5 Tips on How to Understand Economy

Very few Singapore people understand its economy. It is our daily bread – in the truest sense of the word. While we are in the free economy, economic contexts remain a gaping knowledge gap for most. With our 5 tips on how to learn to understand the economy, you will find instructions on how to systematically simplify the view of a complex, global world.

Who am I to teach you?

This is Mr. Anthony Fok, an economics professor who runs the Best Economics Tuition in Singapore to help the students of JC Economics A Level H1 and H2 students to learn the economy and pas their exams with good grades,

1. Understanding is based on the concepts

Several steps are required to properly understand economic relationships. Just like when learning a language, it all starts with the words and concepts as well as their meaning and interpretation.

The right vocabulary and uniform definitions make it possible to talk about something. A relevant lexicon for economic terms proves to be particularly useful: With standardized explanations you ensure that everyone involved in the conversation also means and understands the same thing.

2. Concrete examples simplify access

In order to find a concrete approach, it is best to choose your own case study on a smaller scale. When choosing a company, the following criteria will help you:

  • Personal sympathy for the brand
  • Interesting product
  • A company from your region.

These factors ensure that you are generally open to and interested in the topic. If you read more closely, you can make meaningful connections and thus have positive reading experiences. Search specifically for articles in your newspaper or on the Internet and read them through.

3. One at a time

With a certain basic feeling and a goal-oriented approach of how you can understand the economy – on a small and large scale – and its relationships, you expand your field of vision and at the same time your personal horizons. Read more articles about your example and also follow references to other companies and industry information.

Don’t forget to take one step at a time. Good things take time, so take your time and read into the relevant subject in peace.

4. Learn to understand individual connections in business

The more you read, the clearer the relationships in business become, which you gradually learn to understand. This doesn’t have to be dry and boring at all. The interaction of different economic factors is like a team sport, for example. For example, the infographic “Sport and Economy” provides an interesting and playful approach, based on the EM2016, to understand the Singapore economy as European economic champions.

5. Practice makes perfect

We often heard that practice makes a man perfect. It is not just a hearing but a reality that I observed as a teacher.
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I observed many students who were weak in studies but grading high in exams. Do you know the reason behind? They were practicing what I was teaching them. That was the only thing which brought them from dark to bright. It can be you also. Just follow the directions.

If you want to understand economics, the same applies here: Practice makes perfect. So read, read and read again. While some trends and developments often emerge in advance, the economy is subject to constant change. Keep yourself up to date and – if you don’t know a term – it is best to look it up right away.