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.

Examination Format

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.

Assessment Structure

H1 Economics students are required to complete two case studies in 3 hours. Each case study carries 45 marks and occupies 50% of the overall grade. 40% of the questions are for data response questions, whereas the remaining 60% are oriented towards higher-order questions.

Data from the Two Case Studies

For each of the case study, it will feature two to three pages of economic data that can be presented in text, numerical, or graphical forms. The data will address economic issues and policies that are based on the topics covered in the syllabus.

Information on the Questions

There will be six to eight questions, including subparts. These questions will assess the ability of students to apply economic concepts and theories to analyse and evaluate economic issues and policymaking carefully. Generally, Case Study Questions will require students to synthesise information from various sources and answer the given questions. Students are allowed to use an SEAB-approved calculator during the H1 Economics examination.

Themes Covered

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).