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!!!