You have learned the exam material and are ready to take the exam. However, we have put a number of Economics tips in front of you, which you may not know yet. These tips help you focus on the right things. In addition, our tips ensure that you will not make stupid mistakes that could easily have been prevented. This way you can quietly take the exam. No stress!
The tips below are specific to the Economics exam. In addition, there are of course general exam tips.
Be familiar with economic questionsEconomic questions often have two sides. For example, a demand side and a supply side. Take a close look at the Economics exam which side is meant.
Make sure you know the newsMake sure you know what is happening in the economy by delving into the news. For example, consider the crisis of recent years. Make sure you know what the causes and consequences are. Read the newspaper or watch the economic news. This way you can easily keep up to date.
Make sure that you understand your supply and demand well
Economy is about supply and demand. If the demand rises, the price will also rise and vice versa. Make sure you know which factors influence demand and supply and what role the price plays in this. These factors have a major influence on consumer behavior
. Also be aware of how consumer behavior
can be influenced and what relationship this has with supply and demand. Think for example of marketing; A large marketing campaign for a product can increase the demand for that product.
Make sure you know the functions of moneyMoney has multiple functions. Money is a means of exchange, because it facilitates the exchange. In addition, money is used to value products. This way we can easily count on money. Money is therefore also an instrument of calculation. Finally, money can be saved at the bank. Money is therefore also a savings.
Make sure you know the difference between saving and borrowingSaving is not spending money, but keeping the money aside for later. With savings you can now buy less, but in the future you have more money at your disposal. You then have your saved money plus the interest you have received on that to spend. On the other hand, borrowing is getting money temporarily. A loan must be repaid (often with interest) to the person who lent you the money. When you borrow money, you now have more to spend. However, in the future you can spend less, because you have to repay the borrowed amount and also have to pay interest on it.
Make sure you can draw up a budget planA budget plan is an overview of the income and expenditure of the coming period. With this you can adjust the expenses on the income. After all, you can not spend money that you do not have. To make a budget plan, first calculate your average income per month. Then you calculate your average expenses per month.
Note: with a budget plan you have to convert all amounts to a month. For example, if you pay 120 dollars per year for insurance , you have to convert this into an amount per month: 120/12 months = 10 dollars per month.
Make sure you understand the different types of unemployment
Unemployment can arise for several reasons. You have to understand unemployment well on the Economics exam. For example, there is structural unemployment. This is unemployment that is not related to fluctuations in economic conditions. Regional unemployment is unemployment in a specific region. Seasonal unemployment is unemployment in a certain period of the year.
Friction unemployment is when you are unemployed (less than 3 months) after your studies or between jobs. Finally, cyclical unemployment is unemployment related to fluctuations in economic conditions.Make sure you understand the problems of developing countries
Developing countries have different problems. There is high unemployment and per capita income is low. There is a rapid population growth, but this is poorly educated, which is reflected among other things in the high numbers of people who can not read or write (illiteracy). Many people are also malnourished. Developing countries have a limited level of training and little technical knowledge. Knowledge and information must be purchased from abroad and this costs a lot of money. To help developing countries, rich countries offer different forms of help.
Dive behind your computer and use online programs
Many students are still learning from their books. But nowadays, there are other tools that can support you in Economics tuition
. Through programs such as Ace Your Macroeconomics you can very effectively learn economics with ease.
Misty Jhones