Your academic success largely depends not only on your knowledge, but also on the work techniques that improve your productivity. The economic principle is universal. This assumption is used both in the business world and in everyday life. The purpose remains the same: save resources and maximize profits. The economic principle is also used in studies and helps organize the teaching process more efficiently.

The economic principle: definition

The term “economic principle” refers to the purposive-rational action of man, which is aimed at the maximum result. The commitment and the result are in an optimal relationship to each other. To apply this assumption correctly, you should become familiar with its details.

The economic principle consists of two concepts: the minimum and maximum principles. We have explained these concepts in detail and introduced examples of their application in everyday life.

The minimal principle

The basis of the minimal principle (economy principle) is that the set goals can be achieved with the least possible resources.

If you apply the minimal principle, you first face a certain task and then try to solve this task with minimal effort.

Examples:

  • You go on vacation and look for the cheapest hotel.
  • They bake a cake using a minimum of sugar.
  • You do your homework with the least amount of time.

That’s how the minimal principle works. Let’s move on to the other concept.

The maximum principle

The maximum principle is also referred to as fertility principle. The ratio between commitment and result is the reverse of the minimal principle:

  • With existing funds the greatest possible success is to be achieved.
  • When you apply the maximum principle, you have a certain amount of resources and try to get the best out of them.

Examples:

  • You go on vacation and have 200 euros with you. You are looking for the best possible hotel that you can afford for the price.
  • You have a packet of sugar and bake as much cake as possible until it’s over.
  • You have one hour during which you do a maximum of homework.

The mini max principle

If one compares the minimum and maximum principles with each other, it begs the following opinion: “Why can not I combine these concepts and draw the best possible result from the minimal commitment?” That sounds tempting, but unfortunately that does not work.

The mini-max principle or extremum principle has been invalidated by numerous studies and experts. You do not need a deep knowledge of economics to understand the futility of his approach.

– It is impossible to buy the best apartment for little money.

– It is impossible to pass the exam with «excellent» with little preparation effort.

– It is impossible to master a foreign language in no time.

The reality of life looks very different:

  • If you want to be successful in your studies, you should determine your priorities correctly and work purposefully.
  • Now look at the examples of how you can correctly implement the two economic concepts in your studies.

The Minimal Principle of Studies: Examples

When this is used, you have a purpose in mind and work out a plan for saving resources.

Example1: Exam preparation

  •   They should prepare for the exam.
  •   You do not want to waste a lot of time on it.
  •   They prepare for the exam with the least amount of time.

Example 2: Presentation

  They should make a presentation on the subject of “environmental protection”.

  You have found very little information on this topic.

  They make a presentation using a minimum of information.

The maximum principle in the study: examples

Above all, if you use the maximum principle in your studies, you should determine a fixed commitment and find out a strategy on how to get the best out of it.

Example 1: English Olympiad

  •   You have 3 weeks time.
  •   They want to show their best in the English Olympiad.
  •   They use this time to prepare for the Olympics as much as possible.

Example 2: Party

  •   They have the budget of 150 euros.
  •   They want to organize a party.
  •   They organize a party with 150 Euro as good as it gets.

Conclusion

We have shown you how to use the minimum and maximum principle in your studies. These working techniques are variable. Their implementation depends on the available resources and the situation.

It is impossible to achieve maximum success with minimal effort. But finding a rational strategy and prioritizing properly can greatly improve your academic performance.