An Overview of A Level H1 Economics Part 2: Markets
Economics is a popular subject among many students, but can be challenging due to its abstract nature.
At the Junior College level, this subject is taught at both H1 and H2 levels. Other than the scope of content, with H2 being on the heavier side, the two levels also vary in terms of how they will be assessed. H2 Economics has two papers, one focusing solely on case study questions and the other focusing on essay questions. On the other hand, H1 Economics has one paper that focuses on case study questions.
As a newcomer to the world of Economics, you might be wondering what kinds of things will be taught in the subject. By definition, economics is a social science that studies how individual consumers, businesses, government and nations make choices about how to allocate resources. It is concerned with the production, distribution and consumption of goods and services. At the JC level, these concepts are broken down into different themes for this subject.
- The Central Economic Problem
- The National Economy
If you’re here to find out about the second of the three H2 Economics themes, chances are you’ve already read part 1 of our series on the H2 syllabus–but if you haven’t, you can read it here! Now, let’s dive right into the second theme: Markets.
H1 Econs Syllabus Theme 2: Markets
While Theme 1, the Central Problem of Economics, gives you the backstory about how scarcity exists and how economic agents are forced to make choices, this theme introduces different markets and how they deal with that central economic problem, as well as how decisions are made by economic agents in those markets.
This is where you will be taught how market forces of demand and supply interact to bring about market equilibrium. At the same time, the concept of government intervention to improve efficiency and equity through implementing public policies will be explored as well.
In a nutshell, this theme will provide you with insights into real-world microeconomic issues, providing you with opportunities to deepen economic reasoning skills, analytical skills and also teach you how to apply these microeconomic concepts to both Singapore and the global context.
The microeconomic concepts learned from theme one and two will be useful by the time you reach theme three, which delves into macroeconomics.
Under this theme, the content is split into two parts – Price Mechanism and its Applications, and Market Failure.
Let’s take look at some of the concepts you will be learning under those topics:
- Price mechanism and its functions
- Interaction of demand and supply
- Application of demand and supply analysis to real-world markets
- Efficiency and equity in relation to markets
- Market failure and its causes
- Government intervention in markets
Once you have grasped the concepts relating to the topics as listed above, you will need to use certain tools of analysis and terms when answering case study questions relating to this theme.
You might be wondering what these tools and terms are. Well, you don’t have to dig too deep, for we have pulled out the list for you straight from Singapore Examinations and Assessment Board (SEAB)!
These tools and terms with respective to the topics are:
- Price mechanism
- Consumer sovereignty
- Ceteris paribus
- Effective demand
- Law of diminishing marginal utility
- Demand & Supply curves
- Determinants of Demand & Supply
- Market equilibrium
- Market disequilibrium
- Price elasticity
- Consumer expenditure and producer revenue
- Taxes and subsidies
- Price & Quantity controls
- Allocative efficiency
- Deadweight loss
- Marginal private benefit and cost
- Marginal external benefit and cost
- Marginal social benefit and cost
- Social vs. private (market) optimum
- Over-consumption and production
- Under-consumption and production
- Public goods
- Positive and negative externalities
- Merit and demerit goods
For now, this may just seem like a wall of words or, if you want to be optimistic, an intriguing adventure map! But either way, we won’t be surprised if you are intimidated by this long list of concepts and unfamiliar vocabulary. Nevertheless, do remember that this is spread over almost a 2 year programme.
As it is with any new skill, learning the subject will definitely take some time. In order to do well, you really need to get a good grasp on it and practice it often. It is therefore worth considering to gain some additional support and guidance through tuition – so that you can stay on track and hone your economics skills at the same time. So, let us help support you on your economics journey!
At JC Economics Tuition Centre, you will definitely be in good hands with our experienced tutors and the quality delivered in our lessons.
So what are you waiting for? Find out more about our programmes here!