Economics is a social science which reflects our everyday life. It revolves around the problem of scarce resources against unlimited wants, thereby forcing economic agents to interact in a way that maximizes values. This subject includes topics like demand and supply, market mechanism, market failure, the budget, inflation, Gross Domestic Product, Unemployment, etc.

As Economics covers a large range of topics, many students approach this subject using rote learning and memorization techniques. However, students are expected to be able to apply the contents to real-life situations and not only remember texts and definitions.

To prepare, students should establish an in depth understanding of each big idea, its sub-topics, as well as any corresponding details. The best way to do this is take the time to understand and reflect on each topic. This will help you to develop a range of learning methods which you can apply for your VCE studies beyond Year 10. Another important tip is to PRACTISE! This is the only way you can make mistakes but most importantly, learn from them!

Believe in yourself and build up your self-confidence before Year 11 and 12 so that you can truly succeed in mastering VCE Economics!