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Economics

Through the learning and application of economic concepts, theories and principles, students develop the capacity to assess the role of economic agents, consumers, producers and the government, in the allocation of scarce resources and deepen their awareness and understanding of real-world economic issues at the individual, national and international levels. This will help them to adopt multiple perspectives in understanding real-world economic issues. Students will learn to recognize trade-offs and consequences that arise from decision-making to arrive at well-reasoned decisions. Students will hence develop a set of knowledge, skills and values that encourages them to take an active interest in the domestic and global economy.

Aims of the Economics Syllabus

The Economics syllabus aims to develop in students:

  1. An understanding of fundamental economic concepts, theories and principles, and of the tools and methods of analysis used by economists;
  2. The ability to use the tools and methods of economic reasoning to explain and analyse economic issues, and to evaluate perspectives and decisions of economic agents;
  3. The habit of reading critically, from a variety of sources, to gain information about the changing economic activities and policies at the national and international levels; and
  4. The ability to use evidence in making well-reasoned economic arguments to arrive at rational and considered decisions.

Assessment in the New Curriculum

Broadly speaking, students will be assessed on four levels:

  • Knowledge and Understanding: Demonstrate knowledge and understanding of economic concepts, theories and principles;
  • Interpretation and Evaluation of Information: Interpret economic information presented in textual, numerical and graphical form; Make valid inferences from information presented and evaluate the reliability of information given 
  • Application and Analysis: Apply relevant economic concepts, theories and principles to analyse contemporary issues, perspectives and policy choices; Construct coherent economic arguments 
  • Evaluation: Evaluate critically alternative theoretical explanations, contemporary issues, perspective and policy choices; Recognise unstated assumptions and evaluate their relevance; Synthesize economic arguments to arrive at well-reasoned judgments and decisions

Differences between H1 & H2 Economic syllabuses

Subject

Overview of Topics

Assessment

H1 Economics

(8823)

1.1 Scarcity as the Central Economic Problem
2.1 Price Mechanism and its Applications

2.2 Market Failure

3.1 Introduction to Macroeconomic Analysis

3.2 Standard of Living

One 3-hour paper:

2 Compulsory Case Studies -     45 marks each

(Total 90 marks)

 

H2 Economics 

(9757)

1.1 Scarcity as the Central Economic Problem

2.1 Price Mechanism and its Applications

2.2 Firms and Decisions

2.3 Market Failure

3.1 Introduction to Macroeconomics

3.2 Macroeconomic Aims and Policies

3.3 Globalisation and the International Economy

Two 2 hour 15min papers:


Paper 1 (2 hour 15 min): 

2 Compulsory Case studies

30 marks each (total 60 marks) weighting 40% of total marks


Paper 2 (2 hour 15 min): 

Choose 3 out of 6 Essays 

25 marks each (total 75 marks)   weighting 60% of total marks

While the coverage of H2 Economics is wider than H1 (see topics covered above), the rigour expected, in terms of writing and thinking skills, is similar.

Frequently Asked Questions

1. Is Economics a business subject? 

No. Economics at A-Level is more of a humanities subject rather than a business subject.

2. Is Economics similar to Social Studies? 

Although both are humanities subjects, Economics is a new framework of thinking and requires skills that are quite different from Social Studies, or any other subject. A good Economics student is able to use tools of economic reasoning to explain, analyse and resolve economic issues, evaluate policy decisions, read critically and use evidence to help make rational economic arguments.  There are many theories that you will need to master in Economics.  Compared to social studies at the GCE O-Level, Economics at the GCE A-Level requires a higher level of thinking and writing.

3. Is Economics similar to Human Geography?

While they are both humanities subjects, the skills required and approach to each subject is very different.  GCE A-Level Geography is also very different from GCE O-Level Geography in terms of rigour and depth.

4. How will the examination be like?

Refer to the assessment description in previous section.  Be prepared to write a lot.  For example, a typical essay length will be 4 to 6 sides of A4 paper. You will also need to apply Economic theories and use contextual examples to support your arguments.

5. Is Economics required for admissions to University? 

No. Economics is not a prerequisite for any course in the local universities (including business courses).  Please check with respective universities for any updates or changes (Information is correct as at print time).

6. How do I qualify for H3 Economics?

We will specifically look at your JC1 examination results for H2 Economics & GP for MOE UCLES H3.  You must also do well in other non-related subjects.  There will be a probation period for MOE UCLES H3. Comments and recommendations by respective tutors will also be taken into consideration.  All these are to ensure that you are able to cope with the rigour and intensity of the H3 syllabus while managing the other H1 and H2 subjects that you will be offering.

7. What are some references for Economics?

Bamford, Colin et al., Cambridge International AS Level and A Level Economics, 3rd Edition, Cambridge University Press, 2014

Begg, Fischer and Dornbusch, Economics, 11th Edition, McGraw Hill, 2014

Mankiw, G, Principles of Economics, 7th Ed, Cengage Learning, 2014

McEachern, William A Microeconomics: A Contemporary Introduction, 10th Edition, Cengage Learning 2013

McEachern, William A Microeconomics: A Contemporary Introduction, 10th Edition, Cengage Learning 2014

Sloman, J, Wride, A, Garratt D, Economics, 8th Ed, Pearson Education, 2014

Economics Review (Under the section of Finance & Economics)

Economics Today (Under the section of Finance & Economics)