5 Powerful Tips to Score in Economics Exams

by Mr Fok Best Economics Tuition in Singapore

Now, students ought to be aware that the A Level Economics assessment is the maximum amount of an appraisal of a student's content knowledge, as it is an evaluation of a student's exam abilities it. Hence, subsumed within this article is a collection of exam-smart tips which Economics tutor Mr. Fok personally feels will benefit students in their endeavor to scoring an ‘A’.

Tip 1 -- Impact of the Occasion

Round the total Economics syllabus, students are often asked to appraise the impact of an event on a subject.

Impact of event on…	Scope of analysis
Market	Price, quantity, revenue (expenditure)
Consumer	Surplus (price/output), quality, variety
Producer	Profits (revenue vs cost)
Society	Efficiency (allocative, productive, dynamic) and equity
National income	GDP, explained through multiplier process
Average resident	Living standards (material and non-material)
Economy	Four macroeconomic objectives
Government	Budget (tax revenue vs government expenditure); microeconomic goals (efficiency and equity); macroeconomic goals (four objectives)

In addressing questions such as these, it is helpful to know the scope of the prerequisite analysis.

Tip 2 -- Stitching policies together

In introducing the policies, students will need to be able to stitch the coverages together in a coherent manner. There are two ways to do so:

Expose limitations of the prior coverage such that complementary policies are needed

· Preferred way of earn a good more affordable is by using subsidies. However, if the government lacks the budget to fund a subsidy, a price ceiling needs to be considered.

· Preferred approach to internalize a spill over cost is through taxes. However, when PED<1 (e.g. addiction to cigarettes), campaigns which encourage the use of substitutes such as nicotine gum are needed.

· The preferred way of tackle a recession is through expansionary monetary and fiscal policies. But if the nation is mainly driven by exports, a portion of these exchange-rate might be more effective.

· Highlight >inch origin cause of this situation like a mixture of policies is needed.

· To handle market collapse in merit goods, subsidies (to handle externality), instruction (to tackle faulty information) and targeted subsidies (to tackle inequity) are demanded.

· To decrease unemployment, demand management policies (to handle cyclical unemployment) and supply-side policies (to handle structural unemployment) are required.

Tip 3 -focus on economic evaluation

Written down Economics essays, time is always contrary to the student. Given the lack of period, it's vital to be aware of the areas where more time needs to be spent explaining articles, and the areas where a succinct explanation would deteriorate. A general guideline is that content requiring economic analysis ought to be given further weight reduction. We are able to view such as content anchors.

Tip 4- sanity check

This is a really useful, but usually neglected suggestion. Essentially, this way to look over your topic paragraphs and inquire whether you are answering the question from the very direct way possible. Some paragraphs are meant to give background facts and may not answer the challenge directly. However, as a guideline, at least 70% of your subject paragraphs should pass the sanity check (i.e. a lot of desktop information does not contribute to answering the question).

E.g.

Explain why the price of fuel is often more volatile compared to other secondary services and products. (10m)

Tip 5- Assessing content

When analyzing theories with appreciable articles (e.g. endurance concepts, economies of scale, barriers to entry( and so on ), students should adhere to a DDEE frame to ensure completeness within their answers.

• Definitions

• Diagrams

• Explanation

• Cases

Analyzing content that this way makes the student's prep more"application-friendly". This is due to the fact that the student's content understanding is currently segmented based on key pivots.

However, application of DDEE may generate the article structure immediately.

Performance: Internal EOS are reaped because of growth of the firm while external EOS are independent of firm size and so are attributed to growth of their industry.

Diagram: Internal EOS sometimes appears diagrammatically as a movement downwards along the long run average cost curve (LRAC) while external EOS manifests like a downward shift of the whole LRAC.

Explanation / Cases: Resources of internal EOS consist of technical, promotion, financial or managerial economies. On the other hand, external EOS chooses the kind of economies of advice, concentration or disintegration.

As with Mr. Fok’s Economics tuition classes, we have aimed to keep the tips parsimonious and straight-to-the-point. But if students have additional queries, please feel free to write Mr. Anthony Fok an email at besteconstution@gmail.com.