Economics is what drives the world, today. We are governed by the laws of economics. Economics is a complex subject; there is no doubt about that. It is filled with some difficult terminologies and definitions, which can be difficult for some students to understand or explain.
But, it is an irreplaceable part of our lives. Thus, it’s important to master the subject, in its entire entirety. So, let us define Economics first.
‘Economics is the study of how people and communities make use of resources’ – that is the simplest one, I could find.
What Do We Study In Economics?
Economics mainly comprises of topics dealing with money and the banking sector. There are a few questions that constantly need to answer in the field of economics.
- What is the best industry, in terms of manufacturing capabilities?
- What is the price, people are willing to pay for a certain product?
- What is the economic future of the country?
These are a few of the questions that economics tend to answer. Some important areas of the field of economics are supply and demand, elasticity and currency.
Supply and Demand
You have heard of that before? It is one of the basic things that we all learn in economics. When the supply is higher than demand, then the market tends to slag down. The goods which have already being produced tend to be hoarded, due to lack of sales. Business entities make losses. The opposite is when the demand tends to be more than supply. So, this situation is a win-win one for all business entities. Prices rise and consumers tend to pay more than the market value of the products. Well, if you are thinking, that both has its pros and cons, think again. We need equilibrium in the market.
It points towards the fluctuating prices of goods.
Why do you think, you should study economics?
We all know what economics is all about, right? It deals with the study of people, communities, societies, governments and businesses as a whole. The measures undertaken are building policies to implement towards the upliftment of the society and the statistical analysis undertaken to get the records for the same.
Economist are constantly formulating policies aimed towards banking industries and other federal agencies to improve, health, welfare and effect the reformation of society. There are a variety of avenues for those studying economics. There are students who want to study just the basics of the subject and there are ones, who want to explore the subject further.
Healthcare, Law & Education
There are students who want to pursue a career in the healthcare sector and want to learn health economics. Similarly, there are courses intertwined with law, education and history. These courses, requires a student to learn microeconomics, after which the profession-oriented part comes in.
Students who study economics are valued highly in the market. A few of the qualities and skills required for the highly competitive markets are:
- Knowledge of macroeconomics and microeconomics.
- Knowledge in applied economics.
- Developing an analytical frame of mind.
- Knowledge of statistical and mathematical tools
- Expertise in usage of computer technology.
So, now that you have entered the field of economics, certain answers are required out here. There are a few pointers to how to master the subject and get good marks. The most difficult part of economics is the assignment and homework bit. The concept is of course important, but once you master it, there is no looking back.
- Try to find economics answers online. This is the first step, for any student having difficulties in answering the questions. There are a whole lot of companies, that are trying to help out students by providing online tutoring services and assignment help services for various subjects and economics is one of them. They will also share the best tips to complete your assignments on time. Every year, most undergraduate students face the same issues in completing their economics assignments and test papers. However, help is near and available at the click of a button.
- Apart from taking online assistance, you can work on your problem areas on your own. Try to concentrate on your notes. Take notes, while in class. It will help you to understand your professor or teacher better. You will understand the perspective from which they are speaking on a particular topic. Books can be confusing at certain times, so you need to rely on notes when in class. Taking down notes, during the lecture sessions can help you to identify the important parts to study before the examinations.
- Another important tip is that you should create a proper study area in your house, where you can study without any distraction. Switch off your cell phone and pager and start concentrating, whenever you are studying economics. If you are putting just one hour in economics study, that will be enough but only if you give your 200% to the subject for that length of time.
Economics has a huge and wide variety of topics. So, you cannot really predict which part or which question is going to come for your examination. You will be having tight schedule and always running after your teacher or professor, might not be a very good solution. Getting economics answers online will be of great help at such times. Professionals will give you the perfect answers to all your problems and help you to achieve higher grades. You can relax while the experts take on the task of completing your assignments.
How do the Experts help you?
- You get qualified and educated professionals from the same field of study.
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- Get high quality answers to all your problems.
- The interpretation is great and you get easy solutions to your problems.
- Get good results in examinations.
Taking Notes in Economics
The importance of taking notes is very crucial for a subject like economics. Let’s say, you did not study for the entire period. Examinations are hovering over your head. Now, is the time you will be rushing for help or sitting down to study the subject? Wait, do you have any notes to fall back on?
That reminds us of Notes, the all-important course of study in a field like economics. You need not scale the Mount Everest to take notes. It is a simple way of noting down everything, that takes place in your class. Have you heard of recording ‘minutes of the meeting’? It is very similar to that.
- You can download and print the lecture materials, after class. That is another option. Of possible or if your class teacher or professor allows, you can even take down the prints before class. This will make your study easier, as you go through the notes point-wise as your teacher takes you through the class.
- Do not worry about the handwriting, even if they are not legible by your classmates and peers. Notes are going to be read by you, as it is your property and not for others to understand.
- Try to draw graphs and images, flow charts are also good way of remembering what all you have studied in class. Now, here is a catch. Do not try to write down everything, without understanding. Try to catch the undertones of the lecture. If you try to mug up everything, then when you fall back on the notes before an examination, nothing will be logical.
- Taking notes also makes you an effective learner. Active learners are very much responsible for their growth and learning. You will become one. Also, next when you sit down to study, it will be of immense help to you.
- Think critically, that is what economists say. Taking notes will make to a critic. You will learn to evaluate and assess whether you are on the right track.
Best Strategies for Note Taking
- Before taking down notes, you should be little well-prepared with the course outline. You should know, which chapter comes after which. Before the class, try to incorporate study related to the chapter which is going to be taught.
- Choose a good place in the classroom, for where your teacher or professor is visible. Try to face the audio-visual equipment.
- When your peers discuss on any important topic, try to find out the plus and minus points as it will help you to clear it out in your head, try to find out the doubts of the other students. Find answers to others queries. That is how you can inculcate self-study and development in a subject like economics.
- Summarize…. That is an important tip in preparing for your economics examination. Keep some space free at the entire of each sheet to take down the points that you think will be important.
Now, when you are following all of these, some students tend to falter. The reason is that their goals are not set. They may be having unrealistic goals, so don’t run after them.
- If you know, you cannot study for 8 hours per day, do not even attempt to do that. That will ruin your learning process and put you in the doldrums.
- Eat aplenty, sleep more and relax a lot. These are important for your well-being. No one can understand it better than you, yourself. You need to take care of these otherwise, be prepared to fare badly in assignments and examinations.
- Make it a point to study at the same place. This will keep you grounded and you will develop a relationship with your books, notes and place of study. You develop a spiritual connection with your study atmosphere, the room and the papers. All this extremely important when you want to develop love for your subject.
- Rewrite all your notes, if that is possible. That way, you can generate new ideas and pave way for more possibilities, options for the same topic.
- Read out the notes, in front of the mirror. The notes will simply drift into your head.
- Ask questions to yourself. Then try to answer them on your own. That is half the battle won.
Whenever, you are studying, you definitely follow last year’s question papers and paper banks. That is an irreplaceable part of the study. Try to concentrate on major subjects like already said, as supply and demand, inflation, scarcity, microeconomics and macroeconomics. Most of the major chapters and questions pertain to these topics. You simply cannot study economics without studying and clarifying these. You will need to incorporate the above topics diligently, into your study ro9utine. You will be half done, if you incorporate these.
Get into the practice of studying daily. This will help you to complete your studies and score good marks. Always try to practice, since that is the key to securing good marks.
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Ramon Casadesus is an online tutor for a renowned academic site. He has 6 years of work experience. He has a very impressive resume, with a degree in Ph.D. in Managerial Economics from the Northwestern University. He has a great reputation in the education sector, because of his unique teaching skills both offline as well as online. He has expertise in teaching college and university level students in prestigious colleges in the US. He spends her time reading the best of journals and online research papers, to upgrade her skills.