How to Prepare for Economics
Preparing for economics involves building a strong foundation in its basic concepts, improving
analytical skills,
and staying updated on current economic events. Here's a step-by-step guide to help you get
started:
1. Understand the Basics
- Begin with introductory textbooks or resources like "Principles of Economics" by N. Gregory
Mankiw or online platforms such as Khan Academy.
- Focus on key areas:
- Microeconomics: Supply and demand, market structures, consumer behaviour.
- Macroeconomics: GDP, inflation, unemployment, fiscal and monetary policy.
2. Develop Mathematical and Analytical Skills
- Economics often uses math to explain and predict outcomes. Brush up on:
- Algebra and Arithmetic: For solving equations related to supply, demand, and equilibrium.
- Statistics and Probability: To analyse economic data and trends.
- Graphs and Charts: Learn to interpret and create visual representations of economic concepts.
3. Follow Real-World Economics
- Stay informed about global and local economic news. Websites like:
- The Economist and Financial Times for global trends.
- Reserve Bank of India (RBI) or country-specific central bank websites for policies and data.
- Relate theoretical concepts to real-world examples, e.g., inflation, stock market fluctuations, or
trade policies.
