Broadly speaking, Economics is the study of how societies, governments, households, businesses and individuals allocate their scarce resources.
Economics can be generally split into two smaller subtypes: Microeconomics and macroeconomics. As the name suggests, Microeconomics narrows in on human behaviours in terms of decision making regarding limited resources. On the other and, macroeconomics adopts a broader picture approach, dealing with broad economic policies and decision-making.
Why Some Students Struggle with Economics
Economics is not taught in secondary school. Thus, its theories, concepts and principles are novel ideas that most students have never really been exposed to before. It thus comes as no surprise that many students are taken aback by Economics initially since it is such a foreign subject. In addition, Economics also requires students to have strong critical thinking and analytic skills. The demands of this challenging subject can thus make it difficult for some students.
JC Economics: Learning Aims
According to the official syllabus outlined by MOE, students are expected to meet four basic requirements:
- Knowledge and Understanding
Students are expected to demonstrate knowledge of the basic economic concepts, theories and principles.
- Interpretation and Evaluation of Information
Students are expected to be capable of utilising appropriate Economics tools to interpret economic information. Additionally, students should be able to make valid references from information and offer succinct reasons and explanation.
- Application and Analysis
Besides theoretical knowledge, students are expected to be able to apply relevant economics concepts to explain and analyse policy decisions and current issues. In line with the aim of developing critical thinking and writing skills, A Level Economics students are also expected to be able to construct coherent economic arguments.
JC Economics students are expected to be able to use evidence to synthesize well-reasoned decisions and arguments.
JC Economics: What Exactly Must You Know?
As with most tests, knowing exactly what you are tested for sets the background for much more effective studying. It is important to know exactly what JC Economics is examining so that you can prepare in a way that best matches what the syllabus demands.
H2 A Level Economics covers 3 main themes: (1) The Central Economic Problem, (2) Markets and (3) The National and International Economy.
- The Central Economic Problem
The first theme is generally concerned with the notion of scarcity. Theories that students should take note of include the idea of opportunity cost, constraints and resource allocation.
The second theme is further split into 3 subthemes. “Price mechanisms and applications” aim to teach students the concept of demand and supply – a theme that is constantly revisited throughout Economics. Next, “Firms and Decisions” revolve around the purposes of firms. Students will gain a deeper understanding of profit-maximising objectives which drive the bulk of company decisions. In addition, students will learn more about cost and revenue concepts. Lastly, through “Market Failure”, students will develop a better understanding of efficiency and equity in relation to markets.
- The National and International Economy
The theme is largely macroeconomics in focus. Students are expected to be able to examine macroeconomics aims, issues and policies. It is important to note that students are expected to be able to draw links to the Singapore context.
What Opportunities Does A Level Economics Open for You?
Besides content knowledge, the study of A Level Economics in JC does not just aid for can provide valuable knowledge that are pertinent to decision making in our everyday life. It might not seem like it, but we are constantly making small economic decisions day to day. For example, you may have been contemplating what to get for lunch today. You may have been deliberating between economic rice (cai png) or a fancy meal at a café. The former is much cheaper, but doesn’t taste as good. The latter tastes superb, but the price is heftier. Which do you choose? This decision making in itself exemplifies the economics concept of opportunity cost. Evidently, economics is truly all around us and the study of it would certainly make us more astute in our daily decision making.
In addition, knowledge of economics can be helpful to know for future investments in stock markets etc. In addition, as Singapore has limited natural resources, the success of the country is largely due to the work of fantastic economic policies. As the future leaders of Singapore, knowledge of economics would be crucial in furthering our country’s growth. The study of A Level Economics provides a strong foundation in basic microeconomic and macroeconomic concepts which would be extremely useful as they eventually learn to navigate the world outside school. This aforementioned world is well-interconnected, making it an extremely volatile one which is sensitive to global economic changes. Knowledge in economics allows you to understand the workings of the world, and in turn, make you a better-informed citizen of the world.
Lastly, if you find yourself growing a deep passion for Economics, you are able to pursue it further in University. Possible careers for Economics majors include banking, insurance, finance or even policy making work. Evidently, A Level Economics provides a solid foundation for future accomplishments.
A Level Economy Tips:
It is clear that the syllabus demands clear and concise writing, backed with solid and well-reasoned arguments. Students are also expected to be able to apply relevant tools and theories to problems presented. Thus, it is paramount that you get ample practice. No-one is born a great Economist. It is possible to hone wonderous critical thinking and analytic skills with consistent practice and dedication.
Chase Your Rainbow at Nanyang Academics:
JC Economics is no doubt a highly rigorous subject. The various Economics theories and concepts are arguably complex and may require lots of time in order to be clearly understood. Nonetheless, with proper guidance and frequent practice, it is possible to excel at JC Economics. Nanyang Academics is home to a team of dedicated tutors that specialise in Economics. Well-versed with the demanding syllabus, our tutors are able to explain the theories in a clear and concise way. With years of experience, our tutors are also well aware of answering techniques which would greatly improve the quality of your answers.
Want to get a boost with Economics? Contact us for a tuition request right now!