Economics Applied: Preparing For The Exam Through Alternative Media Resources

At ACE HSC Tuition, we have noticed that for many high school students, preparing for the Economics HSC exam is a matter of reviewing textbooks and practising exams until the theory in principal is committed to long-term memory. But what about the practical application of the theories?

Some clever students can read text books and commit the theories to memory without ever learning of a single real-world example. However, did you know that at university, some lecturers go so far as to advise signing up for a subscription to local newspaper publications like ‘The Australian’ and ‘The Financial Review’ to find examples of microeconomics and political economic policies applied? This is because those lecturers recognise the value of introducing practical-based examples to maximise a pupil’s ability to recognise the theory in action and predict the most likely reaction.

So other than spending your pocket money on a subscription to newspapers that you will likely not continue after your HSC exam, where else can you find examples of economic principles applied?

Read on…

Microeconomics In Pop Culture? 

Did you know that TV shows like ‘The Simpsons’ are an excellent source of applied economic theory in pop culture? There are even published non-fiction books such as ‘Homer Economicus: The Simpsons and Economics,’ edited by Joshua Hall. This particular publication highlights many instances of the Simpsons family and other characters’ plot lines and hijinks that evolve around microeconomic principles. Not bad for a PG-13+ cartoon series.

For those that have a Netflix subscription and a stomach for violence, the MA 15+ South Korean-based TV Series ‘Squid Game’ is also an excellent source of applied Game Theory. This is one of the most challenging economic theories to grasp.

Lecturers at Australian universities like Monash University have recently added ‘Squid Game’ references to their lesson plans, following its global rise in popularity. Using it as a resource to highlight theories such as strategy, collusion, cooperation, risk aversion, and information asymmetry, to name a few.

Web Resources And Other Online Tools

Sometimes the best way to interpret the more favourable views of economic principles is to review past examples and discussions available in the National Public Records Library. For economic theories debated, there are several references to economists and political figureheads who have openly discussed their own views on modern-day theories based on historical events.

Most of your parents would also have access to free-to-air streaming for ABC iView and SBS on Demand. Both streaming platforms feature late-night reporting programmes on world news like ABC’s ‘China Tonight’ and ‘India Now’. On demand streaming offers ‘SBS World News’ and ‘Insight’, which highlight current affairs that directly relate to the global economy, as well as country-specific news programmes broadcasted from abroad.

There are also music video resources like Econstories, a theatrical American rap music group that explores the debatable merits of Sir John Maynard Keynes ‘Keynesian Theory’ of economics and Frederich A. Hayek’s counterargument with his free-market capitalism theory. Their most popular rap videos, ‘Fear the Boom and Bust’ and ‘Fight of the Century,’ argue the merits and shortcomings of both wildly different theories in practise while also subtly referencing the popularity of the Keynesian theory as the preferred principle.

If you are wanting to up your HSC economics study plan and prepare yourself not only for your exam but for a future in Economics, follow up on some of these great resources and step into university with a wealth of knowledge. Or check out our blog for more insightful tips.

Think you need an HSC Economics Tutor? ACE HSC Tuition offers tutoring programmes near you for both Year 11 and Year 12 Economics, in line with the latest syllabus. Call ACE HSC Tuition at (02) 9874 7045, email us, or make an enquiry about finding HSC Economics tutors near you.

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