KIS Summary:
- Keep up on current affairs and that state of Australia's economy.
- Understand command words, and memorise definitions of key terms.
- Create a mistakes journal when doing practice papers.
⭐️ Why Parents & Students Love KIS Tutoring
Economics is no easy subject. Somehow it's a massive combination of both writing and english skills plus a thorough understanding of finance and maths. And, if that wasn't enough, there's also a bit of politics involved. Take a look below to learn a few of the valuable tips for how to ace Economics from one of our tutors who got a perfect score in the subject!
Table of Content:
- Keep up to Date with Australian Economy
- Understand Task Words
- Know your Definitions
- Use VCAA Examiner Reports
- Create a Mistakes Diary
- Practice
- FAQs
1. Keep up to Date with Australian Economy
Knowing how to apply the theoretical concepts to our current economy is paramount! Be aware of:
- Specific budgetary policies
- Recent monetary policy decisions
- Current statistics relating to the macroeconomic goals
Incorporating this knowledge into your responses will immediately improve the quality of your answers.
2. Understand Task Words
Are you being asked to distinguish, evaluate, explain, define, identify or discuss? Each task word will determine what the examiner is looking out for, and helps you shape the structure of your answer.
3. Know your Definitions
Being able to define or explain key terms is critical and will often form the basis of your response. Make it a point to memorise your definitions!
4. Use VCAA Examiner Reports
The VCAA examination reports are important resources. The examination reports provide examples of high scoring responses whilst also flagging areas that students need to improve, this is often an indicator of what will be tested the following year.
VCE study designs are also a great resource, if you have not already heard. Find out more in this article.
5. Create a Mistakes Diary
Keep track of the little things that you frequently forget or mistakes that you have made in SACs/practice exams. Consolidate them into a notebook or a word document, and run through those questions before your exams. This helps you identify your weaker areas, and also just serves as a good resource for you to learn from your past mistakes.
6. Practice
Spending the time to formulate responses, properly correct and then going back to improve your answers is ultimately the key to succeeding in VCE Economics! If you need someone to clarify your doubts or boost your grades, a tutor from KIS Academics can help!
Conclusion
Economics does not have to be complicated. Use these tips to boost your grades, or check out these other study guides:
Manoj Arachige
Manoj Arachige
Manoj Arachige
FAQs
What is the structure of the VCE Economics exam?
- The VCE Economics Units 3&4 exam consists of two sections:
- Section A: Multiple-choice questions (typically 15). These test foundational concepts across all areas of study.
- Section B: Short-answer (structured) and extended-response questions. You’ll analyze scenarios, interpret data, explain policy impacts, and construct longer essays applying economic theory to current issues.
- Time allocation is usually around 2 hours plus 15 minutes reading time
What are Common Mistakes I should Avoid?
- Not answering the command word (e.g., “evaluate,” “explain,” “discuss”).
- Ignoring the stimulus/context provided—using generic info rather than tailoring responses.
- Failing to use recent statistics or reference current events.
- Poor time management; spending too long on one section or question.
How can I improve my answers?
- Structure: Define key terms, use relevant theory, give real-world examples, and connect everything back to the question.
- Ensure you are answering the question: understand the command word to know what examiners are looking out for.
- Use diagrams where appropriate, annotate them, and directly reference them in your explanation.
How many practice papers should I be doing?
- Regular exam-style practice is essential for mastering application and time management.
- Practicing essays, multi-choice, and extended responses is equally important.
- You should do as many or as little as you like. There is not magic number; as long as you feel confident and are scoring well in those practice papers, that is all that matters.
A problem shared is a problem halved! A student's stress can also be managed with a helping hand from one of our amazing KIS Academics tutors who have been through it all before – book a free study skills consultation to get the ball rolling now!
