Understand the Effects of the Economy on a Country When Writing Economics Essay
Writing an economics essay is a difficult task if one does not know how to define economics or grasp the fundamentals of economic principles. Economics relates to the production, consumption and distribution of goods and services. The subject is divided in to two major categories as micro and macro economics. Many companies and countries are judged by their economic growth. If the economy is good there are benefits for all concerned. There are many ways in which an essay on economics can be written. It can be written as an informative essay or an expository essay which explains how to manage the macroeconomic functions of the economy.
Economics and its Effect on Society
Many countries are guided by their economic growth. A country’s prosperity is judged by the growth in its economy. The recent economic crisis saw many countries fall from prosperity and how some managed to recover fast while others still grapple with the crisis after effects. How a national economy is managed falls under the consideration of macroeconomics. The government has the control of fiscal policy and the monetary policy of the country and by manipulating these two, the overall economic performance and elements of economy such as inflation, unemployment and growth rates can be influenced. These aspects can be written as a cause and effect essay. Students can study and analyze the causes and effects of various economic policies and how macro level manipulations are linked to microeconomics as demand and supply of individuals.
Globalization and Economy
Globalization is a trend which affects economic situation across the world. Proponents of globalization support the idea that effects of increased trade and free movement of labour and capital across national boundaries is benefiting all parts of the world. However, while any countries prosper, there are others that suffer. Countries in the West are going through economic crises as trade deficits widen; cost parities take away competitive advantages and outsourcing trends threaten to escalate unemployment. Your economics essay can be written as an analysis essay which discusses the advantages and disadvantages of Globalization on the economy.
Impact of Higher Interest Rates on an Economy
When interest rates are high, the cost of borrowing will increase. This can have few major impacts on the economy. With high costs of borrowings, the investments and business expansions reduce as cost of capital is high. Secondly, the spending decrease as people are attracted by high interests offered on savings and deposits. It also reduces because of high interests costs on credit cards. The falling of consumption will lead to low economic growths and cause contraction of the economy. Governments use this tactic when economies are expanding too fast and high spending is overheating the economy and jacking up the inflation rates.
Writing this type of essay is similar to that of business essay writing. Students need to apply analysis and theoretical knowledge to practical situations. You also need to research thoroughly and present facts and figures which will add credibility to your work.
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