Any tips on studying for economics in the holidays? (1 Viewer)

[jwks.j]

HELLO

This year I'll be starting the Y11 Economics course and I wanted to start a little early in the holidays. Does anyone have any steps I should take and what I should do?

Atm I've looked at the syllabus and started making notes but it feels like I'm not really understanding it. Is there a different way to fastrack how I'm studying for eco??

I would appreciate ANY methods like whatever you use PLS LMK

Thanks!

 

[Hehehe22]

Hey there! First of all, it's totally okay if you're not completely understanding everything. It's hard to start learning a completely new subject, and it's even harder to self-learn it. Even if you can only understand half of it, it'll be easier when you relearn the content in class.

Typically, textbooks such as the Pearson Year 11 one are pretty good at explaining concepts in the orderly fashion that you need for economics. If you need a different explanation for some things, the Riley textbook is more advanced and sometimes goes out of scope, but you can use it too. The RBA has some great resources, such as Explainers for topics like monetary policy, which you can look at. Plain English Economics publications (monthly updates and annual topic papers) are also excellent for giving you real-world context, though you need some foundational knowledge before you can understand them.

I think the hardest eco concepts to learn are the graphs and diagrams, so if you can study each of them, learn what they represent and how to draw them, then you'll be miles ahead. Start with the supply and demand diagram.

Good luck! Eco can be difficult at the beginning

 

[jwks.j]

HI!!!!!!!!!!!!

Thanks for the tips, I started skimming through and some of the concepts are tricky so I was looking through youtube videos I'll check out the Riley one too if I need more help and the RBA resources sound really useful as well - I’ll look at them once I get the basics down.

Thanks again, your advice is peak!

 

[WeiWeiMan]

HELLO

This year I'll be starting the Y11 Economics course and I wanted to start a little early in the holidays. Does anyone have any steps I should take and what I should do?

Atm I've looked at the syllabus and started making notes but it feels like I'm not really understanding it. Is there a different way to fastrack how I'm studying for eco??

I would appreciate ANY methods like whatever you use PLS LMK

Thanks!

IMO, eco is not a particularly difficult subject but it can be quite content heavy

for the concepts, you should rly just stop and think about why they’re the way they are and the implications of certain things.

FOR EXAMPLE:

Why does the RBA increase interest rates to reduce inflation?

you could think of it like:
Increasing interest rate => households have more expensive home loan repayments => less disposable income => less spending in the economy => less inflation

 

[jwks.j]

thank u!!!

 

[s_0]

IMO, eco is not a particularly difficult subject but it can be quite content heavy

yo does prelim eco actually have 6 topics or do schools only have to choose a certain amount

 

[Hehehe22]

yo does prelim eco actually have 6 topics or do schools only have to choose a certain amount

It actually has 6 topics, it's not like modern

 

[Study to success]

6 is insane.

 

[aaliya]

6 is insane.

FR FR

 

[s_0]

defo dropping eco (5 pages in and wtf is a production possibility frontier)

 

[Hehehe22]

defo dropping eco (5 pages in and wtf is a production possibility frontier)

The PPF is a fancy way of saying that you can only produce so much, so if you produce more of something, you have to produce less of something else. In this case, it's simplified to 2 products - produce more of product 1, and you'll have to reduce production of product 2. At any point on the PPF curve, the x and y values are how much you produce of each product. This trade-off is opportunity cost. So many economic concepts are just common sense in jargon.

Don't give up so quickly, you haven't even started the course yet!

 

[s_0]

So many economic concepts are just common sense in jargon.

swear

 

[Hehehe22]

swear

I swear but either way, you've got the entire prelim course to decide whether you agree or not

Can't drop to 11 units just yet

 

[WeiWeiMan]

yo does prelim eco actually have 6 topics or do schools only have to choose a certain amount

idk dawg I never paid attention to the syllabus I just listened in class a bit