A good economics student not only knows their theory, i.e. the content that is on the specification, but also thinks like an economist. Economics is a subject that surrounds us all day every day. It is a real life subject that appears on the news every day. Variables change constantly, as do people’sbehaviours and attitudes. A good economics student is inquisitive.
- In less than 15 words sum up what you think Economics is about.
- Write down 5 things you know about the economy or the study of economics.
- Watch this video and then draw and fill in a table like the one below to show your learning of economics.
Create a mind map, like the one above, to help you answer this.
Remember, throughout your study of economics, it is important to keep up-to-date with national and global events. Good practice, after learning a new area of theory, is to practise applying it to a news story. Click on the picture below to read the BBC article:
How Coronavirus changed petrol prices.
Read the introduction and section on “Why are petrol prices falling?”
With a different colour pen is there any additional information, or empirical evidence, you can add to your spider diagram?
In Economics there are 9 quantitative skills.
calculate, use and understand ratios and fractions
calculate, use and understand percentages and percentage changes
understand and use the terms mean, median and relevant quantiles
construct and interpret a range of standard graphical forms
calculate and interpret index numbers
calculate cost, revenue and profit (marginal, average, totals)
make calculations to convert from money to real terms
make calculations of elasticity and interpret the result
interpret, apply and analyse information in written, graphical and numerical forms
QS3 What was the mean crude oil price between January and April?
QS4 What was the mean lowest crude oil price between January and April?
Watch this video on calculating percentage change and how to use it, to demonstrate exam skills. Examples given in the clip are business related but QS2 is the same across both subjects.
Take the information from the clip, and your calculations, to write a stronger economics based explanation of the graph provided. Imagine you are adapting this BBC article for a specialist magazine such as “The Economist”. You must demonstrate QS2, 3 and 4 in your response.