What are taxes? Why do we use the word “inflation” when our hawker centre chicken rice increases in price by a dollar? When does our favourite “hidden” cafe know to continue their business or enter a temporary shut-down? You may think that you know the answers to these questions… but the moment you step into a Hwa Chong’s Economics class, you’ll definitely be in for a surprise.
Economics is a popular choice among our students in both Arts and Science, not only because it is the easier subject to score in, but because it guides us in our real-life application of Economic theories to our daily lives. You won’t just be learning about the economic analyses you encounter in your everyday life; Economics takes you on a deeper dive into the very concept itself, from learning about how the Gini coefficient is derived to the demand and supply factors that motivate every market in the world. By choosing this subject, you’re opening yourself up to a world of analysis in the fiscal sector, gaining unparalleled insights into the dynamics that affect not just our personal lives, but global affairs as well.
Not to mention, economics is a major component of many university majors. While it is not a pre-requisite to have read Economics to apply, popular majors such as Business Administration, Philosophy, Politics, and Economics (PPE), International Relations, as well as many others, contain a heavy element of Economics within their curriculum. Already having a background in Economics from your high school years would be a definite advantage to you by providing a strong foundation to help you easily understand your university curriculum!
Now if you’re still reading, you may be wondering: my heart is set on Economics… but I don’t know how to study for it! What should I do? Well, have no fear; Economics may be an unfamiliar subject to entering J1s, but let’s hear from Yuan Xinyi (23S77) about some of the tips and tricks she employed while studying for Economics to garner her stellar results.
Make full use of the notes
For every Economics chapter you will learn, HC gives you a booklet of notes full of information about the theories covered and the elaboration required while writing your essays. Do your best to understand the notes as comprehensively as possible, and if you have any uncertainties, clarify with your tutor in class or anyone qualified to help.
Recap sessions for each chapter
To ensure that she fully understands the content, Xinyi sets aside at least 3 hours per chapter for a recap session. She first ensures that she is clear about the concepts learnt in that chapter, and if useful, she creates her own notes like summaries and roadmaps can help you better understand what she’s learnt. From there, she starts applying the concepts learnt; finding relevant past year papers to analyse, designing questions from her summaries, and building her answering structure with the help of her notes. If time permits, she also practises writing out the relevant question found in the notes (minimally 1-2 questions per month) and asks her tutors/anyone qualified to vet through. Through this she refines her answering techniques and continually reinforces her Economics knowledge, thus helping her to remember concepts and answers easier during examinations.
Pre-Examination Study Habits
“It is essential to schedule regular recap sessions,” Xinyi stated, as this allows you to review and consolidate what was taught in class. While digital note-taking is recommended for daily use, she endorses the usefulness of writing out essays on paper to simulate examination conditions, while having practice sessions under timed conditions to fine-tune your performance. This assesses your readiness and helps to reduce stress or anxiety during your exams. In addition, allocate dedicated time to memorising essential concepts such as economic graphs, and avoid last-minute cramming, as it can lead to confusion and mix-ups with previously learned material.
Final tips and tricks for Econs students
Xinyi highly recommends building an answering structure for essay questions, as it provides a solid base to lay concepts onto. You can consider studying with your friends if it is a helpful avenue, and will not distract you from actually studying. Hands-on practice in graph drawing is also vital as many economic concepts are best represented graphically. Practice drawing graphs step by step, and ensure you understand how to explain each element of the graph, which is crucial for your essay answers and to gauge the extent of your understanding of the chapter. In addition, integrate real-world examples into your notes as essay questions often require them for well-rounded answers. Lastly, you can also stay updated by following the HC economics department on Instagram (@hc.econs) for interesting tidbits and memes!
Still not convinced this is the subject for you? The writer of this article wasn’t, either. I already knew that I wanted to take BCM in HCI, but my last Arts-based subject was open for debate. In the end, I chose Economics — not only because it aligned with my interest in business, but also because it offered a dynamic and versatile skill set that gave me a greater understanding of how the world worked. Rather than just being a solitary discipline, it can be our gateway to newfound possibilities, helping us to understand, question, and shape the complex economic landscape we live in.
Economics is not just a subject; it's a powerful tool that can guide you through the global marketplace, leading you to (hopefully) prosperity and success in the future.
Written by: Tan Xin Yee Sarah (23S77)
Edited by: Chua Jia Xuan, Keris (23A11)
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