i keep saying, do workbooks (mc and short answer) and practice essays and give to teacher for feedback.
making notes is far less important in economics than you might think. i have good notes but i can safely say that they haven't helped me much.
what i do before a test is make a list of everything in the chapter that i need to know (processes, definitions and lists) and write them on a piece of paper
for example my last test: (i had way more things than this)
1. internal Economies of scale - definition
2. internal economies of scale - list of things incl.
3. int. dis.econ.of scale - def
etc. etc.
31. elasticity of supply - definition
32. elasticity of supply - influences
blah blah blah
once u have made that list go through it and in your head, answer those questions.
make sure you know everything on that list perfectly and you have basically fully prepared for short answer and multiple choice. (also u MUST do workbook sections FULLY)
carry that piece of paper everywhere and just test yourself regularly throughout the day when you have a few seconds.
you dont need to waste time making eco notes. trust me. make notes in class, but dont worry about making notes at home.
thats how u study. and of course do past papers with an open book. with economics, if you finish enough workbooks and do enough past papers, you will be able to blast through the multiple choice and short answer and have lots of time to do essays.