Economics 2014

[abcdqdxD]

Hey guys, just a quick plug for myself I achieved a study score of 47 last year and am offering Economics tuition for $25/hour. My own notes will also be provided - PM me if interested!

[Sebby]

Hey guys, just a quick plug for myself I achieved a study score of 47 last year and am offering Economics tuition for $25/hour. My own notes will also be provided - PM me if interested!

while i didnt get tutored by him (as we're in the same year level), the discussions we had about economics were invaluable and provided me with a sound understanding of the subject. highly recommend him as a tutor. also he's very friendly.

[LastOfUs]

The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!

[Politics]

The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!

This is exactly how i feel, i really love it aswell!

[dantan]

To a fairly large extent, the rest of the content is pretty similar in nature so that's great to hear you're enjoying it! Make sure you learn it well though, because application is where eco does often get quite difficult.

[chasej]

The beginning (early in AOS1 lol) of economics seems really easy to grasp. I'm just writing a whole lot of information down on my computer and getting a fair understanding of what each concept or idea is about without full on memorising information. If the rest of the content is like that, just 'learning' something that you can spit out in your own words instead of being forced to memorise, I'll love it!

This is pretty much why I loved economics. Really unique subject as it finds an intersection with business and social sciences.

As dan tan said though it seems straightforward until the application type questions where you can't simply spit out an answer but rather must find the links between the different topics etc.

[LastOfUs]

I just started going over law of demand / law of supply and I hate how both my books don't have distinct but convoluted (love using this word since learning it lol) ideas of what it is so it is hard to know I have it all kind of.

P.S. That is great Dantan and ChaseJ. When you are talking about application, is that essentially just forming an answer over multiple area of studies or?

[chasej]

P.S. That is great Dantan and ChaseJ. When you are talking about application, is that essentially just forming an answer over multiple area of studies or?

Application in economics is moreso learning real life policies and how these policies can help to achieve/effect economic goals and other factors such as the budget balance.

Basically linking theory to real life. Some concepts appear in a couple AOS's so they don't really "form answers over multiple AOS's" but rather the same concepts overlap meaning in practice you would essentially be linking topics which may appear in different AOS's. (that may have been confusing?? :/ )

[LastOfUs]

Application in economics is moreso learning real life policies and how these policies can help to achieve/effect economic goals and other factors such as the budget balance.

Basically linking theory to real life. Some concepts appear in a couple AOS's so they don't really "form answers over multiple AOS's" but rather the same concepts overlap meaning in practice you would essentially be linking topics which may appear in different AOS's. (that may have been confusing?? :/ )

Completely understand and thanks. That is what I meant by the 'form answers over multiple area of studies.'

[dantan]

Yeah pretty much what has been said. A lot to do with taking situations in real life, and being able to some extent 'hyper-analyse' (for want of a better term) with the theory you have learnt from multiple areas.

So for example, with the the downturn in mining demand, production, capacity etc. You could look at it on a large macro level and determine what sort of impact it is having on the Australian economy. Or you could look at it in terms of AOS1 which you are doing now, and work out why, perhaps there is a downturn (e.g. lower overseas economic activity). That's a very loose/generic example but you get the idea!

[LastOfUs]

When explaining the law of demand, are you meant to do it one of these ways or both ways? They're essentially the same thing but I'm looking for the better way of wording it.

The law of demand states that a good with high levels of quantity will be demanded at a lower price whilst a good with lower levels of quantity will be demanded at a higher price.

The law of demand states that a good that decreases in price will have increased demand whilst a good that increases in price will have lower levels of demand.

[abcdqdxD]

When explaining the law of demand, are you meant to do it one of these ways or both ways? They're essentially the same thing but I'm looking for the better way of wording it.

The law of demand states that a good with high levels of quantity will be demanded at a lower price whilst a good with lower levels of quantity will be demanded at a higher price.

The law of demand states that a good that decreases in price will have increased demand whilst a good that increases in price will have lower levels of demand.

The law of demand operates under the assumption that price and quantity demanded have an inverse relationship. As the price of a particular good/service increases, demand for the good/service is expected to decrease and vice versa.

[LastOfUs]

The law of demand operates under the assumption that price and quantity demanded have an inverse relationship. As the price of a particular good/service increases, demand for the good/service is expected to decrease and vice versa.

If only I could make awesome definitions like this from what the book spits out at me

[abcdqdxD]

Yeah sometimes the textbooks don't have the best/most accessible definitions so I often make my own

[dantan]

You'll get there with the definitions in the end. You sorta have to continuously improve them as you go along, gain more understanding etc. But working on a decent set of well written and concise definitions is super important! So I would start with those early and just edit and improve them as you go along! It's a great base to have for exams So definitely don't just take/copy the book ones because they really aren't A+ material per se.