H1 Economics
Subject Information
8843 H1 Economics
Subject description
It is the study of how economic agents make decisions in the face of scarcity, while considering benefits, constraints, costs, perspectives and other information. The impact of the intended and unintended consequences arising from the decisions made and the corresponding trade-offs are considered to arrive at a sound decision.
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 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
4. the ability to use evidence in making well-reasoned economic arguments to arrive at rational and considered decisions.
For more details on the syllabus and assessment format, please go to:
Pre-requisites
NIL
Scheme of Assessment
Enrichment opportunities in YIJC / Unique teaching approach
For the H1 curriculum, we adopt seminar style teaching to support the development of case study skills. Weekly H1 curriculum time is divided into a 1 hour lesson and another 1.5 hour lesson.
Economics Experience
Economics is very much a “live” subject. Lessons will build on your understanding of the world, so that students can construct knowledge and meaning from their experiences. In addition, students will learn to analyse economic issues and to evaluate perspectives and decisions of economic agents. Most students find economics to be a difficult subject - but it is also extremely rewarding when they attain a level of mastery.
Skill attainment
Disciplinary Thinking in A-Level Economics Globalisation, changing demographics and technological advancements are some of the key driving forces of the future. To help candidates thrive in a fast-changing world, one of the key 21st Century Competencies emphasised in the Economics Curriculum is Sound Reasoning and Decision Making, under the domain of Critical and Inventive Thinking.
Given the importance of decision-making skills, the decision-making approach through an economic lens will be used to front disciplinary thinking in A-Level Economics, with the visual representation and outline as follows.
In light of the central economic problem of scarcity, decision-making is fundamental. Scarcity leads to the inevitability of choices and trade-offs. In the context of the Economics syllabus, decision-making is framed as a process where candidates analyse how decisions are made from the perspectives of different economic agents (consumers, producers and governments), adjusting for dynamic changes where appropriate. Candidates will have to take account of the benefits, constraints, costs, perspectives and other necessary information, while recognising the impact of the intended and unintended consequences arising from the decisions made and the corresponding trade-offs. Candidates will also recognise that decision-making by economic agents can have multifaceted implications, where decisions made by an economic agent can have an impact on other economic agents.
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 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
4. the ability to use evidence in making well-reasoned economic arguments to arrive at rational and considered decisions.
FAQ
1) Is Economics similar to Social Studies?
Answer: A comparison can be made using the content and assessment of the two subjects:
Content: The two subjects draw from different disciplines (Economics from Economics, Social Studies from Geography and History) and the disciplinary thinking behind the two subjects also differs. In Economics, economic terms, theories and models are used and answers are expected to have economics rigour, rather than be descriptive.
Assessment: While the case-study component of Economics may resemble that of the source-based component of Social Studies, in that excerpts are given, followed by structured questions, the context can be totally new or unfamiliar for Economics case study question whilst for a Social Studies source-based question, the context would have been covered in class.
2) Is Economics similar to business studies in University?
Answer: No, Economics is not business administration or business studies in the universities. The study of business administration and business studies looks into the details of different functions of a business organisation, e.g. organisation behaviour, human resources management, finance and accounting, marketing.
However, while the Economics syllabus in JCs also covers firms and decisions, the coverage will probably only equip students with an understanding of economics theories to explain how the degree of competition in markets affects business strategies (broadly) and how these strategies would impact consumers, other firms, and the society.
3) Is Economics a pre-requisite for any courses in the universities?
Answer: No. Economics is not a pre-requisite for any course. Neither are there pre-requisite requirements for pursuing courses in Economics in the university
4) Is there a pre-requisite or cut-off point to read H2 Economics in YIJC?
Answer: No. There is no pre-requisite to read H1 or H2 Economics in YIJC. However, students should be able to interpret economic information presented in textual, numerical or graphical forms and draw economics diagrams. This means the ability to calculate means, percentages, read trends to draw inferences from economic data is necessary.
5) What is the difference between H1 and H2 Economics?
Answer: The rigour required in the answers are actually the same as both H1 and H2 Economics have the same assessment objectives.
Content: The content for H1 is certainly lesser than H2. The content that is covered in H1 is also covered in H2. However, while the content is similar, it is organised differently.
Assessment: Assessment items are different for H1 and H2 Economics, in terms of the assessment formats and duration: in H1 Economics, students attempt 2 compulsory case study questions (40-mark each) in 3 hours in one-sitting; whilst for H2 Economics, students take 2 Papers. Paper 1 consists of 2 compulsory case study questions (30-mark each) in 2 hours 30 minutes while Paper 2 requires students to attempt 3 out of 6 essay questions (25-mark each) in 2 hours 30 minutes.
6) Is it difficult to do well for Economics? How can a student do well for Economics?
Answer: To do well, students must be prepared to think critically and reason with Economic concepts. Mere understanding or memorising of the concepts is insufficient. Students must be able to identify the relevant concepts and be able to apply these concepts to real world contexts. Students must also be ready to analyse real world situations, as well as discuss and evaluate decisions made by households, firms and governments.
7) What can a student read to improve his/her knowledge about Economics?
Answer: Each set of lecture notes comes with a list of suggested readings. These textbooks, publications, articles are all readily available in the school library and online. There is also a well-stocked variety of economics books available in the school library for students interested to read beyond what is expected.
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