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"The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer." ~ Adam Smith (The Father of Economics).
Economics is a social science that dives into the specifics of how economic agents – consumers, producers, and governments – allocate limited resources to satisfy unlimited wants.
Being a nation with limited natural resources, Singapore has always considered human resources as its most precious asset. Thanks to genius economists, "Singapore is a vivacious global hub of trade, finance, and transportation, with a strong and diverse community of citizens". In no-time, Singapore transformed itself from 'third world to first', making it one of Asia’s greatest success stories.
Education is the best Economic Policy, which when incorporated effectively gives birth to successful Economists of tomorrow.
With Economics incorporated into the school’s curriculum, students can examine economic and socio-economic issues. With proper application of economic concepts and principles, students develop the capacity to understand the role of economic agents and get a chance to discuss the real-world economic issues.
The importance of Economics is such that 'Decision-Making' is positioned as a core skill in the framework for disciplinary thinking in A-Level Economics discuss below:
Image Source: MOE
When students first learn Economics, they are left baffled at the difficulty to score well for the subject. Most of the JC1 students are surprised at the standards set for Economics.
Being a new subject for the students, Economics comes with its own sets of difficulties as well as aspects of simplicity.
Struggling with Economics at the initial phases are a common sight among Junior College students. To overcome this struggle, enrolling for Economic tuition will be extremely helpful. Engaging an Economics Home Tutor allows students to review areas they find difficult.
Just give us your call and we will ensure you a quality tutor who could assist you or your child in Economics. We have got a huge pool of economic tutors in Singapore who specialised in this particular subject.
The philosopher Adam Smith defines the subject as a branch of the science of a statesman or legislator with the twofold objective of:
In simpler terms, Economics is all about studying the behaviour of a human being to achieve specific ends when the resources are limited.
Before going ahead with the subject, it is important to understand its syllabus first. Although Economics is divided into two main categories: Microeconomics and Macroeconomics; the detailed curriculum is explained as below:
|Sr.no||Level of Education||Syllabus||Mode of Assessment||What should be the approach of students|
|1||H1 Economics||a) Theme1- The Central Economic problem;
b) Theme 2- Markets;
c) Theme 3- The National Economy
|Case Studies- There will be two compulsory case studies and students are required to answer all questions for each case study.Each case study carries 45 marks and constitutes 50% of the total marks. About 18 marks of each set of case study questions will be for data response questions, and about 27 marks will be for higher – order questions.||These questions will require students to apply relevant economic concepts, theories and principles in analysing, synthesising and evaluating economic issues, perspectives or policies, with reference to the data provided.|
|2||H2 Economics||a)Theme1- The Central Economic problem;
b) Theme 2- Markets;
c) Theme 3- The National and International Economy
|Case Studies- The paper includes two case studies, each of which consists of two to three pages of data presented in textual, numerical or graphical form. Each will present contemporary multifaceted economic issues or policies, which may be from one or more themes in the Syllabus.
Essays- Questions in Section A will focus mainly on microeconomics and questions in Section B will focus mainly on macroeconomics. Each essay question may or may not be divided into part (a) and part (b). Questions may be put in real-world contexts.
|Case Studies- These questions will require students to apply relevant economic concepts, theories and principles in analysing, synthesising and evaluating economic issues, perspectives or policies, with reference to the data provided.
Essays- Students are expected to apply relevant economic concepts, theories and principles to analyse issues and to evaluate perspectives or policies. They should synthesise and construct coherent arguments to arrive at well-reasoned judgements and decisions.
|3||H3 Economics||a) Theme1- Rationality in Decision Making;
b) Theme 2- Firms, Strategies and Market Failure;
c) Theme 3- Globalisation and Economic Performance
|Case Studies-(30 Marks)Students are required to answer four compulsory questions based on a case study. The case study carries a total of 30 marks.
Students should spend approximately 1 hour and 15 minutes on Section A (inclusive of reading time).
Essays (70 Marks)- Students answer two questions from a choice of five. Each essay carries 35 marks. Students should spend approximately 2 hours on Section B.
| Case Studies- Students may be expected to examine the quality of data and relevance for use in their responses. They are required to analyse underlying economic issues presented in the data, critically evaluate perspectives and decisions of economic agents, and to construct coherent arguments using supporting data.
Essays- Students may be required to critically analyse and evaluate economic concepts and theories, and propose hypotheses or strategies to address the issues, where appropriate. Students may be required to integrate knowledge from the different themes.
|4||International Baccalaureate (IB) HL economics||a) Section1 - Microeconomics;
b) Section2- Macroeconomics;
c) Section3- International Economics;
d) Section4- Development Economics
|Paper1- Extended response paper on microeconomics and Macroeconomics.
Paper2- Data response paper on international and development economics.
Paper3- HL extension paper on all syllabus content.
Assessment objective 1: Knowledge and understanding
Assessment objective 2: Application and analysis
Assessment objective 3: Synthesis and evaluation
Assessment objective 4: Selection, use and application of appropriate skills and techniques
As students enter their first year of Junior College, they do not have the basic knowledge and understanding of Economics. When they are exposed to the syllabus above, they are left confused by the sudden inflow of economic jargon.
With an understanding of the 'syllabus' they can dive deeper into understanding theories, and the formatting of answers. Beyond practices, the tutors at ChampionTutor can help make your child’s learning journey easier. As Economic tutors, they are always on their toes, dedicating their time and resources to make your child understand the subject, eventually producing excellent results in exams.
Snake in the tunnel is an economic concept used to control inflation and growth at the same time effectively.
At ChampionTutor, we follow the same approach and simultaneously focus on both theoretical and practical aspects of learning.
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When it comes to Economic Tuition in Singapore, ChampionTutor will go beyond your expectations and produce positive results in no time. We have a huge pool of economic tutors in Singapore who specialises in this subject. So drop us your call, and we will match your child with a qualified tutor in no time.
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