What kind of student are you? (Economics Edition)
BY ARINA RAUF
The new school year has just begun and what better way to start than setting study goals and sticking to productive habits! Wondering what your study style is in terms of Economics? Have fun revising some concepts below and finding out which one relates to you most!
The one who needs government intervention
In Economics, the government intervenes when there is market failure. Market failure is a situation where there is an inefficient allocation of goods and services in the free market. Sometimes, governments intervene to reduce the deadweight loss in the market as well, as a result of overconsumption, underconsumption, overproduction or underproduction. For example, education being a merit good is often underconsumed. Hence, the government intervenes by providing subsidies to increase the consumption of education.
Similarly, students who need intervention in their studies may be lacking sufficient exposure to concepts or practice. This is evident especially in cases where students find themselves unable to complete the paper on time or not having enough content knowledge to answer questions effectively with evaluative points. ETG’s programme provides the right balance between content and skills where you will appreciate and easily apply Economics concepts to real life, as well as hone your skills through numerous practice lessons throughout the year. Get to your socially optimal point of Economics by registering for our regular classes here!
The one who takes a laissez-faire approach
In contrast to government intervention, laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. Recall that in the absence of government intervention, the free market will be based on the laws of demand and supply, hence, efficiently directing the production of goods and services towards an equilibrium point.
Students who prefer to have greater autonomy over their study of A Level Economics and are looking to address specific concerns about the subject may opt for ETG’s wide range of crashcourses such as CSQ or Essay Bootcamps (to get that much needed practice) or Micro and Macro Content Crashcourses (a fan favourite).
The one who maximises utility
Utility maximisation was first developed by utilitarian philosophers Jeremy Bentham and John Stewart Mill. In microeconomics, it refers to the concept that consumers and firms seek to get the highest satisfaction from their economic decisions.
If you are looking for Economics tuition and seeking to get the highest satisfaction out of it, opt for our 2 year all inclusive package which includes access to all 116 lessons (55 JC1 + 61 JC2), 11 crashcourses and 10 private tutoring sessions at $12000. Plus, if you register before 28 February, you will also receive a 10.9” iPad Air (256GB) + Apple Pencil Gen 2 + Magic Keyboard worth $1727!
ETG offers a wide range of programmes for all types of Economics students. Visit our website to find out more about the different offers we have available, or if you are not sure what suits you best, simply book a consultation here!