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How to I Prepare for a Microeconomics Exam?

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  • Written By: Erik J.J. Goserud
  • Edited By: PJP Schroeder
  • Last Modified Date: 30 November 2016
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Preparing for a microeconomics exam is no different than preparing for an exam in other subjects, and the best way to feel ready for such a test is to genuinely know and comprehend the subject manner. Tests on a subject may vary greatly, so you must first understand the content of a microeconomics exam in order to develop a plan of attack. There should be information pertaining to this available by the instructor. Once you've identified the specific content, you can target your time in preparing for a microeconomics exam.

Microeconomics is like any other field; there are novices and experts, simple explanations, and esoteric concepts. This is what makes realizing the content that you are responsible for knowing so important. Whether you need to know the basics and only a small amount, or a broad range of topics that are only for experienced economists, can greatly affect the manner in which you go about preparing. Identifying the concepts is the first step, followed by developing a plan and executing this plan effectively.

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Developing a plan is a concept unique to each individual. Some people prefer to study alone, while others prefer bigger groups. There are visual learners who might benefit from the many graphs presented in economics materials, and contextual learners tend to comprehend the subject matter when presented in situational context. Others may enjoy dense text while learning something new. Some like to cram — although this is not recommended by learning experts — whereas others may need time to digest small pieces of information when preparing for a microeconomics exam.

Knowing how you function best will help you develop the right plan. This plan should involve what to study, who to study with, how to study, and when this studying should take place. The more time allotted for such endeavors, the more likely you are to succeed on your microeconomics exam. Take all of these things into account, form a plan, and execute.

Executing the plan is probably the most difficult and important step in performing well on a microeconomics exam. You may have all of the right tools and intentions planned out, but until you actually take action toward learning a subject, these things are meaningless. Willpower, working with other people, and setting small, attainable goals along the way will motivate you to act on your plan. There are many resources available for students as well, so taking advantage of the people and materials at your fingertips will help you learn better and ace your microeconomics exam.

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burcinc
Post 3

I think practicing with the formulas using real life examples are a great way to prepare for microeconomics exams. Because these are the kinds of questions that get asked.

There are practice tests available online for microeconomics and macroeconomics concepts. There are even some forums where people help explain questions and how to solve them.

So there are actually many different ways to prepare for a microeconomics exam. Of course, it's always a good idea to ask the instructor about the concepts and types of questions that will be on the exam and study accordingly.

SteamLouis
Post 2

@candyquilt-- I used to have trouble with microeconomics when I was in school too. I was able to do well because I participated in study sessions outside of class.

The economic department at our school actually had help sessions for all students. This was when PhD students and teaching assistants had office hours and people could just walk in and ask questions. So I would take my notes and anything I didn't understand from class and ask them.

Ask the economics department at your school or your economics teacher about such opportunities. If this is not possible, ask people from class to come together for a study session so that everyone can explain the concepts to one another and help.

candyquilt
Post 1

I have a microeconomics exam coming up and I'm having trouble understanding the material and the formulas. The class is fairly large and it's difficult to ask questions in class. How can I prepare for this exam aside from studying my notes? I need to do well.

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