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Economics Study Tips That Pay Dividends
Economics is the study of how individuals, governments, and businesses make decisions on allocating resources in order to satisfy their wants and needs. Economics can be broken down into microeconomics which focuses on individual consumers and producers and macroeconomics which focuses on the overall economy.
Microeconomics looks into particular markets and segments of the economy. It looks at issues such as individual labour markets (demand for labour, how labour is divided and allocated and wage determination) and externalities arising from production and consumption. Also studied are the supply and demand in individual markets and individual consumer behaviours, the efficiency and costs associated with producing goods and services.
Demand and supply diagram are essential to understand in all levels of economics. Above is a simple supply and demand diagram for books. This microeconomic analysis shows that the increased demand (D to D2) leads to higher price (P1 to P2) and higher quantity (Q1 to Q2).
Macroeconomics looks at ‘aggregate’ variables such as aggregate demand, national output and inflation. It looks at issues such as government monetary and fiscal policies, unemployment rates, growth that is reflected in Gross Domestic Product (GDP) and business cycles. Macroeconomics also studies the relationships between various factors such ass consumption, inflation, savings, international trade and many more.
Tips to do well in Economics A level
Stay up to date with current affairs: The likelihood of your exam being based on a current or past event are high. Therefore, it is important for you to have a good understanding of ongoing events to help you thrive in your essays. This will allow you to score high marks in your essay questions as you will get rewarded for including facts and figures. The best way to do that is by watching the news or by reading newspapers; I always had the news on whilst I was getting ready for school!
Remember your diagrams: This is essential! It is important for you to have a good understanding of economic diagrams to help you gain marks in your essays. When I was doing my A levels, I made sure I had a note book filled with diagrams so that I could refer to them when it came to revision.
Remember your definitions: This will allow you to gain a better understanding of the subject. The best way to start an economics essay is by including a definition. It allows the examiners to know straight away that you know what you’re talking about and will help set the tone of your essay. It does not need to be a long definition, only a sentence or two will do but make sure it is precise and clear.
Stay organised: There is a lot to learn in economics and there in a lot of sub subjects to learn within micro and macro. Therefore, it is very important for you to stay organised so that you always have something to look back on for both your first and second year studying.
Tips to do well in Economics degree level
Past papers are your best friend: Ask your lecturer if there are any past papers available and use them as guide lines when it comes to revision. This will allow you to families yourself with the structure of the paper and get a feel for the style of questions you might be asked. This would also help you build your confidence when it comes to writing the paper.
Ask for help when needed: Sometimes economics lectors can be overwhelming and require you to take in a lot of information in a short space of time. Therefore, it is important for you to ask if you didn’t get the chance to during the lecture or if you’re just stuck on something. This will help you progress smoothly into the next topic over time.
Revision style: It’s completely down to you. If you enjoy revising my rewriting your notes, then do it! If you enjoy treading your notes out loud then do it! Just don’t simply memorise facts.
Rest: University can be hard work and studying economics can get challenging over time but do not overwork yourself. Resting will allow you to take in information properly and fully understand the subject. Therefore, it is important for you to take a break when needed.
Stay motivated: Look at your progression, it is important to stay motivated throughout your time at university. There may be times where you want to give up or you feel really stressed. This is the time where you need to motivate yourself and keep on going to help you succeed to keep on going. Don’t give up!
Economics is a great subject to learn regardless of what level you’re learning.
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