Foundations in Microeconomics essay

Words: 864
Pages: 4
Subject: Uncategorized

Background:
I am a food lover and have been researching pork/coffee (pick a topic you think is easy to write about) and their prices and alternatives as prices of food have changed due to COVID-19.
Price floor/Price ceiling(lecture3)
Substitute/complements(lecture 4)
1. Describe the context for your essay using about two or three sentences. According to background In choosing your context, think about how you will be able to demonstrate the connections you have made with the learning materials relevant to the essay and economic thinking (use no more than 70 words).
Identify two theoretical concepts, Price floor/Price ceiling(lecture3)
Substitute/complements(lecture 4)
2. The theoretical concepts must be stated as dot points after your context has been established. The concepts you list should also be clearly applicable to your chosen context (50 to a maximum of 70 words).
3. In thinking about your chosen context, identify two or three assumptions you might have made, or you think others might have made, in any of your decision making prior to being exposed to the learning materials for the particular essay. The assumptions need to be relevant with regards to the context chosen in section 1 and the theoretical concepts chosen in section 2 (100 to maximum of 120 words).
4. State what you have learned from applying the essay learning materials by outlining how your thinking has now changed toward the economic concepts used in your context. In doing so, three key requirements need to be captured. First, comparisons between prior understanding (perhaps as someone with no economic background) and new insights from learning to think like an economist are evident. Second, in making such comparisons, each of the theoretical concepts listed in criterion 2 (above) need to be at the centre of outlining what was learned. Third, the linkages between learning and economic thinking are clearly conveyed through building on the chosen context (150 to 170 maximum words).
5. Concisely reflect on what you have learned using non-technical, plain language. First, do this by showing clear connections between your chosen context in section 1 and the theoretical concepts listed in section 2. Second, your reflections need to show an ability to extend what you learnt more generally (e.g. to a manager, a politician, parents, friends, workplaces, industry, society, or everyday decision making). Third, the practical benefit(s) that emerge from your reflection need to be highlighted and clearly relate to your chosen context in section 1 and the theoretical concepts listed in section 2. Fourth, you need to substantiate your claims by referencing at least three and at most four sources published within the past six months (200 to 220 maximum words).

1. Chosen context
· Be sure to identify a very specific example (e.g., working at a supermarket), otherwise the entire essay comes across as scattered and disconnected.
· The context needs to come across as personally relevant, something that has been clearly experienced or is of interest to the student.
· I would suggest rewriting the ‘Chosen context’ section if the same context is used for more than one essay. This would be needed to ensure the links emerge to the theory concepts etc. that follow. It would require a slightly different aspect of the context to be brought into focus for each essay.
2. Theoretical concepts/ideas
· Use two theoretical concepts, one concept from each lecture in the relevant pair of lectures, to fit within the required word limit. Use at most three theoretical concepts.
· Ensure you use 50 to 70 words so as to introduce the concepts and make them link to the chosen context. Students lose marks for being not being within these exact word limits.
· Don’t just list the concepts as dot points. The section will be well short of the word limit and penalised. Relate the concepts to the context.
· Label each concept to indicate the relevant lecture number (concepts must be from the relevant two lectures for the essay number).
3. My prior assumptions
· Need to write about your previous thoughts (assumptions) prior to studying ECON This requires the use of past tense.
E.g.: I had previously assumed… that… was …
· This section is not about making some new assumptions and then analysing the assumptions using economic theory in sections 4 and 5.
· Make sure the assumptions you outline are relevant and link to the concepts in section 2. Be sure each assumption is clearly and precisely explained.
4. What I learned
· Focus on why you now realise your preconceptions/assumptions were “wrong” according to the theoretical concepts you chose in section 2, thereby informing the reader how your thinking has changed and so demonstrating your learning.
5. Reflecting on what I learned
· Include a few sentences to extend the theoretical concepts/ideas to a general context (many students lose marks for not doing so).
· Outline how the theoretical concepts/ideas apply elsewhere and why it is important (practical/social benefits).
· A key point: Many students tend to rewrite/repeat their ‘What I learned’ section as the ‘Reflecting on what I learned’. This is not what is intended. Rather, the reflection section is meant to be a generalisation of your new understanding and you need to extend/go beyond what you already mentioned in the ‘What I learned’ section.
· Substantiate your application or generalisation using data or information from three or four sources/references*.
References*:
· Include a reference list.
· The original sources/references must be in English and freely accessible on the Internet.
· All references must be recent, i.e. published within the past six months.
· Types of referenced allowed: Media reports, web pages and blogs.
· Types of references NOT allowed: Journal articles and textbooks.
· Add number you used in reference part and body part
General comments:
· To ensure your work is clear and to the point, have someone read over your essay before it is submitted to pick up any grammar or simple spelling mistakes.
· Keep it simple – don’t overcomplicate the link between your context and the theoretical concepts. It is more effective to use a context where you can clearly apply the two (or three) concepts you have chosen.
· Make sure each section abides by the strict word limits (see the marking rubric and the task description). Precisely stay within the given limits!
· Remember if you use the same context for more than one essay, be sure to use the relevant lecture material concepts for the essay submitted. It should not be the same as any previous essay

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