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Welcome to Economics for Business Essay and Exam Advice Session Why are we here? Essay Mark of 74% All three of us got 1st overall, including 2nd in the year (89%) Our Top Tips for the Essay! WARNING!!!!!! THIS ESSAY IS ABOUT ECONOMICS, NOT THE COMPANY! No 1: Make Your Life Easier Choose a company you can find financial, social and accurate data on Ensure it is primarily based in a country where you can also find this data on Choose a company you are interested on – it makes the research more enjoyable and therefore easier Choose a company that is obviously affected by oil price changes! Make your lives easier – don’t choose an oil company! (Unless you have a lot of time to kill and want some hard work!) No. 2: Essay Structure Introduction: What is your business? What Market does it operate in? What country is primarily based in? Overview: Oil: brief history of the oil market (what price changes have occurred); what factors have caused prices to change Analysis: Country: How dependent is the country upon oil? In what ways is it dependent – consumer/supplier? What has been the effect upon the macroeconomics of the country? Company: How dependent is the company upon oil? In what ways is it dependent – consumer/supplier? What has been the effect upon the profits, sales, costs…. Bonus: Have competitors been affect the same? Bring in nature of the market (get some theory into your essay) REMEMBER TO INCLUDE BOTH DEMAND AND SUPPLY SIDE EFFECTS. Ie. How has the rise in oil affected the supply side of the business and also how has it affected consumers who buy your business's produce. No 3: Graphs Use them! My specific feedback commented on the use of graphs Integrate them: Essay Extract: The depreciation is mainly due to the Bank of England reducing interest rates as a stimulus for aggregate demand (charts 1&2). No 5: Do the Essay It helps with the exam (Desh explains why later) The feedback is excellent My 5 Top Tips for the Exam! 1) Answer the Full/F***ing Question ① The Generic Question (99.9% of the time) “Using information from any economy known to you and relevant macro and microeconomic theory, examine the consequences of …” ex. Increase in price of oil, decrease in global interest rates But where do I get the information to answer this? 2) Do the essay! ① Without it you will pretty much lose 20-3o marks “Short-run pain for long-term gain!” ② Learn the key facts and figures Show-off how much you know ③ Get marks for application ex. Japan’s GDP rose by X% from 201Y-201Z 3) Go through Past Papers ① Some questions MAY be recycled over years ② Time yourself when answering a question ③ “Practice in case of panic!” ④ Link:http://www2.warwick.ac.uk/services/exampapers?q=ec13 1&department=Any&year=Any 4) Form Study Groups ① Great for working together on past papers ② Learn about new ideas and concepts ③ “sharing is caring!” 5) Don’t Give Up! ① If you get an essay grade you were not hoping for, it’s not the END OF THE WORLD! “I got a 52 in the essay and a 81 in the exam, you don’t see me complaining!” (Hewavidana, 2014) If you put in the effort you are capable of and persist, you will SUCCEED! THANK YOU FOR LISTENING!