Top 5 Tips for Doing Economics Homework
Economics homework can be a tiresome work for many students. Some students find
economics subject as very boring and others find it very dry. It is the various concepts in
economics that can make the subject seem dry. But, it can be an interesting subject, once
you understand few concepts.
Though, economics seems like a dry subject, if the student understands few concepts in
economics, the subject can be very interesting. Concepts such as demand and supply,
various markets and the rules of those markets, etc can be made interesting by the teacher.
If the student can understand some of the important concepts, then the student would love
the subject and will be eager to do economics homework, on his own.
There are few concepts which can turn out to be troublesome for students. These include
demand and supply, demand curve, supply curve, monopoly, duopoly, oligopoly,
monopolistic competition, perfect competition, business cycles, balance of trade, balance of
payments, etc and many more. These are some of the most important concepts in
economics and the whole of the subject is dependent on mastering these and other
concepts. To understand these concepts well, the teacher can have a practical way to
teaching these concepts. Giving apt and contemporary examples can be very helpful for
students to understand various concepts. For example, government has monopoly over
certain important things in a country. Oligopoly or monopolistic competition which has few
or some handful of competitors in the market can be equated to the smartphone makers,
Tips for doing economics homework
Here are some tips to students for doing economics homework
Revise the topic soon after the class: This is perhaps told very often but seldom practiced.
Yet, it has a significant impact on the way you deal with the subject. As soon as you reach
home, just revise the economics notes for that day and you’ll definitely find some doubts
which you haven’t noticed earlier. Make a list of these doubts and ask your professor or
teacher the next day. This will help you in building a strong understanding of the concept.
Once you forget to revise the chapter soon, it’d be very hard for you to understand it later
Put a little effort in understanding the graphs: Though often ignored, graphs are important
and form an integral part of economics. They are ignored by students because it is mostly
difficult for them to understand the relevance of the graph. Most graphs in economics are
simple graphic representation of the data. One thing you must understand is that economics
is not just about the theory, but it is also about the results. Data collected over a period of
time is represented using graphs and once you know the basics of the concept and apply
each and every step in relation to the graph, it would be easy to understand. For example,
take demand curve and supply curve. In a typical demand curve, you can find that it is a
downward falling curve from left to right, where the Y axis represents the price and the X
axis represents the demand for the product. Quite opposite to demand curve is the supply
curve. The supply curve is an upward moving curve from left to right with price on Y axis and
supply of the product on X axis. Now, if we combine both demand and supply curve, we can
see that the downward falling demand curve and upward moving supply curve will meet at
one point and this point is generally known as the equilibrium point. This point is used by
the manufacturer in determining the price of the product in relation to the number of units
in demand and number of units supplied.
Learn the terminology: Though not very important for beginners, it is very important for
intermediate or graduate level students and also for post graduate students as well. Any
particular subject has its own set of vocabulary and terminology and as graduate and post
graduate students; you are expected to use that language in your assignments, homework
and of course in your examinations. Without the use of such specific terminology, you
would sound like a naïve beginner, even though you have answered to the point.
Refer your resources: Referring to your very often can also be very helpful in writing your
economics assignments and homework. Keep your resources like books, texts, notes and
other materials handy while doing your homework. Referring to your resources not only
makes it easy doing your homework, but after some time, the topics will be on your finger
And lastly, do not hesitate to ask: This perhaps the most important of all the problems. This
problem has more to do with psychology than anything else. Asking your teacher or
professor for help is not to be ashamed off. In fact, just look at the students who excel in the
subject. They are not hesitant to ask their professor for help and of course, their effort to
understand the subject, that’s what, makes them toppers in class.