ISC Economics - Preparation Tips

What is Economics?

Economics is the science which deals with production, distribution and consumption of goods. It has both, qualitative as well as quantitative aspects. Hence, to ace an Economics exam, you need to study it from both, qualitative and, also, quantitative aspect.

Important Topics

  • Micro Economic Theory
  • National Income
  • International Trade
  • Public Finance

Preparation Tips

  • It is very difficult to cram a subject like economics. So, it is beneficial if you take notes, attend lectures and study actively and enhance your economic vocabulary by knowing the definitions, meaning of different economic related terms and even participating in a discussion to understand if it makes sense or not.
  • Before attending a class, try to skim the chapter so as to have an idea of what are the concepts to be learnt in that chapter.
  • Move topic wise. For example, read something on micro economics, then, move to some other book to understand micro economics in greater depths. Then move to a book that teaches macro economics. This way, you will not study disjoint material.
  • Try to figure out what a specific problem asks for. Talk about the data needed to answer it. Know what you are looking for (for example what quantity should the firm produce), know how to find it (look for the intersection of MR and MC), and other factors needed for the outcome to be optimal.
  • Think about what you read and ask questions of yourself.
  • Try to know the various economic models. Look for figures of the models and read the captions. If you don't quite get the idea behind it, then find the part in the text that describes the model through an example.
  • Ensure that you understand all the terms in bold. Most of these terms would be recurring concepts throughout the course (for example supply, demand, elasticity, market and industry)

How to Score Well

  • Make graphs wherever required.
  • Among the questions with internal choices, select the ones that you plan to attempt, and frame skeletons of the answers you are going to write for these questions. 
  • Follow a pattern. For example, in case you start with long answer questions, complete that section and only then move to short or very short answer section.
  • Highlight the important points and write your answer in points to enhance visibility.
  • Before you start the exam, utilize the first 15 minutes to scan the paper. Read the question paper thoroughly before jumping to write the answers.

Recommended Books

  • Jain and Ohri for micro economics and macroeconomics, priced at Rs 135, lay a good foundation in Economics.
  • S. Chand’s microeconomics and macroeconomics are a hot favourite among students for their simplicity and illustrative exams.
  • CISCE Sample papers: You can download the papers from the official website. The sample papers provided by the CISCE are as close to the real exam as it gets.

To know more about which books to follow, click here

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