparatory courses to the usual theoretical ones, you need to take some smart step in solving your questions and these factors must also be applied to the papers of Economics. Because it is not just about reading the material and writing about it. Be it Microeconomics, macroeconomics, development economics or any other sub-domain, I believe its more about the way you attempt the questions of these subjects. Below are the following must-have steps for solving any paper that is related to economics or its sub-domains.
- Definition of the concept with reference to a book or author.
- Explaining the definition in portions,
- Explaining the concept with an example using a graph (highly recommended)
- Explaining the graphical Analysis
- Mathematical expression of the concept and its theoretical explanation.
Defining the Concept with reference.
Defining concepts are mostly applied to the fundamental economics topics. So before starting with any concept informally, every student must define the concept first coupled with referencing the author or the book. For example
With reference to the Book of Pindyck, Microeconomics “Economics is the study of ….
Thus such an explanation in the very beginning adds a lot of impact over your answer. Also, providing reference of a well known author or books portrays a strong influence over the instructor about how well read you are. Unless the questions is analytical which requires more of your views than of the pre-defined concepts, you must provide a proper definition.
Explaining the definition in pieces
A very common yet forgotten step in solving your questions is comprehending your definition. Many times , particularly when it comes to business and management language, grasping the concept by a definition isn’t enough to cover it up. Thus, the best practice is to explain that particular definition in small portions or pieces. you can also underline the important words and explain them in the next paragraph. For example :
Kinked demand curve is an oligopoly model in which firm faces a kinked demand curve at the current prevailing prices
In this case, we need to provide a little reference oligopoly before expanding the Kinked Demand Curve. Thus, the definition is not self-explanatory and must have some further details for better understanding.
Explaining the concept with an example (using a graph)
Examples play a significant role in the whole format of your answer. It is highly recommended for almost all courses of Economics. Most specifically if the example is explained is displayed in a graph. Graphical analysis in Economics is considered to be one of the most crucial elements because it amalgamates all the factors included in concept. For example:
If you are writing about law of diminishing marginal returns, You require a graph to show how labor ( an input) productivity results in output decrease after a particularly point when all other inputs are fixed. Thus, Having all the values in a table, keeping the Output per period in the vertical axis and Labor in the horizontal, you will point out the shape of the curve produced as well as that particular amount of labor after which the output starts decreasing.
Explaining the Graphical Analysis
Ever graph, either below or above the content , must have an explanation. No Table or graphs should be left without any words to comprehend it. It should explain all the intersections of the curves , the logic behind its downward or upward sloping, concave or convex, bell shaped, u-shaped or L-shaped , linear and many other forms require words to proof that graphical analysis. This also helps incase if you are having problems in drawing the graphs to exact points.
Mathematical expression and its theoretical explanation
Math, Stat have always been the with economics everywhere. They are inseparable pals that adds up to economic terms and completes it. Hence, a mathematical expression beautifies them. And an addition of a small line explaining the mathematical term gives a complete impression. Although it is not necessary to add up the theoretical explanation with small expressions but is considered to be mandatory when its comes to advance terms.
Thus, a step by step procedure in solving the paper enhances your ability to provide the exact answer. And i am sure , your instructors will love it !
