HL1 ECONOMICS Strategies for Success

What will I need to do to be successful in Economics? 10 Strategies for Strategy 1: Know the News – Keep up to date with Economic Events The most important aspect of Economics is being up to date with contemporary economic events. In other words, you need to be watching the news every night (wherever possible) and reading newspapers and magazine articles regarding economic events. (eg: increases in inflation, interest rates, unemployment, business developments)

What will I need to do to be successful in Economics? 10 Strategies for Strategy 2: Understand the relationship between Business, Economics and Politics. Studying Economics requires a knowledge of business and politics, and vice versa. The three are interrelated and interdependent.

What will I need to do to be successful in Economics? 10 Strategies for Strategy 3: Know the Leaders in Business, Economics & Politics You will need to know the most important leaders in the fields of Business, Economics and Politics. Who/What do they represent, why do they have these views and what I can learn from these leaders??

What will I need to do to be successful in Economics? 10 Strategies for Strategy 4: Link Economic Theory to The Real World You will be introduced to many new economic theories in the What is important is your ability to link theory with practice. Economic theory must be studied in the context of the real business world and the realities of politics and power.

What will I need to do to be successful in Economics? 10 Strategies for Strategy 5: Personalize / Demonstrate The Relevance of Economics to Every Day Life An extension of linking economic theory to the real world, is to demonstrate the importance of Economics to your own life, your family and personal experience. For example: Why does an increase in interest rates matter?? An increase in interest rates may result in higher mortgages/home loan repayments for your family!

What will I need to do to be successful in Economics? 10 Strategies for Strategy 6: Engage/Participate Actively in Class Discussion. Economics is not a passive subject and it demands your active involvement in class discussions.

What will I need to do to be successful in Economics? 10 Strategies for Strategy 7: Be Prepared to Argue & Debate: Have an Opinion Many Economic issues are controversial and provocative and there is no right and wrong answer. For example: (1) The US Federal Budget is estimated to be about $3.8 trillion dollars for 2013 but revenue will only be about 2.9 trillion. Do we cut spending on education or defense? Or should we continue to increase the deficit? There are very good arguments for & against? (2) Should we decriminalize some drugs to reduce crime and eliminate the black market for illegal narcotics?

What will I need to do to be successful in Economics? 10 Strategies for Strategy 8: Justify your Opinion with Evidence. You must express your opinion on different Economic issues and justify your position with evidence. What is evidence?? Eg: Statistics and Data which support your position.

What will I need to do to be successful in Economics? 10 Strategies for Strategy 9: Improve Your Organizational Skills Economics Folder: It is recommended that your purchase a large binder with several plastic inserts. There are many handouts in Economics. Equipment needed for Class: Calculators and Rulers are essential for Economics. Study and Preparation at Home: You should review the lesson content each night.

What will I need to do to be successful in Economics? 10 Strategies for Strategy 10: Know the Criteria for EVALUATION in Economics Compare Advantages & Disadvantages Prioritize the Arguments. (eg: The most important argument is / the least valid argument is because…) Consider the perspective of Different Stakeholders (eg: The union movement would this support this policy, but shareholders & business group would be opposed.) Consider the Short Term/Long Term Perspective (eg: In the short term the policy will….., but in the long term..)