Hey..
Just wondering if anyone had any advice for how to revise for economics? is doing past exams the best thing?
I'm a lil stressed about the exam which is less than 4wks away!!
any suggestions would be great!!!!
thanks!
As with everything, it depends.
A couple of factors to consider on what to do.
1.
Concepts/Material/Theory *The basic building block
-Go through the key knowledge points for Unit 3-4 and check that you can provide what they want.
Eg: types of government expenses including government current and capital expenditure and transfer payments
:Do you understand the type of government expenses, Can you give examples (real-life is better, refer to 2nd dot pt).
2.
Examples/Statistics *A common way to get easy marks, if your missing a piece of theory inside your response, but have a well-put and relevant example it can pull you over the line.
Eg: You have a 4 mark question about why the Monetary policy's stance is keeping steady, you explain the theory behind the monetary policy, but also link in other factors that are influencing it like house prices. This shows you understand the reasoning behind the monetary's policy stance from now only a theoretical standpoint, but also in real-life. As sometimes things in reality don't match the theory and if you incorporate that, you stand out compared to the state.
:The statistics you will need are the outline in this excel sheet:
here. You want to know from the last 2-years and knowing the general trend of the data and specific values of the year if possible.
:I have uploaded some articles to look at:
here and
hereBut also read The Age's Finance section, Australian Financial Review, ABS, RBA and Compak are good places to get relevant news articles. I think anything pre-March is good as the exam is written in March of this year, from memory.
If you ace these 2 dot pts, then I would go ahead and do practice exams.
A few pointers on doing practice exams -Draw graphs & diagrams, much like examples they can give the examiner a reason to give you a mark for the question, as you demonstrate you understand the question.
-Mark it yourself, get your friend(someone better then you or equal level) and your teacher to mark it last
:You do this because if your friend gives you a different mark, you can discuss why they scored you as they did. It serves as a learning exercise for both of you and also shows you alternative ways to answer a question.
:Then get your teacher for the final decision on the mark, if you both don't agree what it should be.