by Scott Cawfield
School of Business
Centennial College
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Here are seven other success tips that should help you in your study of economics.
1. Take the time at the beginning of the course to understand graphs properly. Graphs are an important part of any economics course. They will help you understand two-dimensional and multi-dimensional social and economic phenomena which need to be understood in order to do tests and exams properly. The text you are using likely has a section on understanding graphs, or your instructor may provide a section built into the course during the first few weeks. If your text or study guide provides some questions, try them, since you will gain confidence when you practise the exercise material. This website also provides you with a graphing primer; check it out.
2. Spend some time understanding the terminology. Like all disciplines, economics employs a language that you need to know. Review the end-of-chapter glossary for key terms and highlight in your notes key terms that the instructor explains.
3. Many economics exercises and problems are mathematics-based. You are going to need to understand at least senior secondary algebra in order to do college or university economics, and some departments require a calculus background. If you have not taken these subjects, particularly if you are an adult learner or someone from another country, there are excellent software primers in algebra or calculus on the market. This website also has a section on basic algebra for economics that will help you.
4. Find study partners. A study group will fulfill a number of functions for you. You may be strong on particular topics in a course, yet weak in others. A study partner may have complementary strengths and weaknesses, and you would both benefit from working together. You may not make every class, and your partner(s) can help with missing notes. Remember, however, that effective trades benefit both parties! Studying will be more fun, and likely more effective as well as efficient, if you study and practise the terminology and logical, sequential thinking out loud with others.
5. Old exams are valuable. Students who have taken the course before may have tests and exams that can be a great way for you to study and prepare for tests. Also, some resource centres or libraries keep copies of all exams; ask for them when studying. There is a section on this website where you can download past exams for whichever Pearson economics textbook you are using. You should take advantage of this resource.
6. Study guides can be very useful. Study guides to accompany the text are now available from many publishers. If you are taking the course in a lecture format, you especially need to explore the study guide to develop a hands-on or activist approach to the conceptual material. Knowing the application(s) will be just as important as knowing the concept. (Imagine a surgeon who had only studied how to take out your tonsils from a book.) Most study guides will include sections such as learning objectives (these are very important!), chapter outlines, key terms, key concepts, fill-in-the-blank questions, true-or-false questions, multiple-choice questions, matching questions, working with graphs (these are also very important!), problems, applications to practical business, glossaries, and solutions to the question material. My advice is to start with the learning objectives and keep your focus on them as you study.
7. Some newspapers, magazines, and books are valuable for acquiring a knowledge base in economics: The National Post provides in-depth coverage of economics issues, often with whole sections on such matters as fiscal policy, monetary policy, and free trade. The Globe and Mail also has excellent writers who do very thorough research. The Economist is a first-rate way to learn about economies throughout the world since it often has country- and continent-specific reports. If you are doing research on a particular economy outside of Canada, check out The Economist at your local library. If you are especially interested in public policy applications of economics, take a look at Policy Options or The Public Interest. And, if you still have some time to browse, many libraries have the following books which are classics in the field:
- Milton Friedman, Capitalism and Freedom (University of Chicago Press: 1963).
- Robert Heilbroner, The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers (Touchstone Books: 1999).
- Steve Landsburg, The Armchair Economist: Economics and Everyday Life (Free Press: 1995).
Finally, enjoy this subject with its fascinating store of knowledge and techniques. Have fun on the road you have chosen!
