The primary focus of Economics Subject is the analysis and description of the production, distribution, and consumption of scarce goods and services. Economics is considered a social science because it attempts to explain behaviour of individuals, groups and organizations. However, unlike many social sciences, economics is based heavily on math and statistics. In fact, at the college level, most students are required to complete several upper-level math and statistics courses as prerequisites to majoring in Economics.
Economics also tends to be one of the more challenging subjects for students – especially for those in their first and second year college who didn’t study economics in high school. If you have the opportunity to study economics in high school, do so. It will prepare you for more challenging economics courses in college.
With respect to the study of Economics, there are four levels of academic performance students need to demonstrate in order to achieve success. These include:
The first level of academic performance in the study of Economics is knowledge. Gaining knowledge consists of learning and remembering specific material, including facts, definitions and explanations. Knowledge type questions require very little, if any, analysis and are typical of high school level economics courses. Notwithstanding, knowledge is the basis of learning and is required in order to progress through other levels of academic performance.
The second level of academic performance in the study of economics is comprehension. Where knowledge focuses on the acquisition of material, comprehension focuses on grasping the meaning of material. In economics, the primary methods for demonstrating comprehension are:-
(1) Converting material from one form into another (e.g. words to numbers)
(2) Interpreting material (e.g. explaining)
(3) Estimating trends (e.g. predicting future effects and implications).
Comprehension represents the lowest level of understanding within the scope of economics.
The third level of academic performance in the study of economics is application. Once students have obtained knowledge and comprehension of economic concepts, principles, laws, and theories, they’re expected to use and apply material in real world situations.
Analysis is the fourth and final level of academic performance with respect to the study of economics. Analysis is the ability to break down material (including economic theory) into its individual components in order to gain a better understanding of its overall organizational structure.
Survival Strategies for Economics:-
Even though economics is a social science, it can be as difficult and demanding as any of the more challenging academic subjects, including math, chemistry, etc. To do well in economics requires time, dedication, and good study habits. The following are study strategies, techniques and habits for success in learning economics Subject.
- Prepare assignments before attending class.
It’s very important to arrive at each class having already completed assignments. Preparing assignments BEFORE class will allow you to ask appropriate questions and understand the lecture. Your professor will most likely not cover all the assigned material presented in your text. He will cover more complex economic theories and applications in class and will expect you to ask for clarification on anything in the text or your assignment that you didn’t understand.
- Read for understanding.
As you read your Economics text, read for understanding. Start by spending 10-15 minutes reading any outline or summary provided for the assigned chapter. Try to identify and remember the main points of the chapter. Next, read the introduction. The introduction usually provides a quick summary of the topics being covered and lists chapter objectives. Read each topic one at a time. Make sure you understand the relationship between each topic in the chapter.
Most topics will be presented verbally, numerically (tables), and visually (graphs). Its importance to understand the information presented within each context since all three communication modes are used in economics and are likely to be employed in presenting test questions.
After reading each topic, you should be able to (1) remember the topic and important terms, (2) understand the material presented, (3) relate relevant terms to one another, and (4) relate each topic to the other topics covered in the chapter.
- Attend all lectures and classes.
Economics is such a demanding course that you can’t afford to miss class. Much of the information, understanding and help you’ll need to get through your economics course will come directly from your professor through his lectures. Don’t think you can miss class, copy our friend’s notes, and sail through economics. It won’t happen.
- Master materials as you go.
Economics is much like math in that it is a cumulatively acquired subject. Gaining understanding in economics requires cumulative learning. Mastering what you learned in class last week is necessary in order to understand what the professor and text are presenting today. If you fall behind in your studies, it becomes increasingly difficult to understand the new principles and concepts being introduced and covered. You must master each new concept in terms of knowledge, comprehension and application before you can master new material. Consequently, “cramming” simply does not work for studying economics and preparing for exams.
- Don’t take good notes… take the right type of notes?
There simply isn’t enough time to write down everything your professor says during lecture while concentrating on what is being taught. Your time in class should be dedicated to comprehending and applying the economic concepts and principles being presented. The only way to make this happen is to arrive at each lecture (1) having completed all readings and assignments and (2) with a basic understanding of the topics being discussed. The notes you take in class should not include everything your professor says. They should not include definitions and concepts that you already understand or that are covered in detail in your text. Your notes should supplement what you have already learned from your own study and clarify anything you don’t quite understand. Be very selective in what you include in your notes.
- Employ the “four” classroom behaviors.
Using class time to improve your ability to comprehend and apply economic concepts requires the careful combination of four classroom behaviours – (1) listening, (2) asking questions, (3) responding to questions, and (4) taking notes. In order to listen and ask questions, you must come to class prepared. If you arrive a class unprepared, you won’t have the basic knowledge and understanding required to follow along and comprehend. Without some level of comprehension you won’t be able to ask or answer questions that lead to a better comprehension. Finally, take notes that clarify and supplement your knowledge of the concepts being discussed.
Career paths by learning Economics Subjects include:
- Financial risk analyst.
- Data analyst.
- Financial planner.
- Economic researcher.
- Financial consultant.
- Investment analyst.
Economics teaches how to make well-informed decisions. A large part of the subject is decision making: what should the government do to cut the budget deficit; what should a business do to raise profit margins. It teaches us how to go about making choices, which is vitally important in business.
I am of the belief that everyone needs to know what is going on in the world. How can you make decisions like what to do for a career, Where to invest your money, It is not Possible without having some knowledge about the economy? Through studying economics, you develop a financial awareness that is extremely beneficial, no matter what your career aspirations may be.
Indeed, Economics is a great foundation for many careers. To have a keen interest in Business and Economics has helped immensely. For Example-It shows employers that I am interested in the economy, that I have an understanding of how a business works and that I know how to analyse markets. The subject looks impressive on your CV as it displays high levels of both analytical and communication skills. In addition I had randomly spoken to doctors, taxi drivers and hairdressers who have told me how important an understanding of the economy is to their careers. Everywhere in the World you go You Connect with the Subject ‘Economics’.
It’s not just looking at graphs, analysing statistics and predicting growth. It’s about how you think and it is an invaluable source of knowledge in the business world. Wherever we go we use some Knowledge of Economics Subject. Whether that was demand and supply when deciding on quantities of produce, or indeed looking into markets and deciding on the price elasticity of demand for specific products, economics was always at the forefront of each business decision.”
Written by Ms. Aarti Raval
The blog writer is an educator with Apple Global School, the best CBSE School in Ahmedabad. She teaches History and Economics to the Higher Secondary students and enjoys holding discussions and debates for the students on current affairs