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The best Economics exam tips in a row
Do you already feel confident enough to take the Economics exam? You may already have the exam material in your head. Yet there are some important points that you may not have thought of. That is why we have collected and selected the best exam tips for you. Study these exam tips carefully and avoid making common mistakes on the exam. This way we help you to enter the exam in a relaxed way. No stress!
Exam Tip Economy # 1: Make sure you understand supply and demand
Supply and demand are very important in the Economy exam. You must know which factors influence supply and demand, and you must know what role the price plays in this. For example, if a manufacturer launches a major marketing campaign for a product, it can affect the demand for that product. You must also be able to draw a supply and demand curve.
Exam Tip Economy # 2: Make sure you know economic questions
Many economic questions have both a supply-side and a demand side. Read carefully in the question on the exam which side is meant. So read the question carefully. Sometimes a single word already indicates which direction to take.
Exam Tip Economy # 3: Look up some current exchange rates online
It is important that you understand the subject of exchange rates well. And that works better if you look at how things work in practice. This way you get a better picture at current exchange rates and this topic becomes more alive.
Exam Tip Economy # 4: Write a conclusion to the question with each answer
Always write a conclusion on the question with your answer, so that the answer is placed in the context of the question. If you don’t do this, it may cost you points!
Exam Tip Economy # 5: Pay attention to the units
Always pay attention to which units of numbers are. For example, sometimes there are units times in 1000 under a table.
Exam Tip Economy # 6: Make sure you know the different market forms
n the exam you need to know the different market forms, as well as the specific characteristics that go with it. The market forms are complete competition, monopolistic competition, oligopoly, and monopoly. The characteristics that you need to know are the number of providers, number of buyers, type of product (homogeneous or heterogeneous), transparency of the market and the possibility of entering the market.
Exam Tip Economy # 7: Make sure you know the difference between the pay-as-you-go system and the capital coverage system
The pay-as-you-go system means that all people who work pay a monthly premium to the government, which finances the state old-age pension. Workers nowadays actually work for the AOW of the elderly. In addition, there is a capital coverage system. This is used to finance company pensions and supplementary pensions. This is saved by employees themselves: working people pay a monthly pension premium through their employer to a pension fund or insurance company. The pension fund invests the paid pension premium. The pension premium plus income from the investments later forms the basis for paying out the pensions.
Exam Tip Economy # 8: Make sure you can apply game theory
Game theory analyzes human behavior in situations where decisions have to be made. At the exam, you must be able to analyze revenue matrices, in order to indicate what the dominant strategy is. You must be able to indicate in a prisoner dilemma what players can do best. Make sure you practice this part properly!
Exam Tip Economy # 9: Look at websites of insurers, to see how they deal with risk
Insuring risks is part of the exam material. To see how this works in practice, you can visit websites of a few large insurers and read about how they deal with this. This makes this topic more alive.
Exam Tip Economy # 10: Make sure you understand the business cycle
Sometimes it goes economically well, and sometimes it goes economically bad. If the economy is doing well above average, the economy is going strong. If things are going badly, the economy will be in a downturn. At the exam, you must know well which factors influence the business cycle, and what consequences the business cycle has for other macroeconomic variables, such as unemployment and taxes.
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JC Economics Tuition Singapore — A Level H1 / H2 Econs Tuition by Jackie Vincent