ECONOMICS - STANDARD LEVEL

ECONOMICS - STANDARD LEVEL

Aims

• To provide students with a core knowledge of Economics • Encourage students think critically about Economics • Promote an awareness and understanding of internationalism in Economics • Encourage students’ development as independent learners • Enable students to distinguish between positive and normative economics • Enable students to recognize their own tendencies for bias.

Course description

The main goal of Economics at Tanglin Trust School is to allow students to gain an understanding of Economic theory and its application to the world around them. Economics provides the knowledge and insight necessary to understand the impact of developments in business, society and the world economy. It enables us to understand the decisions of households, firms and governments based on human behaviour, beliefs, structure, constraints and need. Economics addresses many issues that society currently faces but can equally be applied to questions such as what makes a luxury item such as a diamond more expensive than a necessity like water and why should public transport be subsidised by the government?

Over the course students will cover the following units:

• Introduction to Economics • Microeconomics • Macroeconomics • The global economy

Requirements

Although no prior knowledge of Economics is necessary to undertake this course of study. However, a familiarity with Economic concepts would be an advantage. You should have an interest in global current affairs and in exploring the points of view of different individuals, nations and cultures in the world economy. The rigors of the course will require you to be motivated, enthusiastic and committed to your studies.

Career Path

The study of economics will provide numerical, analytical and descriptive skills, and through the study of economics you will learn how to extract the essential elements from complex issues and gain an understanding of the relationship between the different elements. You will learn how to think in a careful and precise way, how to analyse problems and communicate your findings effectively. All of these skills, developed through the study of Economics, are valued in a wide range of careers such as such as accountancy, financial services, business management, marketing, politics, sales and the civil service.

5 TERM OVERVIEW

Core Content: Term 1 - Introduction to Economics

This unit will cover the basis terminology and concepts of Economics and will introduce the role of Economics in real world situations. This section will explore what markets and governments can and cannot do in the cases of both MEDCs and LEDCs.

Term 2 - Microeconomics

The purpose of this unit is to identify and explain the importance of markets and the role played by demand and supply. The failures of the market system (such as pollution) will also be identified and possible solutions will be examined.

Term 3 - Macroeconomics

This unit will examine the major macroeconomic issues facing countries’ Economic growth, Economic development, unemployment, inflation and income distribution. Economic strategies available to governments will be introduced and evaluated and applied to various economies throughout the world.

Term 4 - The Global Economy

In this unit the reasons why countries trade and the problems that they may face as a result are explored. The role of the World Trade Organisation and trading blocs will be addressed and the arguments for and against free trade and globalization will be evaluated.

Term 5 – The Global Economy

The main purpose of this unit is to understand the problems faced by LEDCs and to develop an awareness of possible solutions to these problems. This unit also provides the opportunity for an in-depth exploration of the trade vs. aid debate.

Option Topics: Internal Assessment:

None

30% on a portfolio of three commentaries on news articles.

External Assessment:

70% Examination • Paper 1: One extended response a choice of three (30%) • Paper 2: One question from two data response option (40%)

Comparison between this course and A-Level

The IB and CIE International A Level are quite similar. Most of the core content of both IB Higher and Standard Level is similar although Standard Level does not include "Economics of the Environment" and "Market Power". With the omission of these topics, the Standard Level is taught and assessed to the same depth of knowledge, application and evaluation as Higher Level. The Higher Level does include greater skills of analysis and evaluation required for the

additional policy paper. The coursework requirements at Standard Level are similar to Higher Level, but the exams consist of only two rather than three papers for Higher.

Contact for further information:

Mrs Mhairi Aluthge-Donna: mhairi.aluthge-donna@tts.edu.sg