JC H1 ECONOMICS TUITION
INTRODUCTION
AIMS
For H1 Econs, Learners’ Lodge provided relevant tuitions from experienced tutors.
The syllabus is intended to provide the basis for a broad understanding of economics. Specifically, the syllabus aims to develop in candidates:
1. an understanding of fundamental economic principles, theories and concepts, and of the methods of analysis used by an economist;
2. the ability to use the tools of economic reasoning to explain, analyse and resolve economic issues, and evaluate policy decisions;
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;
4. the ability to use evidence in making rational arguments in economic context and understand the roles of various economic agents.
ASSESSMENT OBJECTIVES
Candidates are expected to demonstrate:
Understanding of
1. the main concepts, principles and theories employed within the field of economics
2. methods of analysis in economics Ability to
3. understand and interpret economic information presented in textual, numerical or graphical form
4. select and apply economic concepts and principles to explain and analyse contemporary events at the micro and macro levels
5. recognise unstated assumptions
6. make interpretations and valid inferences from information presented and evaluate the reliability of information given
7. evaluate alternative theoretical explanations and perspectives of economic problems, issues and policy decisions
8. organise and communicate economic ideas and arguments in a clear, logical and appropriate form.
SYLLABUS CONTENT
The theme for the H1 syllabus is Markets and Governments. The emphasis of the syllabus is the application of economic concepts and principles to explain, analyse and evaluate economic situations and policy decisions in a real-world context.
1. Microeconomics
This section provides an introduction to the basic terminology and concepts of economics. It enables candidates to consider what markets and governments can and cannot do. It provides candidates with the opportunity to explain economic phenomena through the use of diagrams, data analysis and the evaluation of economic materials. It is intended to make candidates aware of the role of economics in real-world situations. It is expected that these concepts and principles are applied throughout the syllabus.
| Syllabus Content | Candidates should be able to: |
| 1.1 How the Microeconomy Works
● Central Economic Problem – The rationale for resource allocation: scarcity and the inevitability of choice ● Price as a rationing and allocative mechanism ● Demand, Supply and the Market – The individual and market demand curves as representations of intentions to consume – The firm and market supply curves as representations of intentions to supply – Changes in demand and supply – Shifts vs movements in demand and supply – Equilibrium price and quantity – Price elasticities of demand and supply
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●Explain the central economic problem
● Illustrate the concepts of scarcity, choice and opportunity cost, and the nature of trade-offs through the use of examples and production possibility curves ● Explain how the price mechanism allocates scarce resources among competing needs in a free market [A broad understanding of the concept of economic efficiency is required. Diagrammatic and/or mathematical explanation is not required.] [A broad understanding of the concept of economic efficiency is required. Diagrammatic and/or mathematical explanation is not required.] ● Explain that demand reflects consumers’ satisfaction and recognise the inverse relationship between price and quantity demanded ● Explain that supply reflects opportunity costs and recognise the direct relationship between price and quantity supplied ● Discuss the factors affecting demand and supply and the implications of the ceteris paribus condition ● Differentiate between shifts and movements along the demand and supply curves ● Explain the determination of market equilibrium price and quantity through the interaction of demand and supply ● Analyse the effects of changes in demand and supply on equilibrium price and output ● Explain the concepts of price elasticities of demand and supply ● Explain the factors affecting price elasticities of demand and supply ● Discuss real-world applications of demand and supply analysis [Applications of price controls are not required.] |
| 1.2 Why Markets Fail
● Market failure – Positive and negative externalities – Public, merit and demerit goods ● Policies to correct market failure – Direct provision – Taxes and subsidies – Tradeable permits – Rules and regulations ● Effectiveness of policies
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● Explain the meaning of market failure
● Analyse why externalities arising from the divergence between private and social costs/benefits lead to market failure (including discussions on environmental issues and congestion as examples of negative externalities) ● Explain the characteristics of public goods and why public goods are not provided by the market ● Explain the characteristics of merit and demerit goods and why they result in under- and over-consumption [Discussion of imperfect information and markets, and inequity is not required.] ● Explain why governments intervene in the market with regard to the provision of public, merit and demerit goods, positive and negative externalities ● Analyse how governments intervene through direct provision of goods and services, imposition of taxes, subsidies, ● Discuss the effectiveness of these policies in correcting market failure and their limitations [Diagrammatic analyses of market failure and corrective measures using private and social marginal cost and benefit curves are not required. Concepts of consumer and producer surpluses are not required. Discounting, measurement and determination of present value in cost-benefit analysis (CBA) are not required.]
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2. Macroeconomics
The emphasis of this section is to government objectives and policies relating to economic growth, employment, the stability of prices and the balance of payments. It emphasises the use of the AD-AS approach as a tool for the analysis of fiscal, monetary and supply-side policies, and their impact at the micro and macro levels. Candidates should be able to acquire a good knowledge of recent economic trends and developments, with a focus on the Singapore economy. Candidates should also be able to appreciate the possible underlying causes of these trends and developments and to evaluate the effectiveness of government policies in the light of these events.
| Syllabus Content | Candidates should be able to: |
| 2.1 How the Macro economy Works
● The Circular Flow of Income ● Aggregate Demand (AD) and Aggregate Supply (AS) Analysis – Key determinants of AD and AS – Determination of general price level and national output – Changes in AD and AS |
● Explain the circular flow of income among households, firms, government and international economy ● Explain AD and AS, and their key determinants ● Explain the determination of the general price level and national output through the interaction of AD and AS ● Analyse the effects of changes in AD and AS on general price level and national output |
| 2.2 Macroeconomic Aims, Problems/Issues, Consequences and Policies
Macroeconomic Aims ● Sustained rate of economic growth ● Low inflation rate ● Full employment ● Favorable balance of payments |
● Explain the main macroeconomic aims, economic performance and living standards of a country
● Explain the meaning of a sustained rate of economic growth, real and nominal GDP/GNP per capita, low inflation rate, full employment and favorable balance of payments [Interpretation of the above economic information presented in textual, numerical or graphical form is required. Derivation of index numbers is not required. Computation of national income and balance of payments accounts is not required.] |
| Macroeconomic Problems and their causes
● Undesirable rates of economic growth ● High inflation rate ● High unemployment rate ● Persistent or large balance of payments deficit |
● Explain the meaning of undesirable rates of economic growth, high inflation rate, high unemployment rate and persistent or large balance of payments deficit
● Analyse the causes and consequences of the macroeconomic problems |
| Macroeconomic Policies
● Monetary policy and its effectiveness |
● Explain monetary policy in a broader international context where interest rates and exchange rates are alternative instruments
● Explain the domestic and external effects of changes in exchange rates and interest rates ● Discuss Singapore’s choice of using exchange rates (rather than interest rates) in an exchange rate-based monetary policy ● Evaluate the effectiveness of monetary policy in achieving macroeconomic aims [Determination of interest rates is not required. A broad understanding of flexible exchange rates and managed float will suffice.] |
| ● Fiscal policy and its effectiveness | ● Explain discretionary fiscal policy
● Analyse the effects of fiscal policy on the economy. Understand the concept of the simple multiplier process [A detailed explanation of the multiplier process using numerical illustration and analysis is not required.] ● Evaluate the effectiveness of fiscal policy in achieving macroeconomic aims |
| ● Supply-side policies and their effectiveness | ● Explain supply-side policies
● Analyse the effects of supply-side policies on the economy ● Evaluate the effectiveness of supply-side policies in achieving macroeconomic aims |
| 2.3 International Economy
● Free trade and its benefits |
● Explain the basis for trade using the concept of opportunity cost
● Explain the benefits of free trade and the reasons for protectionism [Knowledge of the theory of absolute advantage is not required. A brief explanation of the principle of comparative advantage using the concept of opportunity cost is sufficient. Detailed discussion and analysis of the principle of comparative advantage using numerical illustration is not required. Explanation and analysis of the various forms of protectionism are not required.] |
| ● Globalization and its impact | ● Examine the economic impact of globalization on the Singapore economy |
ASSESSMENT FORMAT
The assessment format for the H1 syllabus comprises 1 paper with 2 sections:
H1 Economics (3 hours) (100%)
Note: Section A and Section B, taken as a whole, should incorporate a good balance of questions on microeconomics and macroeconomics.
| Section A 2 hrs 15 min (70%) | Case Study Questions
Candidates will be given 2 sets of questions based on 2 condensed write-up of about 2–3 pages each on a multi-faceted economic issue or policy decision, including a set of data. Questions pertaining to each of the cases will comprise data response type questions based on quantitative data and higher order type questions which will require candidates to apply economic principles in analysing, synthesising, evaluating or solving the economic problem. Each set of case study questions will consist of 35% of the total marks, of which 14% of this will be allocated to data response type questions and 21% will be allocated to higher order type questions. Candidates may also be asked to assume a role in resolving the economic problem of the case. Each set of questions will carry 30 marks. |
| Section B 45 min (30%)
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Essay Questions Candidates are required to answer 1 out of 2 essay questions. Each question will carry 25 marks.
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TAUGHT BY
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