1. What is Economics about?
The reality of not having sufficient resources to meet our needs, be it from the perspective of a consumer, producer and the government, calls for the need to make sound decisions to allocate the scarce resources. Economics is a subject that focuses on how rational decisions can be made.
The study of economics can be broken into microeconomics and macroeconomics. The former focuses on individual markets. For example, the oil market, the plant-based meat market and the air travel market. The latter focuses on the economy as a whole. Specifically, we will be examining issues like inflation, economic growth and unemployment.
2. How is Economics different from the sciences (e.g. Physics) and humanities (e.g. History)?
Economics is a social science. Like sciences, the theories are established based on observations and testing of hypothesis. And like humanities, it is about human behavior.
Hence, economics, being a social science, combines attributes of both sciences and humanities. Specifically, it uses theories to explain human behavior – such as how or why people may react differently to the same economic event. In addition, the study of economics goes beyond theories, examining value judgements in the process.
3. In terms of CONTENT, how does H1 Econs differ from H2?
Like H1, H2 covers the following themes
Theme 1: Central Economic Problem
Theme 2: Markets
Theme 3: National Economy
However, for each of the above themes, H2 covers greater depth.
In addition, for Theme 3, H2 students will also be studying about International Economy, which encompasses international trade and globalization.
4. In terms of ASSESSMENT, how does H1 Economics differ from H2?
There is only ONE paper in H1 economics. It comprises two Case Study Questions (CSQs).
In contrast, H2 economics has TWO papers. Paper 1 comprises two CSQs while Paper 2 requires candidates to answer 3 essay questions.
5. Which university course(s) require taking economics at JC as a pre-requisite? OR What university course(s) can I look forward to if I choose economics in JC?
Most university courses do not specify if they need JC economics as a pre-requisite.
However, if you intend to pursue a degree with specialisation in economics or business, then it may be advantageous for you to take JC economics so as to gain some awareness first.
With most universities moving towards a broad based curriculum and offering more ‘double-majors’ (e.g. econs with data sciences), economics is a versatile subject since it can be paired with the sciences or humanities.
6. Are we required to read and write a lot in order to score in this subject? OR Is it very difficult to do well/ score for Econs?
All subjects at the ‘A’ levels are definitely more rigorous compared to ‘O’ levels.
Rather than just rote-learn, the new syllabus is designed in such a way that trains students in critical and inventive thinking (21st Century Competencies). As long as you are willing to put in the effort to revise consistently and hone the skills taught by your teachers, you should not face major issues in keeping up with the subject.