The last few years have seen an increase in the number of students who graduate with an economics degree. While we can only speculate as to the reason for the trend, it is general knowledge that a specialty in economics is highly in-demand. There are various opportunities available for economics graduates in a wide array of industries. It doesn’t hurt that salaries within the field are also above the country’s average.
According to data, degree holders in any field in Canada can expect to earn around $80,000 per year. Consequently, the average salary of an economics degree holder clocks in at $15,000 more at $93,256. Without a doubt, studying economics can pave the way for a student’s lucrative and successful future.
Nevertheless, the benefits of studying economics can be costly. Whether your child is in university or in high school, it isn’t an easy subject to learn. For the most part, there are plenty of complex concepts within economics that take a lot of time and effort to completely understand.
What Makes Economics a Difficult Subject to Learn
In order to set your child up for success, creating a comfortable space at home to learn economics is essential. The first step in tackling this formidable body of knowledge is identifying the reasons why it can be challenging to master. Below are just a few things that make economics a struggle for most students:
It Requires a Small Amount of Memorization
The concepts involved in economics can be observed in our day to day life. However, that doesn’t mean that the names of these concepts are words that you would use in casual conversation.
In studying economics, there are terms that you need to memorize and familiarize yourself with in order to make the process less challenging. One good way to remember these concepts is by explaining them to someone else. This way not only do you remember but you also equip yourself with an understanding of the term in your own words.
Concepts Build on Each Other
Similar to studying math, the information that you absorb in your economics class builds on each other. Some concepts are used to explain different terms. This means that failing to be present or failing to have a clear grasp of one lesson can send any student into a spiral of struggle.
That being said, not everyone can be a natural. Failing to understand happens to the best of us. What is important is the diligence to follow-up and practice on your own.
Math is Involved
Ask any student in any grade level about the subject they dread the most. We are confident to venture that most of them would say math. Unfortunately, a lot of the same people associate economics with math and numbers. In fact, popular belief concludes that the subject is simply about money.
While there is some form of math involved in economics, it is by no means high-level rocket science equations. Being comfortable with studying economics means understanding that the subject goes beyond statistics and numbers. Which brings us to...
Making Logical Connections Isn’t Instinctual for a Lot of People
Contrary to popular belief, economics is less about numbers than it is about logical and rational thinking. The subject involves understanding concepts and being able to relate it not only to other terms but also with processes in real life
Unfortunately, not everyone is equipped with the ability to connect two concepts together. While fundamentals of economics can be taught, forming logical connections is only developed through practice.
Some Concepts are Too Abstract
Like creating logical connections, there are individuals who find it difficult to visualize abstract concepts. This is particularly concerning because a lot of economics is about translating theories into practical situations. Again, similar to logic and rationality, no amount of classroom time would be able to help a person develop this type of creativity. You learn to translate abstract concepts into down-to-earth scenarios through a lot of practice.
Best Tools to Help You Study Economics at Home
There is no denying how difficult of a subject economics can be. It takes a lot of practice and deliberate effort in order to become adept with the topic. In fact, even the world’s leading economists have spent years mastering their craft. Truth be told, the subject is challenging at all educational levels.
With that said, there are tools that are developed in order to make economics less daunting for most students. Set your child up for success with the tools below:
Look Into Economics Bestsellers
A common misconception about economics is the idea that the subject is boring. Its statistics, numbers, and concepts that only certain people enjoy. This simply is the farthest from the truth. Economics is incredibly interesting because with ample studying and understand, there is joy in seeing concepts come to life.
In order to truly grasp the enjoyment of studying economics, it is best to read bestsellers surrounding the topic. Books like Freakonomics by Stephen J. Dubner and Steven Levitt or
The Armchair Economist by Steven Landsburg would enable any student to grow an appreciation for the topic.
Stumped on a Concept? Practice with a Textbook
Regardless of how efficient a teacher is, it is highly unlikely that they would have time to touch on every single topic in an economics textbook. Needless to say, perusing through your economics textbook and taking the time to learn about concepts that wouldn’t be discussed in class can help you understand the portion you are stumped with.
Go on Youtube
People absorb information in various ways. Some students prefer reading through text while some learn better by doing. Still, there are a few who are very visual. They take in information better when they see them come to life.
The internet gives students of this decade an edge over learners from previous years. Students today have access to websites like Youtube that provide content on various topics including economics. Tapping onto this resource can help your child perform better in school.
Watch the News
Economics is everywhere. But the subject is probably the most evident during the evening news. Most broadcast networks have a special economics portion in their nightly updates. Tuning in and absorbing the world’s current economic status is a good way to ground abstract concepts.
Tips in Learning Economics
Aside from the tools, developing good study habits is key to mastering a difficult topic like economics. Unfortunately, even at a college level, not all students have pinned down the ways they absorb information the best. It is different for every student and it takes a while to develop these productive habits.
To jumpstart your child’s route to success, below are some tips in learning economics that can help them take in as much information as they can:
Taking Good Notes
Truth be told, there is a difference between taking notes and taking good notes. Mindlessly writing everything that comes out of a teacher’s mouth and what is written on the board is not efficient nor is it effective. Writing everything down means that you fail to be present in class. Often, it is more important to listen to your teacher because they are imparting knowledge that you might not find in your textbook.
Taking good notes requires active listening. Jotting down only the most important parts of the lesson in such a way that is effective to you is what is essential.
Building Confidence to Ask Questions
Even the smarties student can be stumped by a concept - especially in such a challenging subject like economics. There is absolutely no shame in asking questions. In fact, most teachers welcome questions. This means that the class is engaged and is eager to learn. Remember: good teachers are more than happy to answer your questions.
Prepare Before Each Classroom Lesson
Most schools provide a syllabus for the semester at the beginning of the school year. You can anticipate the upcoming topic with the syllabus provided. In order for you to take good notes, it is essential that you prepare for every classroom lesson. A little bit of preparation would allow a student to participate more effectively in class.
Give Yourself Time to Absorb Information
When it comes to dealing with a difficult subject, most students tire themselves out to the point of exhaustion. There are those who believe that spending a whole workday in the library is the most effective way to learn and understand even the most complicated topics.
While it might be effective for some people, studying to the point of exhaustion is counterproductive. Your mind and body need time to recuperate. Often, allowing yourself to rest would make it easier for you to retain your lessons. Listen to your body.
Master Economics with Superprof
Economics might be daunting but that doesn’t mean that it is impossible to learn and be good at this subject at school. At the end of the day, it is important for you to remember that there is no shame in getting your child the help that they need in order to achieve success.
Thankfully, we at Superprof have made it easier for you to select a private economics tutor that would provide exactly what a student needs. All you have to do is go to our website, peruse through our catalog of carefully selected tutors, and pick the one that best fits your child’s needs.
Learning is that easy!