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How to excel in Economics

I will start by saying that Economics is not an easy subject for Junior College (JC) students. It requires a certain way of thinking, and thus demands a level of maturity from its students. Regardless, it is still possible to excel in Economics in spite of the nature of the subject. One has to put in more effort to master and internalise the concepts.

Compared to secondary school where it was still possible to memorise the information and regurgitate it in the examinations, this is strongly discouraged at JC level. Most subjects (including Economics) requires students to understand and grasp the various concepts. Here are three tips how you can approach Economics at the JC level and excel in it:

1) Understand the big picture first

At its heart, Economics is a study of decisions made by different agents (individuals, firms or governments), and what drives their decisions (e.g. are there particular incentives at play?). To excel in Economics, it's important to first look at the big picture and grasp the inter-relationships before delving into the details of specific models or theoretical concepts.

2) Ask questions and question the assumptions

Each theoretical model has many underlying assumptions. To come up with counter-arguments easily, one could question these assumptions and ask if they hold true in the real world. For example, one common assumption in Economics is ceteris paribus (or holding all other things constant), but this is hardly true in the real world, since things are constantly in flux and different variables change all at the same time. Through questioning the various assumptions, you are also able to weigh and evaluate and arrive at a reasoned conclusion and overall stand.

3) Read widely

You need to keep abreast of real-world issues happening today, so that you can easily pull out relevant and appropriate examples to substantiate the arguments in your essay. We know that most JC students are starved for time, but this is a useful life skill too.

Keep reading our future posts for more tips, or better yet, attend our Econs tuition classes to hear firsthand and understand what we mean!

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