Economics is a subject that contains quite a lot of theory, and requires students to research current world events and statistics to succeed in the course. Here are a few handy tips to supply your demand of economic knowledge!
1. Know your syllabus well
Your economic syllabus is your best friend in helping you ace this subject! The dot points listed in the syllabus will usually appear as short answer questions in the exam. It is quite common for the extended response questions to be on a topic in the syllabus, especially from topics under the section “Economic Issues”. The syllabus should be used as a guide to making study notes, as it contains everything that you are going to be tested on.
2. Memorise current statistics
The easiest way to boost your economics essay is to include relevant statistics. These statistics should be the most current ones available, as it is pointless to include outdated values, such as interest rates in the 1900s. The best way to remember statistics is to watch the news and keep up with current affairs. Not only will you have a better understanding on what is going on in the world around you, you will be able to recall these numbers easily. Having a one-page summary of current statistics on areas such as interest rates, inflation rates, unemployment levels, etc. is a great last-minute revision topic to look over.
3. Know the Trends
While it is important to give current statistics, it is useful to support theory with trends of how each indicator has performed over time. For example:
- Outlining how the inflation rates have changed within the past decade gives support to the theory of inflation.
- It is best to write trends in chronological order, and to support the changes with real world affairs. For example, the increase in inflation rates jumped to 6% in 2001 due to the implementation of the GST tax.
- It is super important to remember trends for topics such as interest rates, inflation, current account deficit and unemployment, as you may get an essay question that focuses solely on trends.
4. Learn definitions
While the definition of “unemployment” seems like something every person who wants to have a job should know, it is always recommended to provide a technical definition. Remember, the marker is intelligent but uninformed, so you should always define key terms. For example, terms such as globalisation, economic integration, public goods, should always be defined at the start of an essay or in a long response question.
5. Draw diagrams
A picture is worth a thousand words, and the same logic applies to economics. Including relevant diagrams such as supply and demand curves allows you to demonstrate your knowledge about the theory. Having a visual aid gives clarity to explanations, which can help you achieve better marks. For example, instead of trying to explain in words the changing levels of demand, referring to a diagram will be more effective in getting the message across. To find out about more about how to explain a diagram, head to “How to explain an economics diagram”