OSL Resources

Bluffer's Guide to Economics

This guide will show you how to:

  1. Succeed in the examination
  2. Impress in class

You may also learn a fair amount about Economics - without really trying! The fact that you're reading this online suggests that you are familiar with the Internet. Good! Keep online as this guide only has a limited use if just printed out. You may want to find out about yourself before you start in a variety of ways including your own political compass

Most schools publish a schedule of work. If your school doesn't, ask your teacher for a list of topics that you'll be covering over the next 'x' weeks. (Already you're impressing with your keenness!)

Now access the AQA site or OCR site or whichever board you are following and download the full specification. You are now able to see exactly what you will be examined on.

Read through the specifications and match them to the work schedule.

You now need to learnt he tools of the trade i.e. definitions, diagrams and concepts. As you're trying to bluff you need to learn these quickly - but with minimum effort.

Let's start with definitions in economics. Personally, I much prefer tutor2u as you can also gain a whole set of revision notes. With each section comes a glossary of key terms thus you look for the section you're doing next week in class, download the notes, make a note of the key definitions - and you're away. The Bized glossary is good too.

The second key element for the bluffer is economic diagrams. It is possible to buy a book of diagrams but why do so when they can be obtained for free?

The bluffer now has:

  1. A work schedule from school
  2. The specifications from the board
  3. Key notes relating to the topic to be covered at school
  4. Key definitions relating to the topic
  5. Key diagrams relating to the topic

What else does the bluffer need?

Well there is a need to impress. Perhaps learn a little about famous economists and some economic myths and economic fallacies. Impress your teacher with myths such as:

Or fallacies concerning inflation, unemployment and wages. As a test to yourself how many of the following economic myths can you debunk?

Myth 1:Deficits are the cause of inflation; deficits have nothing to do with inflation.  

Myth 2:Deficits do not have a crowding-out effect on private investment. 

Myth 3:Tax increases are a cure for deficits.  

Myth 4: Every time the Fed tightens the money supply, interest rates rise (or fall); every time the Fed expands the money supply, interest rates rise (or fall).

Myth 5:Economists, using charts or high speed computer models, can accurately forecast the future.

Myth 6:There is a trade-offs between unemployment and inflation.
 
Myth 7:Deflation--falling prices--is unthinkable, and would cause a catastrophic depression.

Myth 8:The best tax is a "flat" income tax, proportionate to income across the board, with no exemptions or deductions.

Myth 9:An income tax cut helps everyone; not only the taxpayer but also the government will benefit, since tax revenues will rise when the rate is cut.

Myth 10: Imports from countries where labour is cheap cause unemployment in the United States.

There are other sites with myths sometimes very specific.

It might be of help if the bluffer had some  economics essays but far better to have a working knowledge of economic gurus and some key ideas.

You'll also need to impress with current events. Let's say that your next lesson is about 'Unemployment'.

Immediately you prepare by:

  1. accessing the Downing Street website or the home page of the Treasury
  2. Accessing the unemployment sections of tutor2u plus the Independent Labour Organisation and labour market statistics and the unemployment pages of the TUC.
  3. Accessing relevant articles from the BBC and the Guardian
  4. You know the definitions
  5. You know the different types of unemployment from a variety of sources
  6. You already have the necessary diagrams such as the Philliips Curve and related sites
  7. You know about  Government policy and Youth Unemployment and you have worked through interactive questions
  8. Knowing the local rate (i.e. where you live)
  9. And you are aware of the most recent Budget as well as a summary of it

Thus you are fully prepared!

The bluffer now has:

  1. A work schedule from school
  2. The specifications from the board
  3. Key notes relating to the topic to be covered at school
  4. Key definitions relating to the topic
  5. Key diagrams relating to the topic
  6. An understanding of relevant economic myths
  7. An understanding of fallacies
  8. Access to current government policy
  9. Relevant economics essays

What else is needed in order to bluff?

Well, it would help if you could make mind maps of your lessons in advance. With one mind map on the desk covering all main points you'll be able to:

  1. Ask pointed questions
  2. Give current events as an example
  3. Define key terms
  4. Explain key concepts
  5. Link to famous economists
  6. Outline essay plans

But! will you be able to sit the examination? For that you only need to demonstrate a few broad assessment skills and apply data response techniques hopefully having had some practice along the way. Remember, also, there is nothing to stop you reading sample chapters or finding online economics tests where the marking is automatic.

You could of course buy the Bluff your way in Economics book but it's 7 years out of date! Far better to keep abreast of things by reading the Times/Sunday Times and grabbing what freebies you can and keeping an eye on wacky economics!

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