Economics is really useful as well as a vital academic discipline and there are lots of career prospects related to this branch of study. In simple terms economics can be defined as a social science that analyzes the consumption, distribution and production of goods and services in an economy. From the point of view of coverage, economics is a widespread discipline and you can face a lot of hurdles while preparing for its exam.
It is the social science which is concerned with production along with distribution and consumption of goods along with services. This subject helps in studying the individuals along with business and government needs along with organizing the efforts which will help in achieving maximum output.
There are two main branches of economics
- Macroeconomics- It considers the needs of every customer
- Microeconomics- It considers the needs of individual customers
Now let us discuss the term accordingly
Microeconomics- It is the social science which helps in studying the implications of human behaviour and along with considering those decisions which affect the utilization along with distribution of resources that are scarce in an economy. Microeconomics asks questions about how and why goods have different values. It also helps in making productive decisions that will benefit the society in one or other way.
Some of the points of microeconomics
- It helps in studying the decisions of an individual’s along with firms so that they can allocate their resources in terms of consumption along with production and exchange.
- It also helps in dealing the prices along with production in single markets rather than going for the total economy.
- It helps in formulating theories along with studies that have an observational approach to test the real world performances.
- It helps in creating the concept of demand along with supply for resources that use money along with interest rates. It also helps in maintaining the price mechanism for the purpose of co-ordination.
- This field helps in studying the production theory where producers help in choosing the combination of inputs along with outputs that will minimize the cost in the future period. It will also cover down price theory that will help in interacting to produce the main theory of supply along with demand.
Macroeconomics- This field helps in studying the behavior of the total economy. In this customers will be studying about the inflation rate and different levels of economic growth. It will also help in studying the GDP along with changes in an unemployment policy. It is the main branch which is mainly concerned with the behavior of total economy rather than going for the individual needs.
It will also help in studying the economic growth for the long term along with business cycle in the shorter term. It looks overall picture rather than going for a single picture. It helps in covering down the main aspects of unemployment along with inflation and GDP. These are the two approaches of approaches of economics that can be studied in details.
So, if you are having nightmares about economics exam then it’s time to relax. You must learn the art of tackling your exam in a smart manner. Here you will get the best tips for preparing economics exam notes. So, stay tuned as the best information is shared in the coming paragraphs.
These are the tips for preparing economics exam notes
- Divide the exam syllabus into different sections
Before making the notes for economics exam you should divide the syllabus in the right manner. In the exam, you will be getting questions from microeconomics, macroeconomics, developmental economics etc. Thus, in order to make the notes, you must segregate the syllabus into different sections. It will help you a lot because things would get organized in a smooth manner and when you will do the revision from such notes then you won’t face any sort of confusion.
- Read the chapters thoroughly and note down the important topics
From the point of view of the exam all topics may not be that important and you will get only limited questions in the exam. Thus, it is really important to understand which topics are of utmost importance. You should read the chapters thoroughly and then you should make the notes related to important topics. If you want the notes to be concise then you can write short explanations related to vital topics. It will really help a lot when you sit down for final revision.
- Create well-labeled diagrams for revision purpose
Economics is a subject where you will find lots and lots of diagrams. It is not that easy to remember all such diagrams with 100% accuracy. Thus, when you are making notes then you should create well-labelled diagrams. Along with the diagrams you can write short explanations as well. It will help you to remember that what is the diagram all about and you will get complete command over the important topics.
- Write down the important definitions
In economics, there are numerous definitions. You should cover all the important definitions in your notes. Such definitions will help you to score good marks in the exam. You may get the questions like what is economic growth, write down the definition of unemployment, explain inflation rate etc. In order to answers these kinds of questions in a perfect manner you should remember all the vital definitions.
- Make separate notes covering the numerical portion
Economics is not just about theory; there are various numerical questions as well. In your notes, you should write down all the important formulas and the tricky aspects related to numerical. If you think that certain numerical questions are really important from the point of view of the exam then you should solve such questions in your notes. By this way, you will be able to practice in an efficient manner.
- Make a specialized section of short points
Lots of questions may be asked in the economics exam that may be for a few marks. Like answer in a few sentences, true-false questions, fill in the blanks etc. In order to tackle such questions you should make a specialized section of short points. It will help you a lot from the exam point of view. By going through such points you will be able to handle the short question answer section in an easy-going manner.
So, these are the best tips for preparing economics exam notes. Many students think that preparing the notes is like a burden but in reality, it is not. If you will make the notes with a relaxed mind and in an organized manner then you will never face any hurdle. Notes can help you to prepare for the exams in an unbeatable manner and you will be able to score exceptional grades.
The best way to prepare for an economics exam in advance
The reason why students fear economics exam is that they don’t prepare for it in advance. If you will study for exam at the last moment then it will definitely lead to chaos. Thus, it is really important to prepare for the economics exam beforehand. Here you will get a genuine idea of how you can do so –
- Take your economics lectures seriously. If you will pay attention to the lectures then you will get a clear idea about the important topics. After coming home, you should go through such topics. It will surely help you to prepare for the exams beforehand.
- You should read a lot of reference books for guidance. Sometimes the textbooks may not be able to explain the things in an elaborate manner than in this case you should read the reference books. If your answers would be to the point and well explained then you can score much better marks as compared to other students.
- You should start preparing at least a month before the examination date. It will help in avoiding any kind of panicky situation. If you will start preparing a few days before the exam then you won’t be able to cover the full syllabus. Just dedicate few hours for studying each day and the syllabus would be finished within a month. By this way, you won’t feel a big burden.
- You can form a study group with your friends where doubts can be discussed and revision can be done. It will keep you motivated to study for the examination and the best thing is that you will never feel bored.
So, these are the best tips that can help you to prepare for economics exam in advance. If you know the art of time management then nothing is impossible. Preparing beforehand is not a burden; it is actually a smart move that can help you to score excellent grades in the examination.
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