How to memorize a micro economics textbook

Hi Friends,
I teach Economics and tried a lot in making things easy for my students, but still stuck with the 1st chapter in Micro Economics. Open for some brilliant ideas friends.
Regards
Prof KS Farid
+91.9769.007.117

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Are you looking for ideas on how to memorize a micro economics textbook? If you provide some specific examples of the content, people here could brainstorm ideas on how to memorize it.

Hi Josh,
CHAPTER 1 (Marks 4-8)
INTRODUCTION TO MICRO ECONOMICS

  1. According to Prof. K.E. Boulding, “Microeconomics is the study of particular firms, particular households, individual prices, wages, incomes, individual industries, particular commodities”
  2. According to Maurice Dobb, “Micro economics is in fact a microscopic study of the economy.”

FEATURES OF MICRO ECONOMICS: (MICROS LABS)

  1. MICROSCOPIC APPROACH.
  2. IT USES MARGINALISM PRINCIPAL
  3. CALLED AS PRICE THEORY
  4. RESOURCE ALLOCATION ANALYSIS AND ECONOMIC EFFICIENCY
  5. OTHERS FACTORS CONSIDERED TO BE CONSTANT, (PARTIAL EQUILIBRIUM ANALYSIS)
  6. STUDY OF INDIVIDUAL UNITS
  7. LIMITED SCOPE
  8. ANALYSIS OF MARKET STRUCTURES
  9. BASED ON CERTAIN ASSUMPTIONS
  10. SLICING METHOD

IMPORTANCE OF MICRO ECONOMICS

  1. FORMS AS A BASE FOR ECONOMICS LAWS
  2. BASIS OF WELFARE ECONOMICS
  3. IT HELPS BUSINESSMEN IN DECISION MAKING
  4. EXPLAINS PRICE DETERMINATION AND ALLOCATION OF RESOURCES
  5. MODEL BUILDING
  6. UNDERSTANDING WORKING OF FREE MARKET ECONOMY
  7. USEFUL TO THE GOVERNMENT
  8. HELPFUL IN INTERNATIONAL TRADE AND PUBLIC FINANCE

SCOPE OF MICRO ECONOMICS

  1. THEORY OF PRODUCT PRICING
  2. THEORY OF FACTOR PRICING
  3. THEORY OF ECONOMICS WELFARE
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This the sketch of the first chapter of Micro Economics, if the student can memories this part, rest will become more easier. the details can be added in own words. We can have this as a subject matter of discussion in our zoom meeting. Various ideas of memorizing the above content.

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I moved these comments into a new thread so that they are easier to find. :slight_smile:

You could put each chapter name into a memory palace location. If you haven’t seen it yet, there is a free ebook that has some examples.

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Hi FaridSir,

I won’t be joining your call, but perhaps I can suggest some ideas for mnemonic tokens that you might be able to use for your Micro Economics course.

Course title tokens:

  • micro => microscope
  • economy/economics => image: a gnome with a barrel of gold
    => possible narrative: this is a thoughtful gnome who makes economic decisions that affect his wealth

Introduction tokens:

  • introduction => image: two peope being introduced
  • Boulding => image: bulldog
  • Dobb => image: Dobbie from Harry Potter

Features tokens:

  • features => image: weird looking feet, with long hairy toes like human hands.
  • marginalism => image: margarine
    => possible narrative : butter is readily available, but many people believe margarine is healthier than butter, so will pay more, hence margarine has higher marginal utiity
  • price => image: The Price is Right game show
  • theory => image: Albert Einstein
  • resource => image: sorceror
    => possible narrative: sorcerors have the power to generate new resources at will
  • allocate => image: alligator
  • efficiency => gone fishing
    => possible narrative: if you are efficient, you can go fishing, because the work is done
  • equilibrium => image: statue of woman in a toga, holding set of balances that are at equilibrium
  • unit => image: you-knitting, all alone by yourself
  • market structures => image: tents and tables (structures) being set up for an outdoor bazaar
  • assumptions => image: an ass (donkey) with a cone shaped hat with the word dummy on it
    => possible narrative: Q: What happens when you “assume”? A: You make an “ass” of “u” and “me”.
  • slicing => image: slicing bread or meat

Importance tokens:

  • importance => image: fancy car, red carpet, musicians playing nearby, VIP gets out to fanfare
  • law => image: a police officer
  • welfare => image: a poor beggar receiving change in a bowl
  • decision => image: a person flipping a coin to make a decision
  • model building => image: a kid building a model airplane
  • free market => image: a thief shoplifting items in a market place
  • government => image: the white house
  • international trade => image: wooden European ship from 1700’s in Asian port doing trade
  • public finance => image: fountain in a town square where people throw coins and make wishes

Scope tokens:

  • scope => image: telescope
  • product => image: plastic decoy ducks for sale on store shelf
  • factor => image: X Factor tv show

If I were trying to do what you are doing, I might simply ask them to memorize one or two words for each item on the outline you provided, then use each to mentally ask themselves to do some very straightforward (although challenging) exercises like:

  • Use the two quotes from the introduction to explain in simple words what Micro Economics is.
  • List and explain the key features of Micro Economics
  • List and explain various ways that Micro Economics is important.
  • List and explain the theory’s that cover the scope of Micro Economics

To be honest, what is really important in my opinion, is that the students are able to quiz themselves and know if their answers are making sense. Most of that they could do without any mnemonics, but rather just using the written outline you provided as their guide. However, there is something to be said for being able to do the entire exercise without referring to written material. A student who can do that is probably justified in feeling confident in his or her your knowledge.

As for my method for memorizing, I would probably just use a memory palace with rooms large enough for the Features and Importance sections. I would put my mnemonic tokens for Introduction, Features, Importance and Scope in front of the door of each respective room. Then in the room, I would put the numbered items.

What I would actually memorize would just be one or two tokens for each entry. For example, " 2. IT USES MARGINALISM PRINCIPAL" would simply be an image of “Margarine” in the second location within the “Features” room. I would use the word margarine just as a trigger to remind me of “Marginal”, but then I would practice until my natural memory could flesh out the rest, i.e.: “IT USES … PRINCIPAL”.

Once I could traverse the memory palace in my mind and reconstruct the entire page, I would use it to quiz myself with questions like the ones I mentioned above.

Not sure if this is what you were looking for. If not, hopefully you will get better answers in your Zoom meeting.

Best regards,

Darn

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This is the challenge of using memory techniques for a complex topic. I have used memory techniques for thermomechanics, physics, chemistry, and a few more tough subjects. What I found useful is to associate the information to the visual aspects or create imagery that embodies the idea. Like prisoner dilemma/game theory. Trying to memorize all the words that describes this topic just takes to much time and doesn’t mean you understand the topic.

I would actually play there prisoner dilemma game and that alone will allow me to memorize the concept because I will reply the game I played which reminds me of the idea behind the topic. There type of association is more power than using regular memory techniques.

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Hi Darn Thanks for your inputs, They are really very useful.
My challenge is that my students are regular High school guys, hence I will have to absorb it in detail and then present it to them in such a way that they can replicate. Hoping to have a more detailed overview on it again.
Regards
FaridSir

Hi FaridSir,

Hope it helps. I would like to add a bit more commentary…

Even though I provided mnemonic examples, it was mainly because that is the kind of thing people ask for on this website. However, f I personally were responsible for teaching such a course, I would only use these mnemonics tools sparingly with the High School students.

(That’s because I believe some students would catch on quickly, while others would just get confused, causing the whole class to be bogged down.)

Instead, I would focus having the students meet 4 objectives, which were reflected in my suggestions above. From what I can see, the students need to be able to:

  • Use the two quotes from the introduction to explain in simple words what Micro Economics is.
  • List and explain the key features of Micro Economics
  • List and explain various ways that Micro Economics is important.
  • List and explain the theories that cover the scope of Micro Economics

And, to help them achieve theses objectives, I would apply strategies from a book called “Make It Stick” (https://www.retrievalpractice.org/make-it-stick), which I have mentioned several times in other posts.

While I am a huge fan of mnemonic techniques, I would recommend this book as a better source of practical strategies for students to learn and retain the information in this course.

Whatever method you follow, I hope things go well for you and your students.

Best of luck,

Darn

Thanks Darn,
Will surely go through this book. I have an education institute in Mumbai, India and have teachers for every subject, hence my practical teaching has reduced a lot. I have changed my focus on Business development and on selective students who have learning issues. I love Economics but I also know this subject is a big pain for many, so wanted to derive ideas to make this easy to learn and remember. All support in this regards is always welcome.

Regards
FaridSir

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