Microeconomics?

Hi everyone. Recently I’ve gotten hooked in by the practice of mnemoics and ultimately using them to aid my horrid study skills.

I must stress, I’m very new to these concepts so bear with me.

I was curious as to what most people here believed the most efficent way to remember conceptual ideas (basic ex: supply = demand —> therefore the market is in equillibrium). What I’ve found is microeconomics (or academic subjects in general for that matter) build upon each other. For instance, you cannot use the Quadratic Formula until you learn how to add, etc. I think you get the picture.

So what are some ideas to remember something such as:
“Marginal Benefit is the benefit a producer recieves from producing one additional unit of a good.”

“Marginal External Benefit is the benefit from another unit of a good that people other than its consumers enjoy”

Basically theres around 10-15 concepts that all seem to revolve around each other. They’re all very similar, yet calculated (MB = MSB, etc) vastly different.

Thanks for any input. I’ve got a few ideas in mind but I’m curious as to what everyone here thinks. In the mean time, I’m checking out the rest of this awesome site! Cheers!!!

i think the easy thing to do is learn by reading them regularly but use mnemonics to separate them so you don’t mix them up.so if ur using the journey method u can make an image for marginal benefit and marginal external benefit.you could then if u want to go back over the journey and just memorize the difference if that makes sense.like mage simpson getting and award because she made a extra giant muffin. then on the naxt stage of the journey image someone outside of the awards who made money from the awards.this is a bad example sorry. but the examples for economics are the best way to memorize things like marginal return.just imagine a situation for things like opportunity cost.you go into a store and u can’t buy a book because u want a cd.i hope this was helpful.

Hi Bangbiscuit,

Welcome to the site.

First of all, this is a definition. I learn the concept ‘Marginal Benefit’ best by understanding the definition.
If you understand ‘marginal’ and ‘benefit’ then you are almost there putting them together.
For understanding the concept I would not use mnemonics.

If you want to memorize the wording of the concept, here is an idea: Marge Simpson
large_marge-51671.gif
and Ben Pridmore
large_benpridmore1.jpg
are a perfect fit.

Get it? Marge and Ben a fit - marginal benefit.

Martin & Kinma, thanks for your insight.

I think both of you are kinda saying the same thing. And I’m pretty sure it’ll help, so thanks again! Economics is a topic which contains many “main” concepts and then stems into many subconcepts. I attempted to use a mind map sort of structure but ran into the branches (subconcepts) being to similar.

Anyway, I’m going to give this a go and see how it turns out!

Cheers!
bangbiscuit

Hi

bangbisciut - how it is going with your microeconomics?

I agree with Kinma that it is the best to memorise the term by mnemotnics but understand the concept without them.

So the key is to make ech individual image for each concept. I think it is good to start with a few, make them know really well and them add next ones. It is hard when you have ten concepts, very similar, but when you have for example 5 that you know well, then it is easier to just think of another picture. You have to use your creativity and constanly add new words so you willl have good base and then everything will go smoothly, either by buliding memory palaces or just by using mindmaps with many unique pictures.

I am just started also new semester in economy school, so i will say how i dealed with it later.

Cheers!