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Economics Revision Essay Plans

Last updated 17 Dec 2019

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This series of resources provides revision essay plans for a wide variety of essay topics, including synoptic questions.

For the 2019 papers check out our collection of videos on building A* evaluation into your answers

Have you tried our series of more than 50 Quizlet revision activities? Click here to access!

Essay Plan: Limits on Monopoly Power

Topic Videos

Chains of Reasoning and Evaluation: Fuel Prices in the UK

Exam Support

EU Customs Union Membership (Revision Essay Plan)

Practice Exam Questions

Market for Electric Vehicles (Revision Essay Plan)

Mergers and consumer welfare (revision essay plan), air pollution and policies to control (revision essay plan), policies to improve competitiveness (revision essay plan), economic effects of higher interest rates (revision essay plan), current account deficit & policies (revision essay plan), unemployment and policy trade-offs (revision essay plan), case for cutting the national debt (revision essay plan), micro-finance (2019 revision update), essay on advertising and economic welfare, essay on oligopoly and collusion, policies to control inflation.

Study Notes

Why is high inflation a problem?

Revision essay: exchange rate depreciation and macroeconomic objectives, to what extent should full-employment be the main macro policy objective, housing supply (revision essay plan), minimum alcohol pricing (revision essay plan), oligopoly and collusion (revision essay plan), building confidence in writing synoptic 25 mark essays (edexcel), behavioural and neo-classical economics (revision essay plan), barriers to entry and economic profit (revision essay plan), micro and macro impact of a plastic tax (revision essay plan), edge revision webinar: market failure and government intervention, farm subsidies (revision essay plan), competitiveness of the uk motor industry (revision essay plan), labour migration (revision essay plan), financial market failure (revision essay plan), tariff on chinese steel (revision essay plan), policies to improve food affordability (revision essay plan), reducing a trade deficit (revision essay plan), museums and government subsidy (revision essay plan), fiscal policy and inequality (revision essay plan), globalisation and inequality (revision essay plan), economic inactivity (revision essay plan), competition and consumer welfare (essay technique video), essay plan: is the euro the main cause of the crisis in greece and italy, china: successes and failures essay plan, our subjects.

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AQA Economics A-Level (A* Notes, Essay Examples and Plans)

Last updated

24 April 2023

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Resources included (15)

AQA Economics A-level: example 25 mark essays (A* grade)

AQA Economics A-level: Synoptic paper practice questions

AQA Economics A-level: International Economy

AQA Economics A-level: Fiscal and supply-side policies

AQA Economics A-level: Financial Markets

AQA Economics A-level: Economic performance (macro)

AQA Economics A-Level: Aggregate demand and aggregate supply

Economics A-level: Macroeconomic performance

Economics A-level: Market mechanism, market failure and government intervention

Economics A-level: Income and wealth

Economics A-level: Labour market supply and demand

Economics A-level: Market structures

A-level Economics: Production and Productivity

Supply and demand in competitive markets

Economic methodology and the economic problem

AQA Economics A-level: specification 7135, 7136 *I sat my Economics exam in summer 2018 and achieved A star grades across all three papers. Here is a bundle of all my content/theory notes and 25 mark essay examples and plans!

Paper 1 - Micro

• Economic Problem and Methodology
• Supply and Demand
• Production, Costs and Revenue
• Market Structure
• Labour Market
• Income and Wealth
• Market Mechanism, Market Failure and Government Intervention

Paper 2 - Macro

• Macroeconomic performance
• Aggregate Demand and Aggregate Supply
• Economic Performance
• Financial Markets
• Fiscal and Supply Side
• International Economy

Paper 3 - Synoptic

Synoptic practice questions

AND * A Example 25 mark essays and practice questions covering: **

Includes 25 mark essays:

• Assess whether you agree that governments should subsidize companies who are developing cars which run on clean fuels such as hydrogen (25 marks)
• Assess whether you agree that the government should give financial assistance to firms producing cars in the UK to increase their competitiveness (25 marks)
• Assess whether you agree that the implementation of pollution permits could play a role in reducing global warming (25 marks)
• Discuss the view that falling unemployment will inevitably lead to trade-offs with other macroeconomic policy objectives (25 marks)
• Evaluate policies that the government could use to reduce obesity, referring to classical solutions such as taxes, subsidies and regulations, and behavioural solutions such as nudges and default choice (25 marks)
• Using your knowledge of behavioural economics and neoclassical economics, evaluate the possible policies that could be used to reduce congestion in the UK’s cities. (25 marks)
• Evaluate the view that imposing a tax is the most effective government policy for reducing the market failure arising from overconsumption of unhealthy food and drink (25 marks)
• Using the extracts and your economic knowledge, assess whether you agree that fixing a maximum price for energy that is sold households is the best way of dealing with market failure in the UK energy industry (25 marks)
• Using the extracts and your economic knowledge, assess the view that inequality is ‘good for us all’ (25 marks)

9 and 15 mark essays:

• With the help of a diagram, explain how export subsidies may help promote economic growth in India (9 marks)
• Explain how government policies can reduce the natural rate of unemployment (15 marks)
• Explain why, in a free market, sugary drinks may be overconsumed (15 marks)
• To what extent do you agree that expansionary monetary policy is always effective in creating economic growth? (25 marks)

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How to Analyse | A-level Economics | With Examples

Analysis is the most important skill in A level Economics.

Master this and your essays will have a solid backbone. Your essays will start gaining those analysis marks.

Basic components of analysis

• Chain of analysis . Explain all the steps from cause to effect.
• Diagram, embedded in text . Use a diagram and refer to the coordinates and any shifts in the text.
• Use of real world example or quote from extract to support analysis.
• Make sure your answer links to the question.

For more A-level Economics resources, check out the links below:

Example paragraph – microeconomics

Consider the question: “Discuss the effects of a subsidy (25 marks)” .

Here is an example analysis paragraph (split into three subsections):

Suppose the government subsidises solar panels. UK homeowners can receive grants of £14,000 for home improvements, like solar panels. The diagram shows the effect of a subsidy on the market for solar panels.

This leads to a shift right in the supply curve of solar energy from S to S1. This leads to a fall in price for solar energy from p to p1. The equilibrium quantity of solar energy rises from q to q1. The area shaded in red shows the consumer incidence of the subsidy. But the area shaded in blue shows the producer incidence. So the subsidy benefits both consumers and firms. There is also an increase in producer surplus and consumer surplus. Solar panel prices have fallen 88% though from 2010 to the 2020s in the UK. This suggests subsidies may have contributed to decreased prices.

Also the quantity supplied has increased. Demand for labour is derived demand. So it is likely that demand for workers will increase too. This leads to higher employment. Increased profits for firms mean firms are less likely to shutdown in the long run. As average revenue is more likely to exceed average total costs. The firm can also invest more profits back into improving the product quality. This further improves consumer welfare.

This analysis features a good explanation through the diagram. The paragraph refers back to the diagram in the text.

There is also use of real world evidence. Here there are two pieces of evidence. But only one piece is necessary for this paragraph.

The required length depends on: the marks for the question and the number of paragraphs you write.

If writing three paragraphs of analysis for a 25 marker for example, you can get away with a little shorter analysis.

But if only writing two analysis paragraphs for a 25 marker, then you will need sufficient detail for your analysis points.

Example paragraph – macroeconomics

Consider the question: “Discuss the effects of higher government spending (25 marks)”.

Here is one example analysis paragraph (split into three subsections):

The UK Government announced a plan to increase spending on Royal Navy equipment by £7.5bn over the period 2021-2031. An increase in government spending, such as an increase in national defence spending, increases aggregate demand (AD). This is because government spending is a component of AD (AD = C+I+G+X-M). So AD shifts right from AD to AD1.

This causes a positive multiplier effect. An increase in a component of AD leads to an even larger increase in AD and hence real GDP. So the AD curve shifts further right from AD1 to AD2. Here an initial increase in government spending on military equipment makes the suppliers richer. This increases wages for the suppliers’ workers. These higher wages then lead to increased consumption in local shops. So the shopworker gets richer and so on.

So real GDP increases from Y to Y2, meaning economic growth occurs. Also employment is likely to rise, as labour demand is derived from the demand for goods and services. The price level increases from PL to PL1, meaning that there may be inflation as a result. Increasing inflation worsens the price competitiveness of exports. This reduces export demand and may worsen the current account position.

This is a good discussion of the effects of higher government spending.

There is a good real world example, with the reference to Navy spending.

The explanation uses economic theory of aggregate demand. It explains clearly how an increase in government spending increases AD.

It then extends this with a multiplier effect.

There is then a link to key macroeconomic objectives.

The use of the diagram, which is clearly embedded, makes this top level analysis.

What if you do not know to write?

Some students often get stuck for analysis points.

If you do not know what to write, consider the following key points.

• Ask yourself: which graphs can you use in this essay?
• In macro, 80% of the graphs are AS-AD . So start by thinking whether you can draw an AS-AD graph here. But also think about other macro graphs. Tariff and currency diagrams are common. Also consider comparative advantage, Phillips curves, crowding out and the Laffer curve etc.
• In micro, think about supply / demand diagrams and revenue / cost diagrams . Here may also be revenue and cost diagrams you can use for all market structures essays. But also can use revenue / cost any year 1 topic too where there are effects on consumers or firms. You can also consider benefits and costs diagrams for externalities or imperfect information.
• Also for macro, consider the effects on the four key macroeconomic objectives.
• For micro, also consider the effects on different “stakeholders”. This includes consumers, firms, workers, government, suppliers, the environment, external effects and so on.
• For market structures in micro, think of the different efficiencies. Dynamic efficiency, X efficiency, productive efficiency and allocative efficiency. These can form your analysis paragraphs.

How to improve depth of analysis

You need to make sure your analysis is detailed enough. Particularly if you only have two analysis paragraphs in your essays.

You will need to practise extending analysis for each topic.

But here are some general ways you can make analysis more detailed:

For micro :

• Extend to different groups.
• For consumers, consider effects not just on price. But also consumer surplus and quality of the good.
• For firms, consider the effects on profits, investment, employment, efficiency and shutdown.
• Also consider further or unusual firm responses / consumer responses to a policy change. If there is a tax on sugar, firms switch production to non-sugary drinks. Consumers also consume more non-sugary drinks.
• High level diagrams give you more to talk about. For example, using cost/revenue diagrams to show MR/AR shifts and MC/AC shifts. You can then discuss the change in supernormal profit. Caution: these diagrams can get messy if you haven’t practised them. Make sure to practise drawing them.
• For AD shifts, consider the multiplier effect.
• For AS shifts, all four key macro objectives are usually affected in the same direction. If AS shifts right, all four key macro objectives improve. That includes low stable inflation, higher growth, lower unemployment and an improved current account / price competitiveness of exports.
• Extend points to cover other macro objectives.
• Consider high level diagrams. For example AD-AS with multiple curve shifts. Or tariff diagrams with welfare change labelled.
• Practise thinking of “second-round effects”. For example relating the answer to stakeholders. Or chains of analysis that reinforce the point.
• Improves quality and quantity of infrastructure with example.
• Increase in productivity from less travel time to work. Reduced geographical immobility of labour.
• Increase in productivity from better worker-job match. Workers apply to more jobs, so they are likely a better fit for the job they accept.
• Diagram: LRAS shifts right. Fully embedded in text.
• Effects on macro objectives. Higher economic growth, reduced inflation, improved export competitiveness, higher employment.

Other A-level Economics resources

For A-level Economics style practice papers (up to date for this year’s exams), check out the link below:

For A-level Economics model answers, check out the link here:

More Economics A-level resources:

A-level Evaluation Point examples and guide

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Edexcel A-Level Economics | Every 25 Marker

AS 20 Markers

In 2015 a report by Public Health England recommended the imposition of a 20% tax on the sale of soft drinks that contain high levels of sugar. Evaluate the likely microeconomic effects of such a tax . (June 2017)

‘Revenue maximisation is a more realistic business objective than profit maximisation for many businesses.’ To what extent do you agree with this statement? Refer to an industry of your choice in your answer. (June 2017)

In September 2016 the government approved the building of an £18 billion nuclear power station, Hinkley Point C, which will supply 7% of UK electricity for up to 60 years. The power station is funded by Chinese and French investment. Evaluate the likely private costs and external costs involved in such major power station construction projects. Use an appropriate externalities diagram in your answer. Evaluate the likely private costs and external costs involved in such major power station construction projects. Use an appropriate externalities diagram in your answer. (June 2018)

In July 2016 Apple’s share of the UK market for smartphones was 38%. Evaluate whether such a high market share for one company is in the consumer interest. Use appropriate diagrammatic analysis in your answer. (June 2018)

In July 2017 it was announced that only a third of the BBC’s 96 top earning presenters were women and that its seven highest-paid presenters were all men. According to the High Pay Centre, in 2018, UK chief executives can earn 120 times more than the average full-time worker earning £28 758. With reference to an industry of your choice, evaluate why wage differences exist within the UK labour market. (June 2019)

In October 2017 Scania, the Volkswagen-owned truck maker, was fined €880 million (£771 million) by the European Commission for colluding with five other truck manufacturers over a 14-year period. The firms had agreed to coordinate prices after experiencing additional costs of meeting emission regulations. With reference to an industry of your choice, evaluate why some firms engage in collusive behaviour. (June 2019)

The International Energy Agency has predicted that oil use by cars will peak in 2025 because of the increasing number of drivers switching to electric vehicles. Evaluate the likely microeconomic consequences of consumers shifting from vehicles powered by fuel obtained from oil to electric-powered vehicles. (June 2020)

‘Amazon.com, the giant online retailer, has too much power.’ It uses its market power to put a squeeze on publishers, in effect driving down the prices it pays for books. If a publisher refuses, Amazon may take action by ‘delaying their delivery, raising their prices, and steering customers to other publishers’. Evaluate the likely costs of a monopsony operating in a market such as book retailing. (June 2020)

The national living wage, the minimum wage for 25-year-olds and over, is expected to rise to more than £10.50 an hour in 2024 compared with £8.72 in 2020. The wage does not apply to the UK’s self-employed and ‘gig economy’ workers. Some economists said the increase was ambitious. Business groups warned that employers in sectors such as social care could be hit hard. In large parts of the north of England the living wage has already reached two-thirds of local median earnings, said Professor Shackleton. Evaluate the disadvantages of a significant increase in the national living wage on a specific labour market, such as that for social care workers. (June 2021)

In many industries, such as banking, health insurance, internet search engines, pharmaceuticals, social media and telecommunications, there have been increases in market concentration. Evaluate the possible consequences for business decision making of increased market concentration. Refer to industries of your choice in your answer. (June 2021)

Evaluate the likely costs of a monopsony operating in a market such as book retailing. (June 2021)

Evaluate the disadvantages of a significant increase in the national living wage on a specific labour market, such as that for social care workers. (June 2021)

‘Tradable permits are less effective than taxation in reducing carbon emissions.’ To what extent do you agree with this statement? (Specimen)

Evaluate the likely microeconomic impact of an increase in the UK national minimum wage. (Specimen)

Tesla held an 82% market share of the electric vehicle market in the United States during the first half of 2020. Evaluate whether a monopoly is likely to operate efficiently. Refer to at least one monopoly of your choice. (Specimen )

Some occupations in the UK are facing large labour shortages. Hard-to-fill vacancies include qualified chefs, software engineers, construction workers and qualified nurses. Evaluate the factors that might influence the supply of labour in an occupation of your choice. (Specimen)

Since the global financial crisis of 2008 there have been over 5 700 increases in tariffs, quotas and administrative controls on international trade. Evaluate the likely effects of an increase in protectionism on the economy of a developing country of your choice. (June 2017)

Global oil prices fell from a 2008 peak of $147 a barrel to $27 in 2016. Evaluate the likely macroeconomic consequences of a significant fall in global oil prices. (June 2017)

In 2016 the UK Chancellor of the Exchequer announced that the government would spend an extra £23 billion on innovation and infrastructure over the following five years. Evaluate the likely economic effects of this planned increase in government expenditure. (June 2018)

The British pound fell by over 10% to a 30-year low against the US dollar after the UK voted to leave the European Union. To what extent will this depreciation impact on future economic growth in the UK? (June 2018)

Three of Africa’s main trading blocs have agreed to form the Tripartite Free Trade Agreement (TFTA). This will create one of the world’s largest free trade areas, stretching across 26 countries with a combined GDP of around £1trillion. Evaluate the effects of the growth of trading blocs such as the TFTA on global trading patterns. (June 2019)

Japan’s budget deficit for 2017/18 is expected to be 4.6% of GDP. Its national debt is forecast to increase to above 250% of GDP by 2019. Evaluate the impact of a large fiscal deficit and national debt on a country’s economy. (June 2019)

In 2018, the United States Government cut the corporation tax rate (tax on company profits) from 35% to 21%. Income tax rates for US citizens were also reduced: for example, the top rate of income tax was cut from 39.6% to 37%. Evaluate the likely impact of cutting tax rates as a policy to increase economic growth. (June 2020)

In terms of income distribution and wealth distribution Brazil is one of the most unequal countries in the world. Its income Gini coefficient is 0.449 and it is ranked number 2 in the world for its wealth inequality. Evaluate possible economic causes of income and wealth inequalities within a country such as Brazil. (June 2020)

The European Central Bank introduced a new round of quantitative easing (QE) in March 2020, purchasing up to €750 billion of assets. The objective of this QE was to reduce the serious risks to the effectiveness of monetary policy resulting from a significant recession. The European Central Bank’s target for inflation remains at ‘below but close to 2%’. Evaluate the effectiveness of quantitative easing during ‘a significant recession’. (June 2021)

It has been estimated that if climate change led to the world’s temperature rising 2.5°C compared to the temperature in 2010, then global GDP per capita would be 15% lower by 2100. If temperatures rise by 4°C compared to the temperature in 2010, then by 2100 global GDP per capita would decline by more than 30%.. Evaluate the potential trade-offs between environmental protection and other macroeconomic objectives. (June 2021)

Both China and the United States have been gradually increasing the tariffs imposed on each other’s exports as their trade dispute continues. The IMF estimated that the trade dispute between China and the United States would reduce global GDP growth by 0.8 percentage points by the end of 2020. Evaluate the likely impact of an increase in protectionism on the global economy. (June 2022)

With global economic growth slowing and inequality rising, the case against globalisation is strengthening. But there are also many benefits to globalisation. Global trade and international trade agreements allow countries to focus on their strengths and share expertise, as well as reducing risk through diversification. Evaluate the likely impact of globalisation on the global economy. (June 2022)

In 2012, it was estimated that Japan’s national debt was equal to 214.3% of its GDP, and Greece’s national debt was equal to 161.3% of its GDP. Evaluate the likely impact of measures which a government could take to reduce the economy’s national debt. Refer to a developed economy of your choice in your answer. (Specimen)

Over the past 25 years, income inequality has been increasing in many developed countries. For example, from 2007 to 2011 Spain’s Gini coefficient rose by 6.0 percentage points, and Ireland’s by 6.6 percentage points. Evaluate the factors which may have caused this increase in income inequality. Refer to a developed economy of your choice in your answer. (Specimen)

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Economics : Model Essays (Second Edition)

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Economics: Model Essays is the 2nd edition of the best-selling revision guide that helps students gain a strong grade in the essay component of the 2023–2025 Cambridge International AS & A Level Economics (9708) examination paper. With over 50 new model essays, the book provides a clear essay structure for each essay, various tips, and conceptual diagrams on basic economics concepts to give an overall insight into each subject topic.

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A-Level Economics Model Answers (for Edexcel Past Papers)

Download A-Level Economics Model Answers for Edexcel past papers below for A2 and AS. These candidate responses were extracted from Edexcel exam board’s examiners’ reports and were graded by Edexcel examiners. All new specification Economics papers and their model answers are now available including Paper 1 (Microeconomics), Paper 2 (Macroeconomics) and Paper 3 (Synoptic).

Relevant resources: Download Edexcel A2 Economics past papers for students studying A2 Economics in their second year. Download Edexcel AS Economics past papers for students studying AS Economics in their first year. Visit our Edexcel Economics notes & questions by topic for practicing and revising certain areas of the course.

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Use of real data in A-Level economics exams

Readers Question: I wanted to ask if it is necessary to include some facts, figures or information about what is really going on in the world. I am not really sure about it. I’ve seen my friends include details like the National Income figure of some countries or mention recession and what is really going on in the world to illustrate their answers.

As an examiner, I can say it is possible to get full marks without remembering data from the real world. It is certainly not required.

However, having said that, I think a good student should have a reasonable background on the main trends which the economy has been experiencing. e.g. if you don’t know the UK has experienced a recession in the past few years, then this is a limiting factor. You don’t need to memorise the fact GDP fell 6% in 2009, and recovered by +0.6% in Q2 2013 – this kind of detail is not expected (I can’t always remember off the top of my head.)

I remember one A-Level question (2007): Explain the trends in UK unemployment in past 10 years. – If you didn’t know unemployment had fallen in the years 2007-1997, you would struggle. You don’t need to remember any exact figures like the unemployment rate, but you should be aware of the main trends.

As a teacher, you also tend to find there is a very strong correlation between students who take an interest in the real world economy and those students who get good grades. I think this is for a few reasons:

• If people take time to read about what is going on in the economy, they are very likely to spend more time understanding the theory too.
• One of the best ways to learn theory, is to read what is happening in the economy and relate it to the material. I remember as an A-Level student, I always got mixed up about the effects of a devaluation. But, because I read newspapers, I could always remember that when the Pound fell, exporters were generally happy. So I could check that I was writing a devaluation makes exports cheaper and increases the quantity of exports.
• Using examples from the real world can make an answer much stronger. For example, if you have a question:

– Discuss the effect of an interest rate cut

• A satisfactory answer would say lower interest rates should increase spending and AD because borrowing is cheaper. But, if you know about the UK economy, you could add for evaluation:
• However, a cut in interest rates doesn’t always stimulate higher economic growth. When the Bank of England cut interest rates to 0.5% in 2009, there was little increase in spending. This was because consumer confidence was low, therefore, although interest rates were zero, we didn’t see much increase in investment and spending because people still preferred to save. Also, a cut in interest rates will not have much effect if commercial banks don’t pass the interest rate cut on to consumers. In 2009/10 many banks didn’t pass the full base rate cut onto consumers.

This is just one example of how some knowledge about what is happening in the economy can give you ideas for essays – especially evaluation, and you will get credit.

What practical steps to take?

1. Have a look at summary of main trends in the UK economy (I will post a summary soon). But you can have a look at main stats here

2. Don’t waste time trying to remember exact figures. But, try to look at big economic stories and spend time understanding how they can relate to theory. e.g. why was inflation high in 2008? why has unemployment increased? What could explain UK current account?

3. Always make sure your answer includes  basic theory and models like AD/AS diagrams.

• Writing evaluative essays
• Tips for writing essays

2 thoughts on “Use of real data in A-Level economics exams”

Could you please exaplain how Positive externality (external benefit) lead to market failure in property industry?

Thank you RYAN

A positive externality is a positive side effect on third parties as a result of the actions of a producer or provider and / or the consumer. The property industry can be private or commercial. In other words homes or businesses. So when property is provided side effects that are positive might be ….the impact on related businesses and community from the extra business created. Furthermore when consumers invest in their own property by tidying it up or extending it in an aesthetically pleasing way other properties values are enhanced and so there results in a positive seide effect. Hope this helps?

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