Determine the scope of your exam. You will need to know if the examination is comprehensive or if it will cover a certain portion of the material. It will also help to know if the exam will cover material from your textbook or only from the class lectures.
Create a schedule to study for the exam and stick with it. Do not wait until the night before the exam to begin studying. Trying to cram information into your mind at the last minute is not really a beneficial method of study. Plan to begin studying at least two weeks before the exam.
Create a review sheet of the basic terms that you need to learn for the exam. Create flashcards for each term and check them off the list as you go. Squeeze extra minutes of study into the schedule you created by studying economic terms and concepts on your flashcards in any spare moments that you have leading up to exam.
Anticipate the essay questions and create outlines in advance that you can memorize for the exam. Many professors provide some indication of what type of essay questions they may ask you on an exam. If you know what the subject of the essay will be, this makes your task easier because you will know exactly what material to focus on. If you don't know what the essay or essays will cover, look for major concepts in economics that require a long explanation or that have practical application. These topics might include explaining the differences and advantages of one type of economic system over another or the different options governments have available during times of economic depression.