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How to Write a Composition Essay in Economics

Economic processes are complex and diverse. In general, economics as a science is a very vast area for scientific research, since it is possible to study not only the economy of a single country, but also to study the historical features of the development of economic theory and practice, compare and analyze economic changes and processes in different countries, and deepen as much as possible into practical activities on the example of doing business by a certain enterprise.

It sounds interesting but rather complicated. That is why we decided to help you figure out how to write a composition essay in economics, how to choose the most suitable topic, which research methods and scientific sources to use for this.

Choosing the Topic

When you study economics, however, like any other science, the golden rule for writing any essay applies here – try to choose or come up with a topic that will be of interest to you. Do not complicate your life, since writing an essay on economics is not an easy task.

If you have a ready-made list of topics, we recommend that you select some of the most interesting ones and conduct a surface review. Even at this stage, having assessed the complexity of the topic and the availability of scientific materials, you can conclude how this or that topic is interesting to you personally, and how promising it is for further research.

But if you have to come up with a theme yourself, you need to be careful here. Too extensive topics do not suit you, as well as too highly specialized ones. Try to find a middle ground. For example, if your task is to compare two economic systems, then choose two countries that have already been scientifically studied. It is important to understand that they should have both common and different features. If the task of your essay is to analyze a specific economic phenomenon, then narrow down the manifestations of this phenomenon to one or two areas, and do a deeper analysis.

Looking for a Scientific Base

As we have said, the economy is beautiful in its diversity. This means that regardless of the chosen topic, you will have a very large arsenal of already conducted research and practical developments, the results of which you can interpret in your essay. Essay writing begins with a search for the necessary sources. And when you do economic research, pay attention to the following sources of knowledge.

Textbooks

Yes, professors do not recommend using textbooks as scientific literature. However, no one forbids you to use them in preparation for writing an essay. Textbooks are convenient in that they provide important information, and do it briefly but thoroughly.

Therefore, if you do not know where to start, you understand that the meaning of some terms is not completely clear for you, or you need to start studying a specific topic from scratch, start with the most ordinary textbook. You can download suitable textbooks online or go to the college or university library.

The first option is convenient in that you can download the most updated versions of the necessary textbook, but as for the traditional library, it is much more convenient to hold a real book in your hands. Right in the library you can make a short summary, well, or just take pictures of the pages you need.

Scientific Articles

Scientific articles are real Klondike if your essay composition deals with the theoretical part of economic science. Many scientists from all over the world offer their interpretations of economic phenomena and processes, and you can analyze their experience in your essay. Even if we talk about the elementary definition of economics as a science, you can find at least ten different opinions of scientists, consolidate their thoughts and ideas, and state your interpretation in your composition essay.

Practical Materials

If we talk about the activities of a single enterprise, it will be difficult to find such data in the public domain, because they usually belong to commercial secrets. But if, for example, you were in an internship at a certain enterprise, you can use your knowledge and practical examples to write an essay.

Be careful if you write about the activities of a particular company, for example, in the context of its functioning in the current economic conditions. Do not use real data that became known to you without prior approval from the company management.

Case Studies

Case studies are ideal when you need to write a composition essay using real-life examples. Case studies summarize and describe a certain stage in the activity of an individual company, for example, it can be a successful or unsuccessful experience in implementing a certain economic strategy.

Using the case study, it will be very interesting to conduct a small comparative study and compare the experience of some companies. Suppose you can choose two companies that operate in more or less similar economic and political conditions, and analyze their economic strategies.

Legislative Acts

Even despite the fact that we are talking about economic science, legislative acts are also important for most studies. Indeed, economic realities are changing precisely under the influence of political factors. For example, if a certain country makes changes to the regulations regarding unemployment, or begins to regulate the use of the labor of migrants in a new way, this directly affects the entire economic system. In this context, legislation is the best source.

Use the law when you need to determine the cause and effect of a particular change in the economy. Of course, other factors could also play a role here, however, it is the changes at the level of legislation that are usually one of the main prerequisites for changes in the country’s economy, or its specific processes.

Tired of all the guides and never-ending instructions?

Making up an Essay Plan

You have probably heard that it is impossible to immediately start writing an essay without drawing up a preliminary plan. We suggest you compose it according to the following algorithm.

The main idea of your work. This is your thesis, which you will argue in your text. At least three main arguments from stronger to additional. Here, pay attention to the argumentation algorithm of your thesis on the example of one paragraph.

  1. The first sentence is the wording of your argument.
  2. The second sentence is proof in the form of a quote from a scientific study or statistics.
  3. The third sentence is the conclusion we can draw from this evidence regarding our argument.
  4. The fourth sentence is the final conclusion of the paragraph on how exactly these proofs confirm the validity of your argument.

In the conclusion, you are unlikely to encounter difficulties if you followed the above algorithms. Your task is simply to summarize all that has been said and once again repeat your argument and its evidence base.

Use this plan to write your essay after you will be done with all the preparations. You already have the finished skeleton of all the work. You just have to supplement it with your thoughts.

How to Find and Choose Evidence

When we talk about economic research, the evidence for your arguments must be very strong and have a scientific basis. Here you cannot say ‘Because I think so.’ Each of your thoughts should have a prerequisite and justification.

So, the economic thesis can be supported by the:

  • statistics. Statistics is certainly an irrefutable thing, but you need to be careful here. Make sure the statistics you want to include in your essay are really relevant to your topic. Make sure that you are compiling values that can be comparable. For example, if you are talking about a country with poorly developed production, and cite the Chinese economy as an example, then this is not the best statistical evidence. You can leave this approach to compare the contrast of the essay, but in this case, it’s better to take statistics for the past few years just for the state you are talking about.
  • quote from a scientific study. For example, if you are discussing a particular economic process or phenomenon, you can come to various conclusions about its impact on the economic system as a whole. To support this conclusion, you can use a direct quote from theoretical scientific research.
  • an example from the real activities of the enterprise. Here, as we have said, you can use the case study, and just as well take quotes and statistical data directly from them.

How to Draw Economic Conclusions

Your conclusions can be of two types – theoretical and practical.

  1. If the task of your essay was to study economic theory, certain changes, to compare the economic systems of the two countries, you should draw the clearest conclusions, which, among other things, will be hypothetically useful for economic science. Suppose you find certain flaws in the definition of a particular economic concept. Your task is to show how these shortcomings can be fixed. If your essay was based on two different economic systems, then this is not enough just to theoretically point out the similarities and differences. Your essay will become very strong if you show the strengths and weaknesses of each economic system, and also indicate what features each of the systems can adopt from each other to improve the economic situation in each country.
  2. If your essay was practical, most likely the main part of your scientific material was the case study. In concluding, you need to talk about the best ideas, traits and economic strategies that you have analyzed. And also you need to develop practical recommendations on how this or that strategy can be implemented for another company operating in other political and economic conditions, which elements need to be changed, removed, added or modified to make it effective.

Interesting Research Topics

  • The Impact of Spirituality on the Economy in the Transition to the Information Society;
  • The Impact of Changes in the Ratio of Factors of Production on Cyclical Development in the Global Economy;
  • Dynamics of Consumption Structure in the Information Society;
  • Institutional Pitfalls of Public Administration;
  • Quality of Life and Human Capital as Innovative Factors in Socio-Economic Transformations;
  • Methodological Foundations of the Analysis of Non-Price Factors of Consumer Decision Making;
  • The Development of Innovative Processes in the National Economy in the Context of Globalization;
  • Market Development of Environmentally Friendly Goods and Services in Modern (Any Country);
  • Human Capital Development in a Knowledge-Based Economy;
  • The Role of Political Resources in the Functioning of Business Groups;
  • Improving Information Technology as a Factor in Increasing the Competitiveness of Firms;
  • The Transformation of the Model of Economic Security of the Individual in Modern Conditions;
  • Poverty as a Socio-Economic Phenomenon;
  • Institutional Development of Addictive Goods Markets in Modern (Any Country);
  • Corruption: Contagiousness, Consequences, and Methods of Counteraction.

Final Words

We have described the most important points that will be useful to you for research and writing an essay on economic science. But the most important advice that we can give is to do only what you are interested in. With this approach, formal academic requirements will no longer seem so complex to you.