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Economics: Tips for Success!

Updated: Jan 14, 2021

1. Economics for you before University

The primary focus of economics is the analysis and description of the production, distribution, and consumption of scarce goods and services.

Economics is considered a social science because it attempts to explain behavior of individuals, groups and organizations. However, unlike many social sciences, economics is based heavily on math's and statistics. Economics also tends to be one of the more challenging subjects for students – especially for those in their first and second year of university who didn't study economics in high school. If you have the opportunity to study economics in high school, do so. It will prepare you for more challenging economics courses in university.

2. How to Study for Economics

There are four levels of academic performance students need to demonstrate in order to achieve success in studying economics. These include:

Knowledge - Gaining knowledge consists of learning and remembering specific material, including facts, definitions and explanations.

Comprehension - Comprehension focuses on grasping the meaning of material. In economics, the primary methods for demonstrating comprehension are (1) converting material from one form into another (e.g. words to numbers), (2) interpreting material (e.g. explaining), and (3) estimating trends (e.g. predicting future effects and implications).

Application - Once students have obtained knowledge and comprehension of economic concepts, principles, laws, and theories, they're expected to use and apply material in real world situations.

Analysis - Analysis is the ability to break down material (including econo