Economics’ primary focus is on the analysis and description of the production, distribution and consumption of scarce goods, services, and their effects. Because it attempts to explain the behavior of individuals, groups, and organizations, economics is a social science. Economics is, however, a social science that relies heavily on statistics and math, which is not the case with many other social sciences. As a prerequisite to majoring as an economist at college, students must take several courses in statistics and math.
Students often find economics one of the most difficult subjects, especially those who are in their first or second year of college and have not studied it in high school. Do your best to take economics as a high school course. This article by a professional economics homework help will help you prepare for college-level economics courses.
Application
Application is the third level of academic achievement in economics. After students have mastered the concepts, laws and theories of economics, they can apply that knowledge in real-world situations.
The following is an example of an application question that could be asked on an economics test:
QUESTION: This Wall Street Journal article explains how a drop in the price of automobiles led to an increase in sales. This is the:
(a) Law on demand
(b) Direct relationship between quantity and price
(c) Law of supply
(d) Direct relationship between quantity and price
ANSWER: A. Law of demand.
About 30%-50% of the test questions at college level are application.
Analyses
The fourth and final level in academic performance for economics is analysis. Analyzing material, including economic theory, is the ability to identify its parts and gain an understanding of its overall organization structure. Analyses typically involve (1) identifying parts, (2) understanding the relationships between them, and (3) identifying the organizational principles and laws.
The following is an example of an analysis type question in economics:
QUESTION: What if a price limit of $10 was in place in Figure 3.4?
(a) There would be a shortage of 20 units.
(b) An excess of 20 units would be possible.
(c) It would be possible to have 10 units less than usual.
(d) It would be possible to have a surplus of 10 units.
ANSWER: A. There would be a shortage of 20 units.
Upper-level economics courses typically have about 10-15% of the test questions that are analysis questions.
Economic Survival Strategies
Although economics is a social science it can still be just as challenging and difficult as other academic subjects like math and chemistry. Good study habits and dedication are essential to succeed in economics. These are the best study strategies, techniques, and habits to learn economics.
Learn as you go.
In that it can be learned over time, economics is similar to math. Understanding economics takes a lot of cumulative learning. To understand the lecture and the text today, it is important to remember what you have learned last week. It is difficult to grasp the concepts and principles being presented if you are not on track in your studies. Before you can learn new concepts, you must be able to comprehend and apply each concept. For studying economics or preparing for exams, it is not a good idea to “cram”.
Do not take bad notes. Take the right kind of notes.
It is impossible to remember everything that your professor said during lectures, so you should concentrate on the content. You should spend your time in class understanding and applying the economic concepts. This can only be achieved if you arrive at every lecture having (1) completed all assignments and readings, and (2) a basic understanding about the topic being covered. You should not take notes in class that include all the information your professor has to say. These notes should not contain definitions or concepts you don’t already know, or that are explained in detail in the text. Notes should complement what you have learned through your study, and clarify any misunderstandings. You should be very careful about what you include in your notes.
Use the “four” classroom behavior.
To improve your understanding and application of economic concepts, you must combine four classroom behaviors: (1) listening, (2) asking questions and (3) responding to them. (4) Taking notes. You must be prepared to listen to and answer questions in class. Unprepared students will not be able to understand and follow the instructions. You won’t be able ask and answer questions that will improve your understanding if you don’t have a level of comprehension. Take notes to clarify and enhance your understanding of the concepts being covered.
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