Top 6 Tips for VCE Economics by the Premier's Award Winner

Manoj Arachige -

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!

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Table of Content:

1. Keep up to Date with Australian Economy
2. Understand Task Words
3. Know your Definitions
4. Use VCAA Examiner Reports
5. Create a Mistakes Diary
6. Practice

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

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!

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.

Struggling to find the motivation to study? Check out this video by KIS Academics: