Generally, I think I did well on the mocks although there are topics I need to smooth out. I think for section 2: microeconomics, I need to straighten out the concepts behind max sales revenue and profit maximization. I also need to understand the marginal cost and revenue curves and their relationships within the diagram.
For section 3: macroeconomics, I think I don’t have problems understanding any concepts except for long-run phillips curve which requires more practice then anything else. I understand it but I’m slow with explaining it since it takes me a while for me to be comfortable with my understanding.
For section 4: International economics, I need to review economic integration. This includes globalization, trading blocs, trade creation and diversion, trading blocs and obstacles to integration. I may also need to review a little bit of balance of payments although I felt that I understood it quite well during the unit. I definitely need to review Terms of trade which I don’t have much recollection on except for the fact that I spent a lot of time studying it for the unit exam.
I think the most review I will need to do is for Section 5: developmental economics, which is also why I intend to start reviewing from this section. I will start by reading the text book completely one time and while jotting down important concepts like the sources of growth, etc.
I am aiming for a 7 so I will need to know a lot of examples. I will find a minimum of 5 examples from each section each week so I can have enough real life examples to use in the exam. I will finish all the questions from the past papers, while practicing the diagrams. On paper three for the exam with the newspaper article, I had trouble figuring out what diagram to draw for the second diagram question. I need to practice reading these economic articles and extracting key points as quickly as I can. This can be improved through past papers and following the economic news.
