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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 how rational decisions are made, considering the 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.

Microlesson

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:  
 ●       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; Synthesise economic arguments to arrive at well-reasoned judgments and                decisions

Differences between H1 & H2 Economic syllabuses

Subject

Overview of Topics

Assessment

H1 Economics

1.1 Scarcity as the Central Economic Problem
2.1 Price Mechanism and its Applications
2.2 Market Failure
3.1 Introduction to Macroeconomics
3.2 Macroeconomic Objectives and Policies

One 3-hour paper:
2 Compulsory Case Studies – 40 marks each (Total 80 marks)

H2 Economics

1.1 Scarcity as the Central Economic Problem
2.1 Price Mechanism and its Applications
2.2 Firms and Decisions
2.3 Microeconomic Objectives and Policies
3.1 Introduction to Macroeconomics
3.2 Macroeconomic Objectives and Policies
3.3 Globalisation and the International Economy

Two 2-hour 30 min papers:

Paper 1 (2 hour 30 min):
2 Compulsory Case studies,
30 marks each (total 60 marks), weighting 40% of total marks

Paper 2 (2h 30 min):
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.

FAQs

1. Is Economics a business subject?

No. Economics at the GCE 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. What will the examination be like?

Refer to the assessment description in the 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 use Economic theories and 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 date of publication).

 

6. How do I qualify for H3 Economics?

We will specifically look at your JC1 examination results for H2 Economics and H1 General Paper 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 Macroeconomics: A Contemporary Introduction, 10th Edition, Cengage Learning, 2014

 

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

 

Economic Review (Under the section Finance & Economics)

 

Economics Today (Under the section Finance & Economics)

 

Head of DepartmentMdm Indra Venkatram 

Level HeadMr Derek Ng