How to Ace a Microeconomics Exam
While macroeconomics studies the overall economy, microeconomics focuses on individual products produced or sold in a market and on individual producers. The laws of supply and demand are central to the study of microeconomics. Microeconomics also analyzes competition among firms as well as consumer spending habits. Attention is also given to anti-trust regulation and the economic impact of monopolies on prices and consumers. Graphs are frequently used in microeconomics to represent economic relationships. Success on a microeconomics exam includes study, memorization, and comprehension of microeconomics terms and concepts.
Prepare in advance. Read through your notes and the textbook thoroughly. Highlight or write down anything you don't fully understand.
Review all vocabulary that has been covered in the book and in class. Familiarize yourself with terms and concepts, such as consumer equilibrium, marginal utility, elasticity, perfect competition and profit maximization.
Memorize formulas and calculations. For example, economic profit is determined by subtracting economic cost from total revenue.
Understand how to read and interpret microeconomics graphs. For example, graphs in microeconomics often depict supply and demand relationships. This is used to determine ideal prices of products or optimum production of goods.
Take your time through the test. Make sure to double check your answers and read all information contained in graphs and word problems carefully.
- Quiz yourself prior to the test with problems and questions from your textbook.
- Ask your instructor about any subject matter that is unclear.
- Avoid cramming for the test the night before.