Economics (H1)

This course provides a broad understanding of economics, covering fundamental concepts and their application to real-world scenarios. The syllabus is structured around three core themes:

Theme 1: The Central Economic Problem

This theme introduces the fundamental economic problem of scarcity – unlimited wants and limited resources. It explores how individuals, firms, and governments make choices in the face of scarcity and the implications of these choices for resource allocation. Key concepts include:

• Scarcity, choice, and resource allocation
• Decision-making processes of economic agents
• Production possibility curves and opportunity cost
• The role of incentives in economic decision-making

Theme 2: Markets

This theme examines the role of markets in allocating resources. It covers the price mechanism, demand and supply analysis, and the impact of government intervention in markets. Key concepts include:

• Price mechanism and its functions
• Demand and supply analysis and its applications
• Elasticity of demand and supply
• Market equilibrium and disequilibrium
• Government intervention in markets (price controls, taxes, subsidies)
• Market failure and government intervention (externalities, public goods, merit goods)

Theme 3: The National Economy

This theme introduces macroeconomic concepts and explores how governments manage the national economy. It covers key macroeconomic indicators, fiscal and monetary policies, and international trade. Key concepts include:

• Macroeconomic objectives (economic growth, low inflation, low unemployment, balance of payments equilibrium)
• Measurement of national income (GDP, GNP)
• Aggregate demand and aggregate supply
• Inflation and its causes and consequences
• Unemployment and its causes and consequences
• Fiscal policy and its impact on the economy
• Monetary policy and its impact on the economy
• International trade and its benefits and costs
• Exchange rates and their determination

Assessment

The assessment for Economics (H1) comprises one written examination paper:

• Paper 1 (Case Studies): This paper consists of two compulsory case study questions. Each question requires students to apply economic concepts and theories to analyze real-world economic situations and policy issues.

Resources

Various resources are available to support learning in Economics (H1), including textbooks, lecture notes, past papers, and online materials. Some helpful resources include:

• JC Economics Lecture Notes:
• A-Level Economics Notes:
• Economics Notes:

Past papers can be found on websites such as:

• Test Papers Free:
• SG Test Paper:

This comprehensive overview of the Economics (H1) syllabus provides a solid foundation for students embarking on this course. By understanding the key themes, assessment components, and available resources, students can effectively prepare for their examinations and develop a strong understanding of economic principles and their application in the real world.