IELTS Common Essay Topic – ECONOMICS
It is about money, valuable resources of individual, family or country.
| Primary Sector | Secondary Sector | Tertiary Sector |
| Agriculture | Manufacturing | Service sector |
Cash V/S Bank
| Cash (Currency) | Bank |
| No tax is there while payment with cash. | Credit cards or debit cards |
| It is not accountable(Black money) | Money in the bank is accountable |
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Credit Card V/S Debit Card
| Credit card is when you borrow money from bank. | Through Debit Card, a person can use money which is in the bank account. |
NOTE: Safest and best economy is if a person buys products on debit card rather than through credit card.
Saving V/S Spending
| Saving:-When you save money (for future, security). | Spending:- When a person spends on personal needs of or family, leisure or entertainment. |
NOTE: Investing is when a person plans and executes his savings in some business where the money grows by itself. Individual doesn’t work by himself but the money grows with the progress of that certain business. (Purchasing lands, share or stocks)
Globalization V/S Economy
Globalization is an idea where the economics of the world unite together and becomes one supermarket. Through technology and internet, the dependence of one nation on other is increasing.
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How it happens?
The increase of international trade (import and export), growing networks (internet) and increasing technology is fueling the Globalization.
| Positive points | Negative points |
| Better quality of product | It increases competition and pressure |
| Products are almost same | Very bad for domestic industries |
| Overall growth of the world | Globalization kills uniqueness of products (cultural products) |
World economic issues and environmental issues:
International companies target for profits, which force them to search cheap labor and production cost. This leads to exploitation of developing nations and under developed nations. This results in economic issues and environmental issues as well.
- Economic issues: Imbalance/ inequality between the resources of workers and company
- Environmental issues: Production and manufacturing cause pollution. For example, leather and paint industry
- Economic progress and success: Every country aims to become a success nation by focusing more on manufacturing and services. But this process must be balanced because over manufacturing can cause harmful problems like air pollution, water pollution.
Sample Topics:
- The increase in the production of consumer goods results in damage to the natural environment. What are the causes of this? What can be done to solve this problem?
- Many supermarkets are selling more and more products that are imported from other countries instead of selling food that is locally sourced. What are the reasons for this? Is this a positive or negative development?
- Some Feel governments rather than private companies should be in charge of medical services. To what extent do you agree or disagree?
- The governments should give each citizen a basic income so that they have enough money to live on, even if they are unemployed. To what extent do you agree or disagree?
- Many supermarkets are selling more and more products that are imported from other countries instead of selling food that is locally sourced. What are the reasons for this? Is this a positive or negative development?
IELTS Common Essay Topic – ECONOMICS
IELTS Common Essay Topics – Free V/S Paid