If economics is the study of decision-making, the only decision it may teach you is to never take an econ class again. In the sea of dry supply-and-demand graphs and elasticity formulas, the field can look like a bad mix of a foreign language and math class in one. If you need economics study tips, help is available.
Work with Others
Sometimes, getting the help needed to solve a homework question can only come from another student. While some subjects are easily Google-able, economics is not one of them. In most cases, all of the Internet tutorials will not help with homework, and unfortunately, your specific word problem will likely not be answered online. It will, however, be answered by the kid in class smart enough to ask the professor after class . . . who can then relay the information (and answers) to you. Other benefits of study groups outlined by Lehigh University include encouragement, support and increased confidence. (You might actually get the concept of game theory by the end of the meeting!)
Working with others may provide easy answers, but you should also ask for a step-by-step explanation during these sessions. Otherwise, do well in economics by understanding things like when to use the social planner versus the Solow growth model will forever remain a mystery, and your ignorance will hurt you for exams.
Make Flashcards Based on the Book
Economic textbooks are notoriously dense and, in most cases, not very good. Buy the book and dedicate a weekend to converting chapter material from the book into flashcards: for each graph you see, draw it on a flashcard and label it. For every definition you read, write it on a flashcard. For every example of inelastic goods mentioned in class on your notes, write it on a flashcard. Ignore word problems from the book. If you have completed this step in enough time, return the book and get a refund.
Organize your flashcards by chapters. While this tip will result in making literally hundreds of flashcards by the end of the semester, you will never consult your book again because it's on a flashcard. The book "Learning and Memory" explains that flashcards improve memory because the cards provide an instant connection between a concept and its association.
Study Homework to Prepare for Exams
Homework assignments may cause you to draw a blank, but economic exams are usually slight variations of homework problems and class review sessions. Take meticulous notes during these review sessions and ask questions.
One tip students seldom know regarding study for an econ exam is this: use the book (or better yet, your flashcards) only to clarify material you do not understand, but otherwise, keep the book closed and use the homework. The one exception is if the exam asks for definitions and examples. If the exam will be based on word problems and graphs, the textbook may cause more confusion than provide answers. Your best use of time is to go over the homework and its answers step-by-step.
Make sure you know the difference between the different scenarios asked, like what perfect price discrimination means for an equation and what second-degree price discrimination means. Again, the practice problems should help you discern the difference.
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