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CFS Economics

Essay 1 - Microeconomics

2022

Here are some helpful advice on essay writing and referencing skills

A short guide to Essay writing in Economics

Some general principles

*Writing in an objective style Do not become personally involved in the topic. Write as an Independent observer.

*Writing in a factual style Use facts (things that are true and could be verified) and not opinions.

*When asked to present your own opinion also be objective. Your opinion must be stated clearly and supported by economic facts/theory.

Some general principles

*Use economics language(economics vocabulary). Be aware: some words have different meanings in ordinary language and economics as well as different meaning in accounting and economics.

*Use accurate definitions A definition is a brief and exact description of a word or a phrase. Begin a definition with the word you are defining. Do not use the word you are defining within definition e.g.'Consumer goods are goods used by consumers'.S

Writing a paragraph

*A paragraph is an ordered series of sentences expressing thoughts which are concerned with one topic. It starts with at opic sentence which states what the paragraph is about. The remaining sentences explain the idea of the first sentence.

*Example: a topic sentence for a paragraph about the major determinants of demand: Demand for a good is determined by both price and non‐price factors (topic sentence).

An essay must have a distinct structure: introduction , the body of the essay and a conclusion. Use the following steps to develop the structure:

*Identify the theme(topic/relevant economic theory) that is the most relevant for that essay.

*Select from your economic knowledge ideas that you are going to use In your essay: assumptions, definitions, facts, examples,explanations and graphs (if appropriate).

*Arrange the content into a logical order: introduction, body and conclusion.Planning an essay

Introduction

*Do not start like this ‘In this essay ‘I am going to right about …’

*Introduction has to be short and put your answer into a broader perspective. Example as you are going to write about PPC and Opportunity Cost your introductory sentence could be: ‘We often use economic models to explain different economic concepts’.

*The introduction sets up some framework and introduce the rest of your answer that the reader could understand what you are talking about.

*A good way to start an essay is by defining the main word/concept in the title.

Body

*The main part of your essay where you provide the answer to the essay question. Use a new paragraph for each new idea and start each paragraph with a topic sentence.

*Respond to the command words in the question and avoid writing everything you know on a given topic. Refer back to the question regularly to ensure that you are on the right track. If you are supplied a resource material you have to use it to support your answers.

Body

*Demonstrate your depth of knowledge by analysing the question with care and using the relevant economic theory.

*Use examples to back up your argument.

*Use graphs where appropriate to support the ideas in the body of your essay. Graphs should be accurate and have a title. Write a paragraph to explain how your graph illustrates the points you have made. Do not put all graphs at either the beginning or the end of your essay, but spread them the throughout the body as required.

Conclusion

*sums up the ideas already expressed In the body of the essay. It should reinforce them but not add any new ideas.

*is closely related to the Introduction because it summarises the arguments on the theme you introduced at the beginning and developed throughout your essay(read your introduction again before you write the conclusion)

Command words

*'Account for ...'Explain how a particular event or situation came about.

*'Analyse ...‘Break down an argument or information in to component parts and identify ways in which these parts are related. State the assumptions.

*'Analyse the extent to which ...'judge the relevant importance of different arguments or events.

*'Compare ...‘Describe two or more situations and show the difference and similarities between them.

*'Criticise ...'Present a view on a particular argument, point of view or theory, based on the evidence available.

Command words

*'Define ...'A simple statement is not enough. Use appropriate examples or for mulae to illustrate and elaborate on your precise definition of a concept.

*'Describe ...'Usually more than a mere description is expected, add a simple explanation.

*'Discuss ...'Consider the arguments for and against the issue.

*'Distinguish ...'Show that you understand the differences between two concepts. Similarities and differences need to be discussed and illustrated.

Command words

*'Evaluate ...'Make reasoned judgments about the validity of a particular argument or statement,presenting evidence.

*'Explain ...'Interpret the meaning of a particular concept with an example to illustrate understanding.

*'Outline ...'Only a brief description is required.

ASSIGNMENT INSTRUCTIONS

You must write an ECONOMICS essay to answer the question below.

ESSAY QUESTION

The vegetable market in New Zealand showed that vegetable prices have increased dramatically in June 2021, rising to their highest level in four years.

You are to explain the cause and effect that have lead to the high price of vegetables in New Zealand using economic theory and the models of market equilibrium.

Your question: How does the behaviour of vegetable producers and consumers determine the price of vegetables; what normally happens to the price of vegetables at this time of the year (June is winter in New Zealand); and what is different about 2021 that has caused prices of vegetables in New Zealand to increase more than usual for this time of the year?

Study the "News Headlines" and read the "News Story" included in this assignment. There is also a television "News Clip" to watch. You may use additional news articles for your essay.

Your essay writing instructions are below, study them and draft a plan for what you will write.

Word limit: no more than 1000 words

ESSAY WRITING INSTRUCTIONS

Answer the question above by following the paragraph structure below.

1. Write an introductory paragraph to explain what your essay is about.

2. In a paragraph describe the vegetable market in New Zealand. Explain what vegetables are used for, and why they are important to consumers. Explain why demand remains almost unchanged even though prices have increased.

3. Explain in a paragraph how producers and consumers determine the price of vegetables in the market for vegetables.
- Draw a fully labelled economic graph 1 to complement your paragraph 3. Show how the price of vegetables is determined. Refer to your graph in paragraph 3.

4. Explain how the price of vegetables normally increase in the New Zealand during the winter season.
- Draw a fully labelled economic graph 2 to complement your paragraph 4. Show how the price of vegetables normally increase in the winter months. Refer to your graph in paragraph 4.

5. Explain in a paragraph what has caused the price of vegetables to increase even further than normal as talked about in the news article in this assignment. You may refer to other news articles.
- Draw a fully labelled economic graph 3 to complement your paragraph 5. Show how the price of vegetables has risen by an even greater amount in June 2021. Refer to your graph in paragraph 5.

6. Finally, write a conclusion paragraph, to sum up, your discussion in your essay.

7. Prepare a REFERENCE section for your in-text citations.

MARK ALLOCATION

ASSESSMENT RUBRIC – ECONOMICS ESSAY

PARAGRAPH	TOPIC	5 Expert	4-3 Accomplished	2 Capable	1 Beginner	0 Yet to start
1	Introduction	The main idea of each paragraph is described well.	Missing at least one main idea.	Missing at least two main ideas.	Very little written, may not make sense.	Nothing of merit.
2	Mkt Research	The market is expertly described. At least one in-text citation is used.	The market is described with one key feature missing.	The market is described with a few key features missing.	Very little written, may not make sense.	Nothing of merit.
3	Price determination	The determination of the price is well explained and labels used in the graph are included in the discussion. Information from mkt research is included where relevant.	The market is well described and price determination is explained. May have omitted something, e.g., a label.	The discussion never gets to where it should be.	Very little written, may not make sense.	Nothing of merit.
	Graph for paragraph 3.	The correct graph is drawn, it has a title, the axes are labelled with units included. Arrows are used where appropriate.	The graph is missing at least one key feature.	Graph may have incorrect labels.	Graph is poor and may be missing elements. Incorrect graph.	Nothing of merit.
4	Seasonal increase in price	The appropriate change is discussed and labels used in the graph are included in the discussion. Information from mkt research is included where relevant.	The market is well described and price determination is explained. May have omitted something, e.g., a label.	The discussion never gets to where it should be.	Very little written, may not make sense.	Nothing of merit.
	Graph for paragraph 4.	The correct graph is drawn, it has a title, the axes are labelled with units included. An appropriate change in the graph is shown. Arrows are used to show the change where appropriate.	The graph is missing at least one key feature.	Graph may have incorrect labels.	Graph is poor and may be missing elements.	Nothing of merit.
5	Extraordinary increase in price	The appropriate change is discussed and labels used in the graph are included in the discussion. Information from mkt research is included where relevant. At least one in-text citation is included	The market is well described and price determination is explained. May have omitted something, e.g., a label.	The discussion never gets to where it should be.	Very little written, may not make sense. Incorrect graph.	Nothing of merit.
	Graph for paragraph 5.	The correct graph is drawn, it has a title, the axes are labelled with units included. An appropriate change in the graph is shown. Arrows are used to show the change where appropriate.	The graph is missing at least one key feature.	Graph may have incorrect labels.	Graph is poor and may be missing elements. Incorrect graph.	Nothing of merit.
6	Conclusion	The main ideas of each paragraph are paraphrased well.	Missing at least one main idea.	Missing at least two main ideas.	Very little written, may not make sense.	Nothing of merit.
	REFERENCE LIST & in-text citations.	At least two references are presented. These are correctly APA formatted.	Two references are presented. One error in APA formatting.	Two references are presented. An error or two	Incorrect references.	Nothing of merit.

TOTAL MARKS: 50

Study the Newshub headline below. Then read this news story article and watch the video clip from the website that are reproduced in the next two sections.

Read the following news article from Newshub website about the market for vegetables in New Zealand.

In what is a timely reminder to shop for in-season produce, last month saw the highest rise for vegetable prices in four years.

The Statistics New Zealand food price index, which measures changes in food prices, shows veggie prices, including tomatoes, cucumbers, lettuce, capsicum and broccoli, shot up 15 percent in June compared to May (8.5 percent with seasonal adjustments).

Overall food prices rose 1.4 percent over the June month - up 2.8 percent on the same time last year.

Statistics New Zealand consumer prices manager Matthew Sansfield said heading through winter, due to the change of season, it's typical to see prices for many veggies rise.

"However, we're seeing larger rises than usual for this time of the year and for a greater number of vegetables."

Tomatoes and cucumbers led the charge for the highest percentage increase across the veggie category, both up 52 percent compared to May. The weighted average prices (average price across all regions) were $11.19 per kilogram for tomatoes and $16.79 per kilogram for cucumbers.

Capsicum prices rose 27 percent: the weighted average price at $24.16 per kilogram, marking an all-time high.

"Capsicum prices follow a very seasonal trend, generally reaching their peak during July or August as more produce is imported during winter," Stansfield said.

He said tomato growers typically planned nine months ahead, COVID-19 uncertainty and weather issues affecting produce - and prices.

Prices for kiwifruit, instant coffee, pork leg and kumara dropped over the June month. Kiwifruit prices dropped 24 percent, pork leg and kumara were each down 10 percent and instant coffee was down 4.9 percent.

Shoppers wanting to keep food costs low could look at the Produce NZ seasonality chart to see what's in season.  Veggies such as pumpkin, silverbeet, cabbage and carrots may be viable alternatives while prices for cucumber and capsicum are high.

Source: https:www.newshub.co.nz/home/money/2021/07/veggie-prices-soar-in-june-marking-highest-rise-in-four-years.html

/Users/xujiaer/Desktop/1630835014817-1338715002368700.mp4

1.Write an introductory paragraph to explain what your essay is about. (5 Marks)

2.In a paragraph describe the vegetable market in New Zealand. Explain what vegetables are used for and why they are important to consumers. Explain why demand remains almost unchanged even though prices have increased. (5 Marks)

3.Explain in a paragraph what has caused the price of vegetables to increase even further than normal as talked about in the news article in this assignment. You may refer to other news articles. (5 Marks)
- Draw an economics graph below to go with this paragraph to show how the price of vegetables has risen by an even greater amount in the June 2021. Include labels and use these labels in sentences in your paragraph. (5 Marks)

4.Explain how the price of vegetables increases normally in the NZ Winter season. (5 Marks)

- Draw an Economics graph below to go with this paragraph to show how the price of vegetables normally rises in the Winter. Include labels and use these labels in sentences in paragraph 4. (5 Marks)

5.Explain in a paragraph what has caused the price of vegetables to increase even further than normal as talked about in the news article in this assignment. You may refer to other news articles. (5 Marks)

- Draw an economics graph below to go with this paragraph to show how the price of vegetables has risen by an even greater amount in the June 2021. Include labels and use these labels in sentences in your paragraph. (5 Marks)

6.Finally, write a conclusion paragraph, to sum up, your discussion about the vegetable market in NZ. (5 Marks)

7.When you use an idea that you have paraphrased from someone else, use APA referencing method to place an in-text citation in your paragraph and place the reference below. (5 Marks)