A majority of the research papers and term papers written on Economics are in APA Style. Even so, the style can vary depending on the level, type and word count.

Economics is often defined as the social science that analyzes and describes the production, distribution as well as consumption of wealth. In the 1800s, economics used to be the hobby of gentlemen and profession of a handful of academics. In the modern world, economists play a critical role in the decision making of governments, international donor agencies and multi-national banks.

The first thing to consider when writing a research paper is to choose a good topic for study. The economic dimension of the topic should be narrow enough to allow a sharp focus on the ideas and at the same time not too narrow to make access to relevant literature practically impossible.

Conduct a thorough research of the existing literature on the topic. At this point, previous work on the topic should be identified and read. Conduct critical thinking and brain storming. Quit frequently the next step is framing a hypothesis while in other cases it may be a limited set of hypotheses.

The research is organized to assess how valid the framed hypothesis. It can be tested both theoretically and empirically. It is very important to make an outline as it is quintessential of a good economics research paper. After the paper has been written and the hypothesis represented, you have to draw in your conclusion. After the draft has been approved, you have to write the final paper. This step is relatively easy asn straightforward if the preceding steps have been done right.

One definition that best describes modern economics was provided by Lionel Robbins as the science that investigates human behavior as a relationship between the ends versus the scarce means that have alternative uses. Scarcity refers to the finite available resources that are not enough to satisfy the wants and needs of all. Therefore, the subject involves the study of choices in relation to incentives as well as resources. The main areas of study in economics include

1. Microeconomics
2. Mainstream Economics
3. Heterodox Economics
4. Positive Economics
5. Normative Economics

Economics is essentially based upon rigorous styles of argument. The main aims include, but not limited to be formulating theories more straightforward, fruitful as well as reliable in terms of explanatory power. Quite often, analysis starts with a simple model in order to isolate relations of a single variable that is to be explained.

For instance, the quantity theory of money is based on the hypothesis that there exists a positive relationship in price level and money supply. This theory can be check for accuracy and validity by using economic data like price index for the Gross Domestic Product as well as a measure of money supply such as M5 and currency plus bank deposits.