How to Prepare for Economics Competitions using AI
Preparing for an economics competition can be tricky, but Artificial Intelligence (AI) can help reduce your workload. In this guide, you will learn how to use AI to study Economics with step-by-step instructions and extra tips near the end.
How to Prepare for Economics Competitions Using AI
First, Identify specific topics and questions.
Write a list of topics you want to study for the competition.
If you are given the competition guidelines and competencies, you can use that to create a list of topics. For example, if you’re taking the FBLA economics competition, you can refer to their guidelines pdf for a list of concepts that will be on the competition.
If you are not given the competencies, you can create a study guide by using this prompt in ChatGPT (or other generative AI):
“You are an expert at Economics. How would you recommend a beginner to learn Economics? Create a syllabus and lesson plan for me to learn this information effectively”
(The underlined words can be changed according to your preference. For example, instead of Economics, you can mention a more specific topic like Microeconomics or Elasticity).
After you are given the study guide (either from the competition or through AI), you can ask this prompt:
“Then give me a list in bullets of other topics and concepts I should explore to understand Economics more completely, and also tell me why.”
Now that we’ve identified what we want to study, we can get started with learning the material. It can be helpful to use the CCC framework (credit to Cajun Koh Academy), which splits learning into three phases: Construct, Connect, and Challenge.
Next, use the CCC framework (repeat the three phases for each topic).
The CCC Framework
Construct
The purpose of the Construct phase is to gather information. You can use ChatGPT to learn about each topic.
Here’s a prompt you can use:
“Explore the concept of ___(ex: opportunity costs) in simple terms for a beginner. Then explain how it relates to the big picture of ____ (ex: decision making in economics)”
This prompt not only helps you learn about the given term, but also facilitates critical thinking.
You can reuse this prompt over and over again for each topic you want to study.
Connect
In this phase, we want to draw connections and find relationships about how each topic is related to one another.
Prompts you can use:
“Help me explore additional concepts related to ___. Give me a table of their similarities and differences, and then explain to me in simple terms why those relationships are important”
What are other related topics I might have missed when learning about ___?
“Create 3 analogies to explain the concept of ___ from different perspectives. Then tell me the strengths and limitations of each analogy”
Challenge
In this phase, we test and apply our new knowledge.
To create a mini quiz, try this prompt:
“You are a __ professor. Create a 10 question short answer practice test on the topics of ___ to evaluate how well I understand why this topic is important.”
[After you take the test, you can say:]
I just took the test. Now provide me with the answers along with detailed explanations about why the answers are correct and common pitfalls students make
To get feedback about your thought process, try this prompt:
“I’m learning about ___. Is my logic/thought process accurate? Provide feedback on the strengths and weaknesses of my understanding and which other points to explore for a well rounded perspective.” [then type out your response, you are essentially “teaching” and explaining to ChatGPT]
Extra tips
Although AI can be a useful tool, it’s important to recognize its limitations. Instead of solely relying on AI for your studying, it’s recommended to seek other sources. For example, you can talk to your Economics teacher, other students who are also participating in the competition, or utilize Crash Course Economics Youtube videos.
You could also join discussion communities such as the subreddits r/AskEconomics or r/Economics, and regularly consume content of that nature to get understandings from different perspectives and learn more up-to-date information that may not be discussed in traditional textbooks/curriculums.
Conclusion
AI is a helpful tool to help you prepare for your economics competition. You can use certain prompts to create study plans and curriculums, then use the CCC framework (Create, Connect, and Construct) along with AI to explain concepts, draw connections between different topics, and challenge previous understandings.
About Inspirit AI
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