Economics is a content heavy subject and requires students to not only thoroughly understand the theory, but also seek to understand how the theory applies to the current economic environment by watching the news. Incorporating these statistics and trends in their essays to reflect their depth of understanding. Here are a few tips to fulfil your demand of how to effectively study for preliminary and HSC economics.
Your Economics Syllabus is your Best Friend
As for any subject, your preliminary and HSC economics syllabus is your best friend for the duration of your HSC. The syllabus entails all the potential questions and topics that could be asked in any of your exams. Especially for short and extended responses. Make sure you bring your economics syllabus with you to every class and cross off any of the topics you have covered in class. This is to ensure you teacher does not miss anything important. Remember, everything in the economics syllabus is there for a reason and if your teacher was to miss any dot point without you knowing, it would be extremely frustrating.
Be Updated with Economic Trends and Statistics
In economic essays, it is essential to include statistics and trends regarding the current economy. For example, if the target band for inflation is 2-3% and you know the current rate of inflation, then you will be able to develop an argument or statement as to why this is the case. You can also state what can be done to bring the inflation rate back into the target band using your economic understanding! It is highly recommended to make a summary of the trends and stats relating to inflation rates, interest rates and unemployment rates. It will also be a good idea to have information about certain important events in the Australian and global economy such as the global financial crisis. These statistics can be reused in as many of your preliminary and HSC economic essays! Knowing your trends and statistics are really beneficial for your studies but it is also a bonus that you understand the world around you!
Make Economics Study Notes
Making study notes are the best way to help with memorisation, especially when you are talking about a content heavy subject such as economics! If you struggle with understanding the economic concepts, it is a good idea to make summaries from reading your economics textbook and class notes. The purpose of making summaries is so students can grasp the knowledge and reword it to the way in which you would explain it to someone who has no knowledge of the topic. Keep these economic summaries and perhaps consider making one for each topic so that you can easily refer back to these while studying prior to any of your HSC economics exam! Keep in mind that just relying on your textbook will not be enough to show your understanding in your exams, it is more important to listen to your teacher’s explanations during class and drawing your conclusions to solidify and completely understand the fundamentals.
Pictures are worth a thousand words, and when it comes to explaining economic concepts in extended responses, diagrams are your source of visual aid. Simple diagrams such as the demand and supply curves are used throughout the preliminary and HSC course and are highly beneficial for describing and explaining different concepts! For example, you are trying to discuss why interest rates rise and fall according to consumer demand. You can use the demand and supply curve to reflect the effect of low interest rates on the demand for goods and services in the marketplace. Low interest rates would result in a shift towards the right for the demand curve as it costs less for consumers to spend more money, hence low interests rates can be concluded as a method to increase consumer spending. However, when consumer spending gets too high, the Reserve Bank of Australia can control its cash flows to increase the interest rates which encourages consumers to limit spending in order to save.
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