H2 Economics (Syllabus 9570)

Introduction to H2 Economics

Desired Outcomes of Education and Learning of H2 Economics in Singapore The Desired Outcomes of Education (DOE) are attributes that educators aspire for every Singaporean to have by the completion of his formal education. The person who is schooled in the Singapore Education system embodies the Desired Outcomes of Education. In sum, he is • a confident person who has a strong sense of right and wrong, is adaptable and resilient, knows himself,
is discerning in judgment, thinks independently and critically, and communicates effectively

a self-directed learner who takes responsibility for his learning, who questions, reflects and perseveres in the pursuit of learning
an active contributor who can work effectively in teams, exercises initiative, takes calculated risks, is innovative and strives for excellence; and,
a concerned citizen who is rooted in Singapore and has a strong civic consciousness, is informed, and takes an active role in bettering the lives of others around him.

The value of learning Economics is aligned with the Desired Outcomes of Education and 21st Century Competencies (21CC). Through the inquiry of economic issues and application of concepts, theories and principles, students develop the capacity to analyse and evaluate the behaviour of economic agents in the
allocation of scarce resources. In understanding domestic, regional and global economic issues, students adopt multiple perspectives, recognise trade-offs and consequences arising from decision-making and arrive at well-reasoned decisions. Students thus acquire knowledge and develop skills and values that will enable them to be active contributors and concerned citizens.

Economics curriculum shape and decision-making approach in Economics

Economics Curriculum Shape

The H2 Economics Curriculum Shape sets the direction for and encapsulates the concept of learning A-Level Economics in Singapore. At the core of the curriculum shape is the Decision-Making Approach in Economics which guides disciplinary thinking in A-Level Economics. This approach emphasises Sound Reasoning and Decision-Making, which are components under the 21CC domain of Critical and Inventive Thinking. It enables students to better analyse and evaluate how different economic agents make decisions based on the fundamental disciplinary concepts of scarcity, choice and opportunity costs.

The middle ring of the curriculum shape highlights that students learn knowledge, skills and values through inquiry of domestic, regional and global economic issues. By applying the Decision-Making Approach in Economics, students will be able to better analyse and understand the implications of policy decisions arising from these issues.

The outer ring shows the Knowledge, Skills and Values learnt through the curriculum. The Knowledge segment signifies that students will learn economic concepts, theories and principles, as well as tools of economic analysis. The Skills segment represents inquiry, data and information, and economic analysis and evaluation skills that students will develop. The Values segment highlights the values of responsibility, resilience and empathy that students will develop through the learning of Economics. Focusing on these skills and values will allow the H2 Economics Curriculum to support the development of MOE’s 21CC.

Decision-Making Approach in Economics

In light of the Central Economic Problem of scarcity, decision-making is fundamental. Scarcity leads to the inevitability of choice and trade-offs. In the context of A-level economics, decision-making is framed as a process where students analyse how decisions are made from the perspectives of different economic agents (consumers, producers, governments), adjusting for dynamic changes where relevant. Students will consider the benefits, costs, constraints, perspectives and other necessary information while recognising the impact of the intended and unintended consequences arising from the decisions made and the corresponding trade-offs. Students will also recognise that decision-making by economic agents can have multifaceted implications, where decisions made by an economic agent can have an impact on other economic agents.

Aims of H2 Economics

The syllabus is intended to provide the basis for a broad understanding of economics. Specifically, the syllabus aims to develop in candidates:

an understanding of fundamental economic concepts, theories and principles, and of the tools and methods of analysis used by economists
the ability to use the tools and methods of economic reasoning to explain and analyse economic issues, and to evaluate perspectives and decisions of economic agents
the habit of reading critically, from a variety of sources, to gain information about the changing economic activities and policies at the national and international levels; and
the ability to use evidence in making well-reasoned economic arguments to arrive at rational and considered decisions.

Assessment Objectives

Candidates are expected to:
AO1: Knowledge and Understanding

Demonstrate knowledge and understanding of economic concepts, theories and principles.

AO2: Interpretation and Evaluation of Information

Interpret economic information presented in textual, numerical or graphical form.
Make valid inferences based on the information presented and its limitations.

AO3: Application and Analysis

Apply relevant economic concepts, theories and principles to analyse contemporary issues, perspectives
and policy choices.
Construct coherent economic arguments.

AO4: Evaluation

Evaluate critically contemporary issues, perspectives and policy choices.
Recognise unstated assumptions and evaluate their relevance.
Synthesise economic arguments to arrive at well-reasoned judgements and decisions

Scheme of Assessment

The assessment comprises two compulsory written examination papers: Paper 1 (Case Studies) and Paper 2 (Essays). Taken as a whole, both papers will incorporate a good balance of questions on microeconomics and macroeconomics.

Specification grid

H2 Economics	Description	Overall Marks (Weighting)	Duration
Paper 1 Case Studies	There will be two compulsory case studies. Candidates are required to answer all questions for each case study. Each case study carries 30 marks and constitutes 20% of the total marks. About 12 marks of each set of case study questions will be for data response questions, and about 18 marks will be for higher-order questions.	60 marks (40%)	2 hours 30 minutes
For Paper 1, questions testing AO1 + AO2 + AO3 will comprise about 40% of the marks and questions testing AO1 + AO2 + AO3 + AO4 will comprise about 60% of the marks.
Paper 2 Essays	There will be six essay questions. Candidates are required to answer a total of three essay questions, of which one must be from Section A, one from Section B and one from either Section A or B. Section A: Three essay questions focusing mainly on microeconomics will be set. Candidates must answer at least one question from this section. Each question carries 25 marks. Section B: Three essay questions focusing mainly on macroeconomics will be set. Candidates must answer at least one question from this section. Each question carries 25 marks.	75 marks (60%)	2 hours 30 minutes
For Paper 2, questions testing AO1 + AO3 will comprise about 40% of the marks and questions testing AO1 + AO2 + AO3 + AO4 will comprise about 60% of the marks.

Full H2 Economics syllabus details can be read in the SEAB H2 Economics (Syllabus 9570).