How to Study Economics

Co-authored by Jake Adams

Last Updated: August 27, 2024 Fact Checked

Studying economics can be an interesting and rewarding experience. You can learn economics all on your own without the benefit of formal education. You can also start learning economics when you're in high school or even earlier, if you're ambitious. You can carry that love through college and even postgraduate work. When studying economics, you must also learn how to prepare for exams so you can learn the models and do well on the exams.

Method 1

Method 1 of 3:

Learning Economics on Your Own

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1
Watch videos on economics to begin learning the basics. You'll find a wide range of tutorials on economics on sites like YouTube. Look for videos from respected economists and professors in particular, and watch the videos to learn more. ^{[1]
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- Start with introductory videos on microeconomics and macroeconomics before moving on to other videos. You want to get the basics down first.
- Ted Talks are also a good source of information, plus they'll keep you engaged! ^{[2]
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Many reputable websites offer information on the basics of economics, and you can find a whole world to explore. Look for websites with ".edu," ".gov," or ".org," as well as other well-respected sites such as this link: https://www.khanacademy.org/economics-finance-domain

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Pick up a used textbook to dig a little deeper. Textbooks are a great way to learn the basics of economics, and you don't need to be in a class to buy one. Check with your friends who've taken economic classes or look at reviews to find a good textbook. Consider buying an older edition, which will have much of the same information but will be much cheaper. ^{[3]
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- Try a textbook that provides an introduction to microeconomics or macroeconomics.
- Some classic influential textbooks include A Monetary History of the United States (1963) by Milton Friedman and Anne Schwartz for macroeconomics, Theory of Games and Economic Behavior (1944) by John von Neumann and Oskar Morgenstern for game theory, and Value and Capital (1936) by John Hicks for microeconomics.
- For more contemporary books, you could try Principles of Economics by N. Gregory Mankiw; the 8th edition was published in 2017. Another option is Modern Principles of Economics by Tyler Cowen and Alex Tabarrok; the 3rd edition was published in 2014.
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Read other books on economics. Textbooks are a great way to get an introduction to economics, but plenty of other books will give expand your knowledge. Plus, many of them won't be quite as dry as textbooks, so you'll learn more because you'll be entertained, too.
- For instance, Freakonomics is an enjoyable read that applies economics to pop culture.
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Work on your math skills to complement what you're learning. Math skills are helpful when it comes to learning economics, particularly statistics. If your math skills are lacking, consider taking a free online course to brush up. Start with where you're at and work up to harder courses. For example, you can find classes offered through sites like Khan Academy or Coursera. ^{[4]
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- While not all math is relevant, you do need to understand the basics to work up to harder math. For instance, calculus and statistics are both relevant to economics. However, you don't want to jump into calculus if you don't have a solid foundation in algebra, geometry, and trigonometry.
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Take an online economics course to study one aspect of economics. Many universities now offer free courses online that are open to the public. While these courses are not for credit, you do get much of the same information that students who attend these universities do. Generally, these classes are set up as a lecture series where you watch a set list of videos from a professor. ^{[5]
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- Try looking on Coursera, MIT, Stanford, MR University, and Princeton.

Method 2

Method 2 of 3:

Learning Economics through Higher Education

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Focus on economics in high school. Begin your education on economics by taking classes in high school. Most schools offer at least one course in economics, and many offer more classes. If your school doesn't, see if you can take classes at a local community college, as many schools allow you to take classes concurrently. ^{[6]
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- Even if you don't want to be an economics major in college, learning economics can help you be more financially literate and better understand how a capitalist society functions. ^{[7]
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Begin with the introductory courses at university. While most programs already require you to do so, it's a good idea to start with the basics. Get the introductory classes out of the way first, so that you have a foundation for later classes.
- For instance, you'll likely start with a course on beginning microeconomics and one on beginning macroeconomics. You may also want to take a course on the history of economics or an introduction to microeconomics.
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Take a wide range of courses in economics. When you're first starting out in economics, try to pick a range of classes. Eventually, you'll likely want to specialize in an area, but it's difficult to choose an area of study if you haven't been exposed to the wide range of subjects in the field.
- Keep in mind that you don't want to focus solely on economics classes. For instance, history classes are ideal for an economics major, as economics influenced the course of history in a large way. Many "new worlds" were discovered due to the desire for new goods and trade routes, for instance.
- Similarly, computer skills are important. Much of what economists do today is integrated with computers, so if you're looking to become an economist, your computer skills need to be sharp. Take classes on contemporary computer software, for instance. ^{[8]
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Economics is heavily math-based, so take classes that will help you build a strong foundation in math. Statistics is an especially relevant course, so try to take that if you can. As you advance, you'll likely need to take several semesters of calculus, so make sure you get in the prerequisites you need before moving onto calculus. ^{[9]
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Combine economics with another degree. Economics is great on its own, but it can also be beneficial to do a double major. Economics can be applied to almost any other field, so you can work on it with another field you enjoy. Doing so can help you get a job, since you'll have a wider field of knowledge. ^{[10]
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- For instance, economics combines well with history, since history is influenced largely by economics. It also combines well with a math degree.
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Practice independent work as you move towards graduation. As you advance in your degree, you'll need to work more on your own. Start this process by working on being independent early on. Try to work through problems by yourself so you better understand the course material, for instance. Once you graduate, you'll be at a job or moving on to graduate school, so being able to think on your own is important.
- For instance, spend time playing with models. Tweak them, and try to figure out how they work. Challenge yourself to come up with interesting solutions to questions rather than a standard answer. Economics is about learning to think for yourself, not just popping out a standard answer.
Professors will be conducting their own research in the field of economics, and they'll want help from students like you. Ask around for any opportunities. Working with a professor will help you gain insight into how research is performed in the field. ^{[11]
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Specialize in an area you enjoy, such as microeconomics. When you first start out in college, you'll need to take certain basics, as well as take classes in a wide range. As you work toward finishing your degree and possibly moving to a graduate degree, start focusing on the area of economics that you enjoy the most. ^{[12]
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- Specialize by taking classes in the areas you enjoy the most, as you can use that as a jumping off place for graduate work or even a job in the field. For instance, you may find that you prefer microeconomics to macroeconomics, or maybe you'd like to focus on finance, developmental economics, or business economics.
If your school offers them, join in clubs that focus on economics and math. If your school doesn't have them, consider starting a club. You'll likely need a faculty sponsor, as well as a space to meet. Ask your math or economics teacher if they'd be willing to sponsor you.

Method 3

Method 3 of 3:

Acing an Economics Exam

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If you're like most people, you've been taught to learn by committing facts to memory. While knowing some key facts is important in economics, it's more important to understand how the models work. That means playing around with them on your own so you grasp the basics of the models, as well as drawing pictures and diagrams to understand them better.
Go through your notes and textbooks and identify the main ideas you need to tackle, as well as the subtopics you need to look at. Divide the time you have to study between these topics, so you have equal time for each. You may want to focus a bit more on what you don't understand as well.
You know that cramming isn't the best way to study. You stress yourself out, and you don't learn the material properly. Instead of cramming the night before an exam, spread it out over weeks, spending a little time each day working on economics. Reinforcing the information daily will help to solidify it in your brain.
When you sit down to study, work on the things you don't like as much first. That way, when you've been working for a few hours and have a bit less energy, you'll get to the stuff you enjoy more. ^{[13]
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Sometimes, going over the same material again and again can be a bit dull and dry. Plus, if you're not understanding it, reading the same bit of textbook over and over isn't likely to help. Instead, use online resources, such as video tutorials and reputable websites, to learn more about the subject. It will bring a breath of fresh air, and a different perspective may help you understand the subject better. ^{[14]
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If your teacher or professor provides a study guide, make sure you are using it. Often, the teacher will structure things on the study guide like they will be on the test, so go over it thoroughly.
When taking the test, look at the directions and make sure you understand them before writing answers. Your teacher may want you to draw diagrams in a specific way, and you don't want to lose points if you aren't reading carefully. ^{[15]
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