Today, is the first day of term for my students. A few are in their second year. A few are doing retakes and a few are studying economics for the first time.
For many students, taking economics can be challenging because it is a subject they haven’t studied before. There are quite a few new concepts and vocabulary to learn.
A good place to start is to try and understand ‘everyday economics’. Reading an article about the current recession and the state of the economy will help familiarise you with some of the basic concepts like GDP, inflation, and interest rates. If you can get a good overview of the subject it will make it easier to learn the various macro economic topics.
For micro economics the key is understanding basics like supply and demand. If you are happy with supply and demand and related topics like elasticity, there will be many economic topics you will be able to tackle.
Again it is good to think of everyday economics. If you are getting confused by supply and demand diagrams think about everyday common sense. If the price of CDs fall, and your income stays the same, ceteris paribus, you will buy more. If the price of mobile phones is rising, you would expect more firms to enter the market and increase the supply.
During the holidays I wrote a new guide – Study Tips for Economics £4. It is aimed mainly at the techniques of writing essays, using evaluation and writing exams. It will be helpful for students who have good knowledge, but, have difficulty combining this knowledge to answer exam questions.
You may also be interested in this essay – Importance of Economics
How come the underground economy is not a major part of the discussion related to both macro and micro economics? My theory is it causes debt and recession.
where would i get websites tht help in revising all the abisc knoweldge about economics for the PRE-IGCSE level..i.e. basics lik types of economys,trade unins,occupation and wages,oppotunity costs,etc,(sum topic tht are suppose to be told to starters of economics)