The Science behind how the World revolves around money
Is this finance and business at JC level?
Economics is defined as “a broad term referring to the scientific study of human action, particularly as it relates to human choice and the utilisation of scarce resources.” In simple terms, Economics is all about how humans behave to achieve certain ends given the assumption of limited resources - how to allocate limited resources to satisfy unlimited wants. Being the nation with limited natural resources, Singapore has always utilised human resources as its most precious asset. Thanks to genius economists of Singapore that today "Singapore is a vivacious global hub of trade, finance, and transportation, with a strong and diverse community of citizens". In no-time, Singapore transformed itself from 'third world to first', making it one of Asia’s great success stories.
Students are provided with Economics lens to examine economic and socio-economic issues. With proper application of economic concepts and principles, students develop the capacity to understand the role of economic agents and also get a chance to access the real-world economic issues.
It generally consists of two main categories: microeconomics and macroeconomics. Microeconomics focuses on individuals and companies within the economy, whereas macroeconomics looks at higher up governmental and national decisions.
Common economics topics include opportunity cost, resource allocation, types of markets, firms and how they operate, market failure, government intervention, economic indicators, fiscal policies, etc.
Economics is generally tested by at least two main papers – Case Study Questions and Essay Questions. Candidates will be tested on many skills, such as to read and understand case studies, answer data response type questions based on quantitative data, answer higher order type questions which apply economics principles etc.
To do well in economics, students must not only obtain an in-depth understanding of theories but also know how to structure their answers and have enough practice and experience to deliver during the actual exam. As such, good writing skills will also be paramount in helping your child score in Economics.
Why can't my child seem to grasp Economics?
Were you familiar with the topics we listed above, or did they confuse you? In fact, most people who have never touched Economics will be baffled when they hear terms like “market failure” or “supply side policy”. Most students who get started don’t even know what Economics is about!
Economics is not taught since a young age, and most local students only start learning Economics at Junior College (JC) or IB levels. It is essentially a completely new subject. It demands a thorough understanding of the concepts and its application in the real world.The lack of understanding and familiarity of economics is why many students are terrified of Economics and assume that it is a very difficult subject. In actual fact, Economics is indeed not an easy subject, but it can be conquered and mastered with proper guidance and diligence.
In order to answer economics case study questions, students are expected to understand the context of discussion in the given extracts and form logical judgments, while juggling time management and being adept at data interpretation.
The usefulness of an Economics tutor
Scuffling with Economics is not at all a worrisome situation and such an experience is common to every student going through Economics for the first time. As such, it makes sense to consider engaging a private Economics tutor to better equip your child with the skills to face this monumental challenge.
An experienced Economics private tutor can:
Give you a good overall understanding of economics – by linking different topics together and drawing comparisons to the real-world economy
Walk you through topic-by-topic – helping you understand complicated concepts by breaking it down with easy to understand explanations
Help you to develop proper structure – in answering both close-ended and open-ended economics questions, so you can score well in exams
Add fun and flavour to your learning – by sharing industry knowledge, practical stories and adult experiences.
Provide a platform for discussion – so that you won’t be all alone trying to understand and learn Economics