What do you do if your team members struggle with understanding economic concepts?

Souvik's Mantra : 1. Assess individual learning needs within your team. 2. Identify struggles with basics along with jargons or real-world application. 3. Tailor approach to each member's needs. specially by a sudden mock test. 4. Offer one-on-one tutoring, learning starting from basic 50 hrs. of study (4 hrs. for 12 days) (NCERT basics : class 9, 10 11 ,12) then group workshops, subsequently extra resources (if required). 5. Focus on building confidence in applying economic principles on a phase wise manner on case to case basis. 6. Emphasize practicality and "garbage in, garbage out" methodology to avoid overwhelming with information.

When team members struggle with understanding economic concepts, team leaders can help by providing educational resources, one-on-one support, practical applications, encouraging discussions, using visual aids and examples, promoting self-study, fostering collaborative learning, offering feedback and assessment, and seeking external help if needed. These approaches aim to enhance comprehension and strengthen team members' competency in economic concepts.

When my team members are grappling with economic concepts, I will tell them economics is not just theory- it's all around us, embedded in our daily lives and surroundings. If we observe properly, the economic activities happening everywhere, from the local market to global trade to every part of the world. The way to interpret may differ but not the logic that is what concept is build upon. Every concept is derived from real life incidence, facts and figures. We just need to pick the right example so that team members can relate with the day to day life.

To help team members understand economic concepts, assess individual needs, offer training and development, provide learning resources, encourage peer learning, simplify complex concepts, encourage questions and discussions, provide practical applications, monitor progress, celebrate milestones, and seek external expertise. This proactive approach enhances their knowledge, confidence, and effectiveness in contributing to economic analyses, strategies, and decision-making within the organization.

The greatest economists are those who can explain complex concepts with the simplest examples. For example, using guns or butter to explain comparative advantage (i.e. trade and specialisation) and the production-possibility frontier. Or using prisoner’s dilemma to explain Nash equilibrium. Try drawing inspiration from everyday life, use examples common people relate to.

Many people think that they can't understand economics, even though they use it every day when shopping, choosing between two items for the household or deciding between a used and a new car. You can't start teaching economic principles to someone who lacks confidence, but you can tell them how they work in daily life. I could compare it learning a language by examples and practice versus memorizing grammar rules.

Souvik's Mantra : 1. Simplify economics by breaking down jargon from Macro to Micro from Money market & Capital Market and complex theories. 2. Explain basic principles (like Fiscal consolidation, cheap money ) using simple language and real-life examples and government policies . 3. Relate concepts to team's work for better understanding on Macro and Micro level 4. Utilize analogies and visual aids like charts and diagrams and videos(Mrunal) 5. Make information digestible to facilitate comprehension and phase wise application.

It is crucial to use effective communication techniques, such as storytelling, to facilitate practical understanding of the concepts and their relevance to the project. This will help avoid frustration for both the team and the instructor, which will be achieved through empathetic and respectful treatment between all parties involved.

Hitler used "guns or butter" to persuade the German people to make sacrifices so that he could achieve his murderous ends. No doubt Putin is using similar rhetoric now.

Souvik's MANTRA : 1. Organize interactive live program for team engagement. 2. Simulate economic decision-making and extempo with live case studies . 3. Encourage active participation for better comprehension of the topic on a indepth manner . 4. Clarify complex concepts by putting them into action relate with mathematics, social sector along with statistics if possible with some real life example . 5. Collaborate with some org for live case studies freelance project . 6. Increased motivation and retention of thoughts, concepts , ideas through engaging activities.

To address team members' struggles with economic concepts, employ interactive learning. Consider organizing workshops, engaging them in hands-on activities, (simulations or case studies) to apply economic principles practically. Encourage peer-to-peer teaching, where those proficient in economics mentor others. Additionally, utilize multimedia resources like videos or interactive online modules to cater to diverse learning styles. For example, create a virtual economics game where team members can make decisions in simulated economic scenarios, fostering experiential learning. By integrating interactive learning techniques, team members can grasp economic concepts effectively and apply them confidently in their work.

Encouraging a culture of questioning within your team is paramount for fostering learning and growth. As the more the questions are coming more is the chances the team is learning and want to grow. Emphasize the importance of curiosity and inquiry, reminding everyone that every question, regardless of how basic it may seems, holds the potential to uncover new insights and perspectives that was not yet covered. If you want to became a subject matter expert, you have to ask different question for differ horizons of the subject to get a answer which will ultimately lead to another point.

Applying the knowledge in real-life is important to understand how effective the approach is! As the more you apply and get certain results the more you will have a horizon of outcomes to can work on and building a dynamic view from that as some which will definitely effect the other, but what will change and what will be the outcome of the results totally depends upon the what time, which place, and many other factors. By engaging in practical application, team members solidify their understanding and grasp the relevance of economics in their professional endeavors as they are using it in their everyday decision making.

One of the beautiful things about economics is that many of the key principles can be explained simply with simple illustrations. As a result, highly technical and complex economic analysis can often be made more clear by starting with the simple explanation of the principle. For example, one could start a monetary policy discussion with displaying all the graphs and calculation of the Keynesian model or a more simple two dimensional graph of the impact of money supply and the velocity with which money moves through the system. The average capable manager may get lost in the Keynesian model, but can quickly grasp the impact of quantitative money and the velocity with which it moves.