Got an eco exam on the horizon? We’ve compiled a few quick tips to ensure you are prepped and ready to fly. Syllabus and requirements for your exams will change depending on the state you are in, so remember to read beyond this article as you prepare!

ONE

Master Key Economic Objectives

Almost every question you find on your exams will link back to big economic goals:

  • Economic growth
  • Low inflation
  • Full employment
  • External stability
  • Equity (depending on syllabus)

This allows you to link any policy/issue you are asked about to outcomes, which your markers will love.

PREP TIP:

Practise writing one sentence answers explaining how a policy affects at least two objectives.

TWO

Learn How to Answer Question TYPES

You can ensure you get easy marks based on how you respond to specific question wording. It’s important as you prepare that you understand what each question type is asking you.

  • Explain -> Cause and effect
  • Analyse -> Link policies, impacts, and stakeholders
  • Evaluate -> Make a judgement with evidence
  • Discuss -> Balanced argument

THREE

Memorise Real-World Examples

To get the very best marks possible, you can memorise a few current Australian examples to incorporate into your answers.

  • RBA interest rate decisions
  • Federal Budget measures
  • Unemployment and inflation trends
  • Exchange rate movements

PREP TIP:

Prepare 2-3 flexible RWEs per topic that you can adapt to different questions

FOUR

Practise Linking Policy to Impact and Stakeholders

Often just describing the policies is a little too simplistic. Train yourself to:

  • Identify the policy (whether that’s fiscal, monetary, micro etc)
  • Explain the mechanism that’s working
  • Analyse impacts on households, businesses, government, and the economy

Use this in both short answer and essay formatted questions :)

FIVE

Practise writing under exam conditions

This is a pretty standard piece of exam advice, but it may be more true for economics than others. You need to be able to think clearly under time pressure, which will be made easier by adhering to tips above.

Practise:

  • Writing concise definitions
  • Structured paragraphs (PEEL or similar!)
  • Making a clear judgement in evaluation questions

PREP TIP:

Use this simple paragraph formula

Definition -> Policy/Issue -> Mechanism -> Impact -> Judgement

Happy Studying!