You are so inquisitive to pass the fourth coming exam on Economics, but some people think that it is hard to get, Economics is a subject of it’s own which talks about business; for you to be successful in your business you must study Economics very well.

What is Economics all about, As make it complete guide?

First, before I go into this course I will explain the meaning of Economics:

Economics is the study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.

Inorder words, you can say that Economics deals with the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. I can also say that Economics is the exchange of money and goods in the society or way in which money, trade, industry can be organized.

Description of Economics

Economics is the study of scarcity and it’s implications, for e use if production of goods and services, resources. Economics goes in series ways in which; it goes from production —–> agent ——> Retailer ——> Wholesale —–> Consumer and theses are the processes in which a goods pass on to reach to us. Moreover, since we cannot satisfy all our wants because of scarce resources, we must choose among the options that are available to us. Choice means the distribution of our resources (these may include money) among different competitive economic ends. When we choose one thing, we have to sacrifice some other thing because our resources are not enough to satisfy both at the same time. Our resources are limited or scarce relative to our wants and so we have to choose. 

Eligibility to Economics

1.Those candidates who have passed the intermediate 10+2 examination in any stream from a recognized Board are eligible to apply for a Bachelor’s degree in Economics.

  1. Those aspirants who possess a Bachelor’s degree in Economics can apply for a Master’s degree.

Why Study Economics?Economics essentially is the study of how individuals, groups, and nations manage and use the resources. It seeks to explain what drives human behavior, decisions, and reactions when faced with difficulties or successes. Economics as a subject helps us to gain a toolkit of skills, approaches, and ways of thinking that can be applied to a wide range of problems. Economics is one of the central disciplines that encompass the study of business and management and public policy.

See also:HOW TO PASS CHEMISTRY 2024 COMPLETE GUIDELINE

Tips to pass Economics

  1. Avoid distraction

2. You must study your Economics very well

  1. You must be friendly with mathematics

  2. Ensure that you study at least 2 hours every day

  3. Prepare assignments before attending class. It’s very important to arrive at each class having already completed assignments. …

  4. Read for understanding. …

  5. Attend all lectures and classes. …

  6. Master material as you go. …

  7. Don’t take good notes… …

  8. Employ the “four” classroom behaviors.

How to easily pass economics?

To do well in economics, you must develop a deep understanding of economic theories, developments in the field, and applied math. Stay current by reading newspapers and magazines like the Financial Times and The Economist. To ace your classes, take good notes, form a study group, and ask for assistance when necessary.

How to get good grades in your

  1. Prepare before class. Read all assigned readings. make sure that you write new vocabulary, theories, models, graphs, or measures. And if there is question then you ask.

a. Read at least 2 hours

b. Read article’s introduction and conclusion carefully.

2. Sit toward the front

3. Take good notes. When your professor is giving a lecture, take thorough notes.

(a) Taking notes by hand is actually better for memory retention than taking notes on a laptop. If you have time, take notes by hand and later type them

(b) Draw your own versions of graphs. When your professor draws a graph to illustrate a concept on the blackboard, draw your own version. Even if they give you a print out, practice drawing and labeling the graph. You likely will need to reproduce this skill later

(c) Focus on the connection between ideas that your professor is explaining or has mentioned previously.                                   (d) Aim to understand the logic between numbers in a mathematical problem. If you don’t understand the concept, draw a question mark in your notes and ask a classmate or your TA later

4. Participate in class.                  a. Use class time to clarify misunderstandings about the material being covered rather than to ask logistical questions. For example, rather than asking “What’s the reading for next week?,” look at your syllabus. A good question would be, “Could you please explain how you produced that figure? I did not quite understand.

5.Be a smart test-taker.

Is Economics hard

Economics is not hard, if you can only follow the instructions given to you, even as some people think that it is hard to get not knowing that it is just simple.

When one’s you have known the strategic form to get Economics by knowing mathematics, businesses then you can be able to do anything in Economics, it will be like a spirit is transferred into you. Economics deals with social sciences such as; Political science, Sociology, Anthropology, Physiology, Philosophy, and Religion. It also studies a particular aspect of human behavior, in order to incur the utmost gratification from limited resources.

Importance of Economics

1.It help the people understand the world around them.              2. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.     3. It create good relationship between supply and demand, scarcity and opportunity cost.   4. It gives the protection.          5. It enables people to know how to fix their business failure.       6. It also enables you to distribute resources.                                7. How to accomplish your efficiency.                                            8. It also talks about Capital and investment.                                   9. It enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.                                      10. It create job opportunity to people; because it deals with both self employment and government employment.

Why you should study Economics

The following are the reasons why we study Economics; such as:

  1. Informs decisions

Economists provide information and forecasting to inform decisions within companies and governments. This knowledge of economics – or economic intelligence – is based on data and modelling.

  1. Influences everything

Economic issues influence our daily lives. This includes issues such as tax and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment. A broad subject, economics provides answers to a range of health, social and political issues that impact households and wider communities.

  1. Impacts industries

Firms of all sizes and industries have to rely on economics, whether that’s for product research and development, pricing strategies or how to advertise. This wide influence means studying economics can open up a variety of career options across all sectors of the economy, from agriculture to manufacturing, to banking and consultancy.

  1. Inspires business success

Understanding how consumers behave is vital for a business to succeed. Economists use theories and models to predict behaviour and inform business strategies. For example, how to analyse ‘big data’.

  1. International perspective

Economics affects the world we live in. Understanding domestic and international perspectives – historic and current – can provide a useful insight into how different cultures and societies interact. For international corporations, understanding the world economy is key to driving success.

 

studying Economics will give you vision to go on and profoundness understanding core economic theory and objectives and how to apply it to the real business world, with the following skills, such as;

1 communication

  1. problem solving

  2. research

  3. numeracy

  4. time management.

 

Economics further more go wide by having many aspect field of study and provides an alternative to an Accounting and Finance degree as it offers similar career opportunities for graduates. You could work in job roles within a range of industries, such as:

 

  1. Banking

  2. Finance

  3. Accountancy

  4. Business

  5. Government

  6. Consultancy

 

Remember, the study of economics is not only about money, numbers or mathematics. It’s another way of looking at the world. To truly understand economics, you will also study aspects of politics, history, psychology and sociology.

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