Know exactly what information is going to be covered by your upcoming exam or term paper. Professors don't write tricky exams on purpose, but they may forget to brief their students on test subject matter. Ask which main concepts, key terms and equations you'll be expected to know--it will make organizing your study sessions much easier.
Read relevant information in detail and skim the rest--but don't disregard it. Once you find out the information you're responsible for, thoroughly re-read sections of your textbooks which pertain to it. Take detailed notes as you proceed with your readings.
Analyze graphs, diagrams and charts closely, especially if you're a visual learner. These illustrations serve to depict abstract economic concepts, which can easily confuse if described in words. Note important details such as units of measurement, chronology or geographic region of relevance.
Hold group study sessions. Studying with a group of fellow students provides an element of support and reinforcement for the unsure economics student. In a group format you'll be able to bounce questions off one another, receive feedback on response essays and compare mathematical work.
Focus on your problem areas. If you're having trouble with a particular concept or equation, devote extra effort to it as the exam approaches. Attend your professor's office hours for additional help or seek assistance from a tutor in the Economics department.