How To Study For Economics Exams
The creation, distribution, and consumption of scarce products and services are the primary topics of analysis and description in economics. Because it tries to explain how people, groups, and organisations behave, economics is regarded as a social science. Economics is mainly focused on arithmetic and statistics, nevertheless, unlike many social sciences. The majority of undergraduate students must complete several upper-level math and statistics courses before they can declare an economics major.
Additionally, students find economics to be one of the more difficult disciplines, particularly those in their first and second years of college who did not take economics in high school. If you can study economics in high school, take advantage of the opportunity. You’ll be ready for more difficult economics classes in college.
There are four levels of academic achievement that students must exhibit to succeed in the study of economics. These consist of:
- Knowledge
- Comprehension
- Application
- Analysis
Knowledge
Knowledge represents the initial academic performance level in the study of economics. Learning and retaining specific information, such as facts, definitions, and explanations, constitutes gaining knowledge. The knowledge-based questions that make up the majority of high school economics exams require little to no analysis. Nevertheless, knowledge is the cornerstone of learning and is necessary to advance to subsequent stages of academic success.
An illustration of a knowledge inquiry is the one that follows.
QUESTION: Differentiated items have the following qualities:
(a) Monopolistic competition only
(b) Oligopoly only
(c) Monopoly
(d) Both a and b
Answer: Monopolistic Competition is the sole type.
At the collegiate level, only approximately 15–25% of test questions in economics are knowledge-only.
Comprehension
Comprehension is the second level of academic achievement in the study of economics. While knowledge focuses on learning information, comprehension focuses on understanding the content’s significance. The three main ways to show understanding of economics are: (1) transferring information from one form to another (for example, from words to numbers); (2) interpreting information (for example, by explaining); and (3) calculating trends (e.g., predicting future effects and implications). Within the realm of economics, comprehension is the lowest level of understanding.
An example of a comprehension question that might be asked on an economics examination is the one that follows.
QUESTION: If Dell and HP laptops are comparable, what will happen if the price of Dell laptops rises?
(a) Lessening interest in HP laptops.
(a) The quantity of HP computers that is required.
(c) A rise in interest in HP laptops.
(b) A rise in the quantity of HP computers that are needed.
Answer:
C. A rise in interest in HP laptops.
You will encounter comprehension-based problems on between 30 and 40 percent of college-level economics exams.
Application
The application represents the third-grade level in the study of economics. Students are expected to use and apply content in real-world settings once they have gained knowledge and mastery of economic ideas, principles, laws, and theories.
The following is an illustration of an application-based question that might arise on an economics test.
QUESTION: The Wall Street Journal story that came before it explains how a drop in car prices resulted in a rise in sales. This exemplifies the:
(A) The demand law.
(b) The price and quantity demanded are directly correlated.
(c) Law of supply.
(d) The indirect link between supply quantity and price.
Answer:
A. The law of demand.
About 30% to 50% of test questions at the collegiate level are application-based.
Analysis
The fourth and final academic performance level in the study of economics is analysis. The ability to dissect a body of knowledge (including economic theory) into its constituent parts in order to comprehend its overall organisational structure is referred to as analysis. Identification of the components, comprehension of the relationship(s) between the components, and recognition of the organisational principles and rules are the standard steps in the analysis.
Survival Techniques For The Economy
Despite being a social science, economics may be just as demanding and tough as any of the more rigorous academic courses, such as algebra, chemistry, etc. Time, commitment, and effective study techniques are necessary for success in economics. The following are successful study methods, habits, and study tactics for economics.
Before Going To Class, Prepare Assignments
It’s crucial to have all of your homework done before each lesson. You will be able to understand the lecture and ask pertinent questions if you have completed your assignments before class. It will also help you with the economics online exam. Most of the assigned content in your text won’t be covered by your professor. In class, he will go over more advanced economic concepts and applications, and he expects you to ask questions if you don’t understand something in the material or during your homework.
Read For Understanding
Study for understanding when you read your economics textbook. Start by reading any summary or outline offered for the assigned chapter for 10 to 15 minutes. Consider identifying and retaining the chapter’s primary ideas. Read the introduction after that. Typically, the introduction gives a brief synopsis of the subjects being covered and identifies the chapter’s goals. Read each section separately. Make sure you comprehend how each chapter’s topics relate to one another.
The majority of subjects will be discussed orally, mathematically (in tables), and aesthetically (in graphs). Since all three communication methods are used in economics and are likely to be used in the presentation of exam questions, it is crucial to comprehend the information offered within each context.
You should be able to: (1) recall the topic and key terms; (2) comprehend the information offered; (3) relate pertinent terms to one another; and (4) tie each topic to the other topics covered in the chapter after reading each topic.
Attend All Lessons And Talks
You cannot afford to miss class because economics is such a tough subject. In case you miss the class, you can always take Economics Class Help. Your professor will primarily provide the knowledge, comprehension, and assistance you need for your economics course through his lectures. Do not believe that you can skip class, steal our friends’ notes, and ace economics. It won’t occur.
As You Proceed, Master The Material
Economics is similar to math in that it is a subject that is learned over time. Understanding economics is a process of incremental learning. Understanding what the professor and text are presenting today requires mastering what you studied in class last week. It gets harder to comprehend the new ideas and concepts being introduced and covered as you fall behind in your studies.
Before you can master new information, you must first master each new notion in terms of understanding, comprehension, and application. As a result, studying for exams and “cramming” for economics just do not work. Utilise expert exam help provided by ExamsInsight if you’re running low on time and you require good grades in your exams. There exam assistance services are available 24/7.
Take The Proper Kind Of Notes Rather Than Good Ones
Simply put, there isn’t enough time to take notes during lectures while still paying attention to the material being delivered. Your focus in class should be on understanding and putting the concepts and principles of economics into practice.
The only way to achieve this is to arrive at each lecture (1) with all readings and assignments finished and (2) with a fundamental understanding of the subjects being covered. You shouldn’t record every word your professor says in your class notes. Definitions and ideas that you already know or that are extensively explored in your work should not be included. Your notes should support what you have previously learned from your research and provide clarification on any points you are unsure of. When choosing what to include in your notes, be very picky.
Use The "Four" Classroom Conduct Strategies
Four classroom behaviours—listening, asking questions, responding to questions, and taking notes—must be used carefully in conjunction if you want to use class time to increase your understanding and application of economic principles. You must arrive at class prepared if you want to listen and participate in the discussion. Unprepared students lack the foundational knowledge and comprehension needed to follow along and grasp a lesson.
You won’t be able to ask or respond to questions that help you understand anything better if you don’t have some level of comprehension. Finally, make notes that expand and clarify your understanding of the ideas being discussed.