The key to achieving high marks in your economics essay is to answer the question using relevant content, recent examples and presenting your argument in a concise and well structured format. I recommend you practice drafting some essays and asking your teacher / tutor to review them prior to your exams so you are ready when exam time comes. Below is a sample from a Band 6 essay that shows you the structure and level of detail required to get the best marks.

Question: Evaluate the effectiveness of fiscal policy in achieving economic growth and low unemployment.

Unemployment Paragraph (Using TEEL Structure)
Topic: “Fiscal policy has been very effective at achieving full employment.” A short topic sentence is all you need. Just remember to answer the question.

Explain: “Since labour is a derived demand, an expansionary fiscal policy can stimulate aggregate demand and reduce cyclical unemployment.” An ‘explain sentence’ is where you can add more detail and demonstrate your understanding of the content.

Example: “This was the case in the COVID-19 pandemic where the government implemented a $291 billion fiscal stimulus. Its centrepiece was the JobKeeper wage subsidy program. The subsidy program provided a $1500 per fortnight payment to an estimated 3.5 million workers. These measures stimulated aggregate demand and reduced cyclical unemployment.” The example must reinforce your topic and explain sentences. Ensure your example is recent (within the last 5-10 years) and has specific figures to show the impact of the policy.

Explain: “Moreover, the government’s immense efforts to reduce cyclical unemployment has lowered the possibility of hysteresis – individuals losing in-demand skills and becoming structurally unemployed in the future.” This additional explanation adds a sophisticated level of understanding. You can also write a ‘however’ statement here, where you identify a limitation of fiscal policy in achieving low unemployment. This extra layer of detail can change your essay from a Band 5 to Band 6 response.

Link: “This policy response was highly effective, as seen with unemployment peaking at 7.5% despite a forecast of 10%. And unemployment levels ‘beating’ pre-pandemic levels within 12 months of the federal budget stimulus being released.” The link sentence reinforces what you stated within your paragraph. Be sure to again answer the question and extra data can be used to demonstrate this point.

Benjamin Hickman