Students of economics tuition understand the fact very well that economics exam is an exam of student’s content knowledge and skills of examination. Therefore, we are presenting a collection of effective tips by Economics tutor Mr. Koh that will help economics students to score A grade.
Tip 1 – Impact of an event
In the syllabus of economics, students are usually asked to analyze the impact of an occurring event. So, to understand this content it is necessary to understand the scope.
|Impact of event on…||Scope of analysis|
|Market||Price, Revenue or expenditure, quantity|
|Consumer||Variety, Quality, Surplus (price/output)|
|Producer||Profits (revenue vs cost)|
|Society||Efficiency (allocative, productive, dynamic) and equity|
|National income||GDP, explained through the process of multiplier|
|Average resident||Living standards (material and non-material)|
|Economy||Four objectives of macroeconomic|
|Government||Budget (tax revenue vs government expenditure); microeconomic goals (efficiency and equity); macroeconomic goals (four objectives)|
Tip 2 – Stitching policies together
In the syllabus of JC Economics students are asked in three sections to discuss policy recommendations:
(i) Macro problems (demand-management policies, supply-side policies)
(ii) Market failure (taxes and subsidies, campaigns, regulation, etc.) and
(iii) Demand and supply (price controls, taxes, and subsidies)
- In order to present these policies students of Economics tuition are required to learn clearly how to stitch together these policies. This can be done in two ways:
- Expose limitations of the preceding policy such that complementary policies are needed. It is recommended to use subsidies as it is an affordable approach. In case the government do not support subsidy approach, the price ceiling approach is the best option to consider.
- To internalize the spillover cost, taxes are a preferred approach. But in case of PED < 1 (e.g. cigarettes addiction), encourages the use of substitutes like gum in place of nicotine is required.
- To tackle recession phase, suggested approach is expansionary monetary and fiscal policies. But in case of an export-driven country, a decreased exchange rate may work effectively.
- Highlight >1 main cause of the problem that a combination of policies is required.
- In order to cover market failure in goods that bring support to the economy, subsidies are required (for externality), Education is required (for proper information), targeted subsidies are required (for inequality).
- To cut down the number of unemployment, policies of demand management are required ( to tackle unemployment on cyclic basis), as well as policies of supply side are required (to tackle unemployment on structural basis).
Tip 3 -focus on economic analysis
Time has always been a major concern while solving an economics exam, so students of economics tuition must know how to use their time efficiently, where it is required to explain the material and where a succinct information would be enough. Below are the two examples given that will describe the rule of thumb in economic analysis and where it requires more content as content anchors. Another one is 70/30 rule.
Theory of CA holds important economic analysis. Students should explain its assumptions, compare opportunity cost ratios, and derive the gains from trade.
A detailed economic analysis is required in material SOL, including the reference to real vs nominal GDP numbers, concerns over income distribution, and GDP denominated in PPP terms.
Tip 4- sanity check
A sanity check is a useful tip but mostly it is neglected. Basically, it intends to take a gander at your point sentences and ask whether you are noting the inquiry in the most direct way that is available. A few sections are intended to give foundation data and may not answer the inquiry directly. Notwithstanding, as a dependable guideline, no less than 70% of your subject sentences should pass the once-over to verify (i.e. an excessive amount of data does not contribute towards an answer).
E.g. Clarify why the cost of fuel has a tendency to be more unpredictable than other auxiliary items. (10m)
Subject Sentence (Version 1): The PED of fuel is influenced by various elements, including its level of need. Supply of fuel is likewise influenced by various variables.
Subject Sentence (Version 2): Demand for fuel is cost inelastic because of its nature as a basic need. Supply may likewise change given unsteady conditions in the Middle East, a noteworthy oil-producing region. An unstable supply curve combined with an inelastic demand curve would prompt wide and continuous changes in cost.
Tip 5- Remembering content
When studying contents that need great consideration like e.g. elasticity concepts, economies of scale, barriers to entry, etc.), students must take a DDEE structure to guarantee their answers.
Considering content according to these lines makes the students ready for “application-friendly”. This is on the grounds that the student’s understanding of content is presently divided into key tables. For instance, a student who just retains pieces of data from the notes will think that it’s difficult to address the accompanying article question: “differentiate amongst interior and outside economies of scale (10m)”
Be that as it may, utilization of DDEE can create the article structure quickly.
Definition: Internal EOS are harvested because of development of the firm while outside EOS are free of firm size and are ascribed to development of the business.
Chart: Internal EOS is seen diagrammatically as a development downwards along the long run normal cost bend (LRAC) while outside EOS shows as a descending movement of the whole LRAC.
Clarification/Examples: Sources of inner EOS incorporate specialized, advertising, budgetary or administrative economies. Then again, outside EOS appears as economies of data, focus or breaking down.
Mr Koh’s economics tuition can really hone your skills in the writing of economics essays as well as case studies. Call us now to start economics tuition with us.