Technical Economic Concepts & Interpretation

Find up to three examples from everyday life in which you can apply up to three economic concepts that we have seen during the course. Alternatively, you can choose one example and develop one or more economic concepts. Other essay structures that suit the purpose are allowed as the structure of the essay per se is far less important than its analysis and content. Note, however that around 60% of your essay has to develop concepts seen between weeks 7 and 12th which are ( Externalities & Public Goods, Government intervention, Monopoly, Oligopoly and Market Types). That is, 600 words explaining opportunity cost will earn low marks even if it is well-developed.

Include a picture taken by you with a citation at the bottom of the picture and a reference at the end, that is related to the idea discussed. Note that this is not necessary to get full marks, but again, it is an easy way to add veracity to the story. And you need to convince the reader that those reflections are your own. Just to emphasize, the goal of this essay is showing reflection and critical thinking, not summarising knowledge.

• Fully reference sources that you are using in your work. Referencing should be complete, comprehensive and consistent. Please revise the reference guide provided.

• Use quotes when copying a verbatim statement when strictly necessary. If doing so, the quote should be very short and it is always best to use your own words.

• A kind reminder that Investopedia, Wikipedia and any wikis are not valid references as they have no author.

Use appropriate language and submit a professional piece of work. Avoid slang and check spelling and grammar.

The essay is not to be more than 600 words long. Any essay exceeding the word limit is subject to penalisation. Markers will have the right to stop marking after 600 words. The word count must be stated at the beginning of the essay. Note: references and title do not count towards the word limit.

Use a font size of 12 and 1.5 or double line spacing and at least standard margins (1 inch at top, bottom, left and right). A marker faced with a nice-looking and well-presented text starts off marking with a positive attitude towards the essay.

Structure: The main structure should be:

(a) Title
(b) Body (Analysis and conclusion and subsections if needed)
(c) Do not include footnotes
(d) When figures/pictures and/or tables are used, they should be placed in the body of the essay, referenced, and be numbered sequentially. Any illustrations used must be very clear and easy to understand. Please double check your file when creating a pdf it as some picture layouts might change and cover the main text.

Marking Guide (total points: 15) Analysis and content (out of 9):

– Did you construct a coherent and logical argument which actually addressed the question? Can the reader understand what you mean? Does it make sense?
– Did you follow the instructions as stated in Section 4?
– Did the arguments follow sensibly from one another and follow a logical sequence?
– Were assertions backed with evidence which actually supported the statements being made? Answering a question requires more than presenting a series of quotes or ideas even if they are highly relevant.
– Is the analysis superficial or deep? A deep analysis requires taking some of the models used in class and graph or make up your own numerical example.
– Do you use the tools used in class?
– The material in the essay needs to be related to the example chosen and the material
covered in class.
Originality (out of 3): Is the example chosen just a variation of the examples provided in class or materials? Can the student show a picture to support a true and original story that could only happen to him/her?
Presentation (out of 3): Did the students demonstrate an appropriate use of language? Avoided spelling mistakes? If the paper used diagrams or tables, were they labelled correctly? Are the references complete and accurate?

If you decide to discuss something that is on on the news or unrelated directly to your own life, it is important that you show that you are doing a personal reflection. Thus, you need to show that you are just not quoting work of others and write in first person.

Whenever possible, attach a picture of the anecdote with your submission with a citation and reference. Note again that this topic requires you to write the essay in first person.

The essay aims to help you develop your research, analytical, and professional writing skills. Excellent writing and analytical skills are one of the most important graduate attributes sought after by leading employers. The purpose of this task is for you to incorporate the feedback re- ceived in the mini-essay and do your best. You are expected to apply or make use of economic concepts/theories/models that you have learned in class to the topic you are writing the essay on, and write in a succinct and professional manner as would professional economists, colum- nists, or advisors.

Use appropriate economic concepts and techniques to illustrate and support your claims. Clearly state all your assumptions and use well-labelled diagrams to illustrate your discussion

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