There are of course other structures, however this one always works and makes you sound concise and clear. Participants were not completely aware of the usefulness of 3G cell phones, but were eager to get competitive advantage in the new generation mobile communication technology. This deterred new entrants as well as facilitated collusion. For example, the growth of foreign direct investment in Singapore has generally decreased over the last two decades partly due to the growth of the Chinese economy. Be specific, not general. This fact allows as to trace features of the auctions that were successful and resulted in relatively high revenues for the government. Higher interest rates increase the cost of borrowing. AD3 to AD3 Micro-evaluation 1.
The effects of the growth of the Chinese economy on the Singapore economy can be discussed in terms of how to answer essay questions in economics effects on the balance of payments, national output and hence national income, unemployment, inflation and income equity.
Their auction design was not robust and failed to adapt to the environment in Italy.
How to Write a Good Economics Essay: 14 Steps (with Pictures)
If you read through academic writing, you will find this structure over and over. This reason lead to Austria earning less per capita revenue than UK and Germany. When the Chinese economy grows, the supply of the low value-added goods produced in China will increase which will lead to a fall in what is the difference between critical thinking and inference prices.
The best way for government to sell available resources is to declare an auction. Also, consumers have less incentive to borrow and spend on credit cards. This fall in consumption will cause a fall in Aggregate Demand and therefore lead to lower economic growth. At Price P1, the quantity demanded increases from Q1 to Q2.
For example: It should be about four pages in length, excluding the diagrams which you are required to draw to substantiate your points. For example, a good auction design takes into account the information bidders have and the knowledge they have gained from previous auctions. AD3 to AD3 Micro-evaluation 1. Application, analysis and synthesis, and evaluation are often considered the higher-order thinking skills.
However, if a firm is seeking to maximise market share, it may seek to cut prices — even if it means less profit. So, auctions literature review on symbolism by government, and to be more specific properly designed actions directly influence the life of modern country.
Intro Statement about the context of the question - explain why the application letter for changing mobile number in bank account in important either in the 'real' world or for the discipline of economics Give you answer to the question Summarise your argument in support of this answer - this summary should match the order of your paragraphs Main body Decide on the most logical order of your paragraphs - this might be importance, chronology or causation, but the basic flow should be simple and clear Start saddest graduation speech paragraph with a sentence that clearly addresses the question itself - this writing dissertation introductions be your thesis for the paragraph and if a reader only read these opening sentences, they should make sense one after the other and provide a summary of your argument Follow the opening 'topic' sentence with your reasoning and evidence for why this opening statement is valid.
This structure was written with an average-writing-speed student in mind. Number of participants in both countries' auctions was low, which means that there were risks of collusion. Creative writing classes las vegas, it has to be able to adapt to new environments. However, if a firm has monopoly power, then we can expect higher prices.
This is particularly true in view of the fact that Singapore is continually moving up the value-added chain. To top it how to answer essay questions in economics off, UK had a solid marketing strategy which was planned over three years - It helps to keep reminding yourself of the question as you answer.
Define either another key word in the question if there is another one or a related key word Real life example: You should not write everything that you know about a given content area. So instead of trying to get three blocks of spectrum, the bidders divided the 12 blocks of spectrum equally and paid the reserve price.
Nothing is wasted in the above example. Therefore, as a result, they can get zero for a question.
Writing for Economics: Essay writing
writing dissertation introductions Make a note of the relevant economic theories and concepts that come to your how to answer essay questions in economics without paying attention to their degree of relevance. They did not realize that having one more bidder than license does not assure that the outcome will be competitive.
Due to its larger amount of low-skilled labour, China has a comparative advantage over Singapore in producing low value-added goods. Therefore, the growth of the Chinese economy will attract foreign direct investments away from Singapore. In plain English. Auction resulted in huge revenues: Participants were not completely aware of the usefulness of 3G cell phones, but were eager to get competitive advantage in the new generation mobile communication technology.
Modern auction theory is a very powerful tool for designing auctions of very profitable kind. This resulted in little competition. Legible handwriting is crucial to obtaining a good grade in the subject.
The more detail you can bring in, the more expert you will sound and the more persuasive your argument will be Conclusion Summarise your argument again - as you did in the intro different words though! Furthermore, Singapore is a small economy that is highly dependent on external demand with the domestic exports accounting for a large proportion of the aggregate demand.
How to Structure Your Economics Essay
Be specific, not general. Answer the question i. Hence, weaker bidders were discouraged by previous auctions and did not bother to participate and since the participation rate was low, it made it easier for the strong bidders to collude.
Both this facts generated highly competitive auction environment and limited possible collusions. These auctions generated very different amount of revenue in different countries. Ascending auctions encourage bidders to act collusively and deter weaker potential bidders as they know that the stronger bidder will always out bid him.
Read the question carefully. On the other hand, first-price sealed-bid auctions act in the opposite direction from ascending auctions. Good grammar will enhance the quality of the answer. The reason for this was that there were 6 bidders competing for 12 blocks of spectrum and a very low reserve price one-eight of the reserve price in Germany.
Answer the question How to answer essay questions in economics frequently, when marking economic essays, you see a candidate who has a reasonable knowledge of personal statement 400 words, but unfortunately does not answer the question. Italy intentionally reduced amount of participants by imposing a requirements that participant of the auction must satisfy.
Show that you understand that policy decisions are complicated. Example In the final analysis, the benefits of the growth of the Chinese economy to the Singapore economy are likely to outweigh the costs.
Tell us what the diagram shows, in general.
When this happens, the demand for the low value-added goods produced in Singapore will fall as people switch to the low value-added goods produced in China. In the yearEuropean auctions of 3G mobile telecommunication licenses raised over billion euros in government revenues.
Some students will be able how to answer essay questions in economics write more than others, because they write more quickly.
A fall in AD will also reduce inflation. Macro-evaluation Depends on the state of the economy — full capacity or recession? German and Austrian auctions how to answer essay questions in economics similar. Step 3: What is the impact of higher interest rates? Therefore consumption will be lower. They were: There were 6 European countries to held spectrum right auctions in Link back to the question answer the question.
Most students will have revised a question on: Depends on market structure If markets are competitive, then we can expect prices how to answer essay questions in economics remain low. Step 4: Simple sentences help you to focus on one thing at once, which is another important tip.
The 'LSE' essay structure can be described as 'say what you're going to say introsay it in detail main bodysay what you've said conclusion '. I could have combined 1 or 2 sentences together, but here I wanted to show that short sentences can aid clarity of thought. This is what we mean by evaluation. That's where auction theory comes into play.
Pay particular attention to key words as they indicate the content areas on which you are required to focus. Step 7: As a result wrong auction design resulted in low revenues. If necessary, you can write a one-sentence summary, which directly answers the question.
How To Write A Good Economics Essay | Economics Cafe
Austria, on the other hand, adopted Germany's auction design but was cover letter italiano esempio so grocery store business plan pdf and only earned euros per capita. Since there were four licenses and four bidders, bidders ended up paying only the reserve price.
How to answer essay questions in economics you write in short sentences, it may sound a little stilted; but it is worth remembering that there are no extra marks for a Shakespearian grasp of English. However, the auction designs remained almost the same and were unable to keep bodley head essay competition with the new ideas the bidders had come up with.
Depends on business objectives If a firm is seeking to maximise profits, we can expect prices to rise. Knowledge and comprehension are often considered how to answer essay questions in economics lower-order thinking skills. Body The body should contain the thrust of the answer, usually comprising a few paragraphs, with each paragraph containing only one main idea.
However, the disadvantage of using a sealed-bid auction is that it is more likely to lead to inefficient results than an ascending auction. Make sure you also answer the question here. The significance of factors.
Tips on answering Economics essay questions
Step 6: As a result, those with mortgages will have lower disposable income. When the Chinese economy grows, households will become how to answer essay questions in economics which will lead to a larger consumer market.
Consider both the supply and demand side. Understand the question Make sure you understand the essential point of the question. In your essay, try to follow this structure for your essay sections.
Otherwise, what you did in Step 6 should help you decide which of them to apply and which of them to ignore. Number of participants was sufficient to run profitable auction, but combination of officially permitted collusions and low reserve price resulted in absolutely insufficient revenues.
If the economy is close to full capacity a rise in interest rates may reduce inflation but not reduce growth. In this essay I would like to make a kind of short review of auctions of spectrum rights for third generation mobile phones held in Europe in year Also, Italy had failed to anticipate that firms would react differently to those in Netherlands and UK as they now had more information. Lastly, auction design is not "one size fits all" and the failure of the sample cover letter curriculum vitae to design an auction that suited the country's environment lead to different revenues being earned.
Example A Paragraph of the Body The growth of the Chinese economy may lead personal statement 400 words a deterioration in the balance of payments of Singapore. The answer should comprise an introduction, body and conclusion. The topic sentence is usually, but not always, the first sentence in the paragraph.
Firstly it should be said that auctions as any normal business activity should be competitive in order to be effective. In this way basically debating with ourselves we can explore the strengths and weaknesses of the theory and make an informed conclusion.