H1 Economics Syllabus (8823)
What are the main areas to take note of?
The H1 Economics syllabus has been updated to match the changes and trends in the current decade. There is greater emphasis on the use of economics tools to extract information and analyse the results, given the widespread proliferation of data in the technologically-advanced and globalised world. As such, Economics Focus will show students what are the main aspects to take note of, so that they are better prepared for the potential obstacles that impede their path towards success.
Be clear with the exam question types
As observed, the latest H1 Economics syllabus (8823) has excluded the essay writing component that occupied a substantial percentage of the overall marks. Now, students are expected to be adept at data interpretation and analysis. To understand this shift, we have picked out the important parts of the syllabus information.
Data from the Two Case Studies
Information on the Questions
Areas of Study
|Central Economics Problem||Introduction to Macroeconomics|
|Theory of Demand and Supply||National Income Accounting and Economics Indicators|
|Price Elasticity of Demand and Supply||AS-AD Analysis and Variation|
|Government Regulation (Taxation and Subsidy only)||Economic Growth|
|Market Failures 1 (Concepts and Mechanism)||Inflation|
|Market Failures 2 (Regulation)||Unemployment|
|Aims of Government and Policies|
|Balance of Payment|
Know the content that you will learn in class
H1 Economics students will be introduced to three main themes, namely The Central Economic Problem, Markets, and The National Economy. Within each theme, students will examine case studies and other real world applications to understand the context and relevance of the economics analysis.
Theme 1: The Central Economic Problem
In the introductory theme, students will understand the underlying reasons behind the economic decisions made by individuals as consumers, producers, as well as governments. In view of the scarcity problem, there is a need to allocate resources efficiently. The analysis of resource allocation can be viewed with various tools, such as the production possibility curve (PPC). In the process, governments can achieve maximisation of utility, profits and social welfare.
Theme 2: Markets
In the second theme, students will understand how the decision-making processes are made by individuals in the markets, seen in terms of the price mechanism. The price mechanism can be seen in the interactions of demand and supply factors that determine the market equilibrium. However, as the price mechanism may not function efficiently all the time, this development gives rise to market failure, which necessitates government intervention.
Theme 3: The National Economy
In the third theme, students will examine how governments conduct policymaking at the national level to raise standard of living. The policy decisions are made based on the analysis of factors affecting aggregate demand (AD) and aggregate supply (AS), which determines the equilibrium level of national output and general price level. In addition, students will identify the indicators that affect the standard of living of an economy, such as GDP per capita. Following the comprehension of economic performance, governments will implement policies to achieve specific macroeconomic aims, like improvements in standard of living and sustainable economic growth.
For more information about the SEAB content, please refer to the 8823 H1 Economics Syllabus (2018).