Economics

What is the nature of Economics at IGCSE level?

Economics is for those students who want to understand how the world really works. It is primarily concerned with how resources are allocated at present on a local, national and global scale and how they might be allocated in the future. Economics considers who has the resources and who should get the resources. It considers how markets allocate resources, how markets fail to allocate resources and then it considers whether governments can do a better job!

Economics is for ordinary students who want to learn why it is said that “money makes the world go round” but it is also for those extraordinary students who want to make a real difference. Economics is not about what was or what is but about what will be. Economics is for those students who consider themselves “game-changers” . However, in order to get into the game students have to know the rules and IGCSE introduces a broad range of economics topics to do that.

Everybody is affected by and makes economic decisions everyday. Every occupation depends on the quality of those decisions. Hence, whether you are lobbying for funds for research and development, raising money for a charity or even demanding higher wages as a professional footballer, an understanding of Economics will help you.

What is the approach to learning?

Economics is dynamic. Every time an economist believes they know how the economy works it morphs into something else. Hence, in class we constantly draw on real-life examples to stay in touch with those changes and do simulations to explore the outcomes from the mundane to the far-fetched.

The aim of the course is that, appropriate to this level, students should gain an understanding of basic microand macro-economic topics, acquire the necessary skills for elementary economic analysis, practice the presentation of arguments clearly and effectively both orally and in writing, and develop an interest in economics issues locally and internationally.

Economics teaches students to consider problems and appraise their solutions. In the end, we expect our students to be able to give an intelligent critique of economies.

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What is the subject content?

 The basic economic problem  The allocation of resources  Microeconomic decision makers  Government and the macroeconomy  Economic development  International trade and globalisation

At SJII, all sections will involve a study of relevant elements of the economy of Singapore and other countries.

What is the nature of assessment?

Paper 1: 45 minutes multiple-choice questions equating to 30% of total marks. Paper 2: 2 hours 15 minutes structured questions equating to 70% of total marks.

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