ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Economics => Topic started by: khalil on November 18, 2008, 11:28:02 pm
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I have a series of questions to ask:
1. How should i tackle eco in 09? should i read news articles everyday? what articles should i specifically read?
2. Is it possible to do past exam papers....if exams ask for CURRENT economic events...then how is it possible that we can do past exams?
thanks
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Make sure you know your theory before you begin reading the articles.
I for one struggled with it, and pretty much only in the second half of the year i really began making connections between the theory and the real world.
Do exam papers..just change the year that its asking about :P
The "Warringal Publications" Economics study guide was awesome and a very handy tool for me.
Checkpoint +checkpoints + checkpoints :)
Thats all i can think of now =]
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This was an article I stumbled across during my exam revision 4 microeconomics a couple of weeks ago: http://news.ninemsn.com.au/article.aspx?id=647276
...umm... I don't know the VCE eco course, but I would still think it relevant even on a simple demand/supply level.
In terms of generally finding eco articles tho, g2 google news => business => and in search box type "location:australia". Firefox link for this here.
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Make sure you know your theory before you begin reading the articles.
I for one struggled with it, and pretty much only in the second half of the year i really began making connections between the theory and the real world.
Do exam papers..just change the year that its asking about :P
The "Warringal Publications" Economics study guide was awesome and a very handy tool for me.
Checkpoint +checkpoints + checkpoints :)
Thats all i can think of now =]
does warrigigal publications make a new book every year and where can i get my hands on it
do u thing that in 09 eco they will put a lot of emphasis on the US financial crisis?
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Make sure you know your theory before you begin reading the articles.
I for one struggled with it, and pretty much only in the second half of the year i really began making connections between the theory and the real world.
Do exam papers..just change the year that its asking about :P
The "Warringal Publications" Economics study guide was awesome and a very handy tool for me.
Checkpoint +checkpoints + checkpoints :)
Thats all i can think of now =]
does warrigigal publications make a new book every year and where can i get my hands on it
do u thing that in 09 eco they will put a lot of emphasis on the US financial crisis?
Not to sure about warringal publications, thats the only books of bought from them so really unsure :S
Not necessarily the US financial crisis, but most probably the effect that the crisis had on Australia :)
Just took a stab in the dark there :P
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Make sure you know your theory before you begin reading the articles.
I for one struggled with it, and pretty much only in the second half of the year i really began making connections between the theory and the real world.
Do exam papers..just change the year that its asking about :P
The "Warringal Publications" Economics study guide was awesome and a very handy tool for me.
Checkpoint +checkpoints + checkpoints :)
Thats all i can think of now =]
does warrigigal publications make a new book every year and where can i get my hands on it
do u thing that in 09 eco they will put a lot of emphasis on the US financial crisis?
Not to sure about warringal publications, thats the only books of bought from them so really unsure :S
Not necessarily the US financial crisis, but most probably the effect that the crisis had on Australia :)
Just took a stab in the dark there :P
Sounds like a good stab tho, I would've guessed the same thing.
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Make sure you know your theory before you begin reading the articles.
I for one struggled with it, and pretty much only in the second half of the year i really began making connections between the theory and the real world.
Do exam papers..just change the year that its asking about :P
The "Warringal Publications" Economics study guide was awesome and a very handy tool for me.
Checkpoint +checkpoints + checkpoints :)
Thats all i can think of now =]
does warrigigal publications make a new book every year and where can i get my hands on it
do u thing that in 09 eco they will put a lot of emphasis on the US financial crisis?
Not to sure about warringal publications, thats the only books of bought from them so really unsure :S
Not necessarily the US financial crisis, but most probably the effect that the crisis had on Australia :)
Just took a stab in the dark there :P
Yeah I would expect that too.
Remember they write the exams in like January I think. This was pretty evident this year due to all the questions on inflationary pressures, high $A and budget surpluses despite these things not really being as relevant at the time of the exam.
Look out for any major economic events in the next few months because theres a good chance they'll be included in the exam next year. Climate change is a good example of that, which came up this year after being in the news alot.
In terms of easy to read articles, I'd go to www.mrwood.com.au but they only come out monthly until school starts.
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mr. wood isnt free.....should i pay the fee.....is it worth it?
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i didnt pay for it, i just used the resources that were available freely on the website...its still really realy helpful :)
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ok...which newspaper do u reckon will be most useful to use? or will it be worthless to but cos vcaa probably is done with writing the exam?
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ok...which newspaper do u reckon will be most useful to use? or will it be worthless to but cos vcaa probably is done with writing the exam?
the age?? haha
im not to familiar with any other newspapers
just the locals,age and herald :)
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what textbook do u use cobby? does every1 use economics downunder? also when in the exam....for eg. if they ask what the cash rate is currently and say it changed like yesterday, do we have to actually state the CURREnt cash rate or will they let us off if we say something close to it?
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yeh used economics down under - morris
Rather than remembering the specific statistics of the cash rate,inflation etc etc, just remember the trends of those events, like they wont expect you to refer to 10 years worth of stats number for number, just become very familiar with the trends
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what textbook do u use cobby? does every1 use economics downunder? also when in the exam....for eg. if they ask what the cash rate is currently and say it changed like yesterday, do we have to actually state the CURREnt cash rate or will they let us off if we say something close to it?
There are two major textbooks: Economics down under and Economic Activity (2). Most schools use economics down under as it has been updated in 2008 :)
In exams, questions usually ask for a general trend rather than simply stating a statistic which proves nothing. This requires you have to knowledge of current economic circumstances, but you don't have to memorise each statistic by heart lol. I mean, you should know recent cash rate or whatever; but not like in 2006 :P :)
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what textbook do u use cobby? does every1 use economics downunder? also when in the exam....for eg. if they ask what the cash rate is currently and say it changed like yesterday, do we have to actually state the CURREnt cash rate or will they let us off if we say something close to it?
There are two major textbooks: Economics down under and Economic Activity (2). Most schools use economics down under as it has been updated in 2008 :)
In exams, questions usually ask for a general trend rather than simply stating a statistic which proves nothing. This requires you have to knowledge of current economic circumstances, but you don't have to memorise each statistic by heart lol. I mean, you should know recent cash rate or whatever; but not like in 2006 :P :)
I had a read through Economic Actvity 2, and its explanations of the theory of economics are better than down under, but down under is more indepth :)
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ok thanks....got any more tips?
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Study hard
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i dunno if that will help
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Khalil have you done 1/2 eco?
Or are you picking it up?
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no ive already done it....i quite enjoy it but i never read news articles...dont have the time.
thats probably my major problem in eco...i need to overcome it...the business reports are so boring
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Hey guys, If any 2009ers want tutoring for economics at a great price ($20 p/h) contact me. I can start whenever you are ready.
I greatly enjoy all sides of commerce and know the tricks of the trade to ace the final exam. In addition, unlike most students, I have done economics by distance education which requires self-motivation and persistence for. If you are also doing economics by distance education I can offer you invaluable advice to excel in SACs and "seminars".
PM me if you are interested, I will work to the best of my ability to earn you those A+s. :)
Thanks.
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Khalil have you done 1/2 eco?
Or are you picking it up?
Do you need the 1/2 for eco?
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Khalil have you done 1/2 eco?
Or are you picking it up?
Do you need the 1/2 for eco?
To pick it up, no
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I don't think you need any 1/2 sequence to do a 3/4 sequence. I guess it just helps. (Especially for science/maths subjects. :P)
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To all VCE 09 Economics Students. The key to success in VCE Economics is knowing your theory and being able to relate this to the current prevailing economic climatic conditions. This was especially important for the 08 Exam as the VCAA Economics Examination board asked direct and specific questions that could only really be fully answered correctly be aware students. E.g. One asked for a 2008-2009 Budgetary Policy measure that has been employed to increase Australia's Economics growth. By stating a previous years Budgets policy action or a general theoretical (textbook) response one marks is already forfeited. Furthermore, get a copy of a first year Microeconomics textbook, it has basically the same content as the unit 3&4 course and explains concepts more succinctly than VCE texkbooks such as Downunder or Activity. Additionally, Downunder does not go into great depth regarding the most fundamental concept of economics which is Market Failure's such as Public and merit goods, negative/positive externalises and inequity in the distribution of income. This was the main focus of a question in the 2008 that wanted students to explain why climate change (carbon emissions) is a negative externality and then wanted students to propose a government action which could account for the cost imposed on society by such methods of production. If students were aware of the Carbon emissions trading scheme (excise tax) highlighted in the media a number of times in early 08 then this would have be a fairly straight forward question.
Lastly, you have got to think always like an economist - always considering the opportunity costs involved in your daily life. lol.
A good book to read to introduce you to "everyday economics" is the undercover economist by Tim ..? It is available at melbourne city library to borrow or at most academic bookstores.
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To all VCE 09 Economics Students. The key to success in VCE Economics is knowing your theory and being able to relate this to the current prevailing economic climatic conditions. This was especially important for the 08 Exam as the VCAA Economics Examination board asked direct and specific questions that could only really be fully answered correctly be aware students. E.g. One asked for a 2008-2009 Budgetary Policy measure that has been employed to increase Australia's Economics growth. By stating a previous years Budgets policy action or a general theoretical (textbook) response one marks is already forfeited. Furthermore, get a copy of a first year Microeconomics textbook, it has basically the same content as the unit 3&4 course and explains concepts more succinctly than VCE texkbooks such as Downunder or Activity. Additionally, Downunder does not go into great depth regarding the most fundamental concept of economics which is Market Failure's such as Public and merit goods, negative/positive externalises and inequity in the distribution of income. This was the main focus of a question in the 2008 that wanted students to explain why climate change (carbon emissions) is a negative externality and then wanted students to propose a government action which could account for the cost imposed on society by such methods of production. If students were aware of the Carbon emissions trading scheme (excise tax) highlighted in the media a number of times in early 08 then this would have be a fairly straight forward question.
Lastly, you have got to think always like an economist - always considering the opportunity costs involved in your daily life. lol.
A good book to read to introduce you to "everyday economics" is the undercover economist by Tim ..? It is available at melbourne city library to borrow or at most academic bookstores.
Sweet first post :)
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My lecturer suggested a book called Freakonomics ...she said it was pretty easy reading and put things in an everyday context.
Sweet first post :)
Agreed!!
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To all VCE 09 Economics Students. The key to success in VCE Economics is knowing your theory and being able to relate this to the current prevailing economic climatic conditions. This was especially important for the 08 Exam as the VCAA Economics Examination board asked direct and specific questions that could only really be fully answered correctly be aware students. E.g. One asked for a 2008-2009 Budgetary Policy measure that has been employed to increase Australia's Economics growth. By stating a previous years Budgets policy action or a general theoretical (textbook) response one marks is already forfeited. Furthermore, get a copy of a first year Microeconomics textbook, it has basically the same content as the unit 3&4 course and explains concepts more succinctly than VCE texkbooks such as Downunder or Activity. Additionally, Downunder does not go into great depth regarding the most fundamental concept of economics which is Market Failure's such as Public and merit goods, negative/positive externalises and inequity in the distribution of income. This was the main focus of a question in the 2008 that wanted students to explain why climate change (carbon emissions) is a negative externality and then wanted students to propose a government action which could account for the cost imposed on society by such methods of production. If students were aware of the Carbon emissions trading scheme (excise tax) highlighted in the media a number of times in early 08 then this would have be a fairly straight forward question.
Lastly, you have got to think always like an economist - always considering the opportunity costs involved in your daily life. lol.
A good book to read to introduce you to "everyday economics" is the undercover economist by Tim ..? It is available at melbourne city library to borrow or at most academic bookstores.
I approve of this message and that book.
Tim Harford is the author of that book by the way.
Also, if you want to see a less handwavy side to economics, and a more rigorous approach to economics, then I can help you as a tutor. However, if you just want help with definitions and terms from the textbook, I am not your man. I have not studied Economics at the VCE level.
I may possibly be tutoring at the Economics faculty at the University of Melbourne next year.
One thing I heard recently: economics is not a discipline about money. It is a discipline about people, and how they interact. True economists are interested in generating the best outcomes for people, not the highest monetary numbers or financial figures.
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Any tips on what i should go over during the holidays? I'm really not sure on how to be studying for eco..if u get what I'm saying.
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Start going through the macroeconomic theory. A lot of it is "handwavy" as I said, and the VCE course doesn't rigorously demonstrate how these things are true, but they make some kind of intuitive sense.
More importantly, make sure you are solid with your microeconomics. These are the fundamentals of thinking like an economist, and if you don't master all the nuances of supply and demand, it can catch up to you in macroeconomics as well.
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What economics events should i be focussing in the media?
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are you sure the title is everyday economics? I cant find it in melb uni library
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He said something like: "The Undercover Economist" will introduce you to 'everyday economics'
The title is: The Undercover Economist.
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What economics events should i be focussing in the media?
in my personal opinion you should pay attention to:
- Cash Rates
- TWI
- Budget Spending
- Budget Stance
- Inflation
- Supply Side Constraints
:)
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thanks guys
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Could any past economics students, (regardless of how well you ended up scoring) offer myself and other economics students for 2009 any general advice and tips to gun eco in '09.
Note taking tips.
Resources tips.
Anything in general =]
What did you do wrong which you would fix if you could have your time again?
Thankyou in advance.
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Could any past economics students, (regardless of how well you ended up scoring) offer myself and other economics students for 2009 any general advice and tips to gun eco in '09.
Note taking tips.
Resources tips.
Anything in general =]
What did you do wrong which you would fix if you could have your time again?
Thankyou in advance.
I like that... an appreciation 4 the fact that SS doesn't always reflect ability in a subject.
In-semester stuff 4 microeconomics this semester, I'm pretty sure I was overall top out of every1 (definitely top for mid-semester out of published results).
However.. I didn't do so well in the exam... still finished in top 10% of cohort and with a HD, but not as high a score as I wanted.
That said, my miceco tutor thought I was absolutely amazing, and got me 2 explain things all the time bcoz of my unique way of thinking, learning and teaching.
I reckon it's the random-ness... thoughts that head off in a tangent can give u the best epiphanies sometimes ;) ;D
I also think it helps 2 have so-recently learned something that u may b able 2 pick up on wot's tripping the circuit in some1's thought pattern when they're learning a new concept.
Sorry... kinda off-topic, but I was impressed with that comment. :)
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:) thankyou. Most subjects,specifically economics require an in depth knowledge and understanding, rather than rote learning text responses, to be truly succesful. I would know... This year in economics at MHS I was able to lead class discussions,present new ideas and thoughts succesfully....(our teacher encouraged open economic debate in class over textbook readings etc.) and I think through this I've actually further understood economics to gear me up for the future, in or out of the classroom itself. I didn't get the best unit 2 exam score (b+... Not that it matters at all.. It's unit 2 for gods sake) partly due to the fact that it was held the day after my year twelve subject, but mostly because we participated in open discussions superior to the text, the best form if learning, I believe. Having said that I'm confident of getting low fourtiea next year,time will tell...
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Could any past economics students, (regardless of how well you ended up scoring) offer myself and other economics students for 2009 any general advice and tips to gun eco in '09.
Note taking tips.
Resources tips.
Anything in general =]
What did you do wrong which you would fix if you could have your time again?
Thankyou in advance.
I like that... an appreciation 4 the fact that SS doesn't always reflect ability in a subject.
In-semester stuff 4 microeconomics this semester, I'm pretty sure I was overall top out of every1 (definitely top for mid-semester out of published results).
However.. I didn't do so well in the exam... still finished in top 10% of cohort and with a HD, but not as high a score as I wanted.
That said, my miceco tutor thought I was absolutely amazing, and got me 2 explain things all the time bcoz of my unique way of thinking, learning and teaching.
I reckon it's the random-ness... thoughts that head off in a tangent can give u the best epiphanies sometimes ;) ;D
I also think it helps 2 have so-recently learned something that u may b able 2 pick up on wot's tripping the circuit in some1's thought pattern when they're learning a new concept.
Sorry... kinda off-topic, but I was impressed with that comment. :)
Precisely, Costa and I got 33 for economics, however we both loved the subject. I was expecting A+ for the exam! :( And costa got the PwC HD medal for economics, you can't get better than that.
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I'm sure you'll both make fine economist one day, if you choose to do so.
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i did economics this year and got a pretty good score (47) (with not too much effort, to be honest embarassingly enough) and i would say the key thing is to think through everything clearly and logically. economics largely is common sense I would argue, and if you approach every analytical problem (vs. definitional) from a very basic D&S angle, everything will work itself out, and it isn't imperative to rote learn everything (but do rote learn stuff like the definition of all the economic objectives etc). with analysis questions, there is no way you can not know an answer as even if you can't give the 'correct' one, as long as you can prove your point theoretically, there is definitely value in that. so really, strip it down to the basics and the entire subject is easy as pie.
in terms of recent things/news, it is probably best (though definitely NOT necessary) to focus mainly during the march period (as this is when the exam was written), and the period preceding the exam (shows good knowledge and a maintenance of current conditions). only remember things that you find easy to remember, and don't think it's necessary to remember shitloads of stats. the key ones throughout the year will put you in good stead.
most of all, i hope you have chosen economics because you enjoy it, that can only be of benefit to you, as everything will come very easy to you.
hope that helped
EDIT: oh i forgot, i found the Salla CPAP guides very useful, but I didn't use any one text as a complete and utter guide. I found the text book (Economics down under) heinous.
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i did economics this year and got a pretty good score (47) (with not too much effort, to be honest embarassingly enough) and i would say the key thing is to think through everything clearly and logically. economics largely is common sense I would argue, and if you approach every analytical problem (vs. definitional) from a very basic D&S angle, everything will work itself out, and it isn't imperative to rote learn everything (but do rote learn stuff like the definition of all the economic objectives etc). with analysis questions, there is no way you can not know an answer as even if you can't give the 'correct' one, as long as you can prove your point theoretically, there is definitely value in that. so really, strip it down to the basics and the entire subject is easy as pie.
in terms of recent things/news, it is probably best (though definitely NOT necessary) to focus mainly during the march period (as this is when the exam was written), and the period preceding the exam (shows good knowledge and a maintenance of current conditions). only remember things that you find easy to remember, and don't think it's necessary to remember shitloads of stats. the key ones throughout the year will put you in good stead.
most of all, i hope you have chosen economics because you enjoy it, that can only be of benefit to you, as everything will come very easy to you.
hope that helped
EDIT: oh i forgot, i found the Salla CPAP guides very useful, but I didn't use any one text as a complete and utter guide. I found the text book (Economics down under) heinous.
Well said. Microeconomics lays the foundations to macroeconomics. Know your D&S.
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From what i've seen so far, it looks very similar and all very familiar which is good!...not that i've completed the course though.
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Is Eco 3/4 way harder than Eco 1/2? Coz I've been hearing that it is.
I definately didn't find this - the first part is basic Unit 1 stuff, using Demand & Supply.
Then you go on to cover Budgetary, Monetary and Microeconomic policies. Alot of it overlaps from 1/2 stuff.
If you've got a good grip on units 1/2, then you shouldn't have too much trouble with 3/4 IMO.
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In terms of note taking tips- you should not only use Morris- but also try and incorporate ideas and concepts from both the MrWood and Salla (economicstutor.com) sites- as these are much better than Morris' text book IMO. Try and broach every concept that you have with an example- so if you're talking about market failure- link every example of market failure with a real life example. Don't copy slabs of notes as well- careful dot points and mindmaps are much better. In economics- it's not about memorising shitloads of info (well some of it is) but you're better off actually being able to understand the concepts well- and get a feel of how all the aspects work together. A mind-map helps you do that (especially if you learn well through visuals) as you can get an understanding of how the economy and its functions inter-relate.
Given that you're in MHS- you have to recognise that whilst SAC marks in English and BM and such go up heaps- the school isn't great in eco. I had Janus this year- and whilst a great teacher- his marking is much harsher than Wilson's (who's gone) and although I was in the top couple in SACS for UNit 3- I got an A for GA1- which pulled my SS down to 43.
Remember to stay on the ball and keep up to date with economic occurances. The cohort of 2009 is unlucky- because you guys will get a hell of a lot of questions about this economic downturn. You should have/ be collecting as many articles as possible about sub-prime- economic downturns etc- because these will definately come up in the exam- and you'd rather be drawing on explanations and examples provided by learned individuals- rather than your own understanding.
PM me if you want any more advice!
Could any past economics students, (regardless of how well you ended up scoring) offer myself and other economics students for 2009 any general advice and tips to gun eco in '09.
Note taking tips.
Resources tips.
Anything in general =]
What did you do wrong which you would fix if you could have your time again?
Thankyou in advance.