Singapore · MOE Syllabus Outcomes
JC 1 Economics
This course introduces students to the fundamental economic problem of scarcity and the analytical tools used to evaluate resource allocation. Students will master microeconomic theories of price determination and market failure while beginning their exploration of macroeconomic performance in the Singapore context.
The Central Economic Problem
Exploration of how individuals, firms, and governments make choices under the constraint of limited resources and the concept of opportunity cost.
Understanding the nature of the economic problem and the necessity of trade-offs in decision making.
Using graphical models to illustrate concepts of scarcity, choice, opportunity cost, and economic growth.
Markets and Price Determination
Analysis of how the forces of demand and supply interact to determine equilibrium price and quantity in a competitive market.
Examining the determinants of demand and supply and the process of price adjustment.
Measuring the responsiveness of consumers and producers to changes in price, income, and related goods.
Evaluating the impact of taxes, subsidies, and price controls on market efficiency and equity.
Market Failure and Efficiency
Investigating why free markets may fail to allocate resources efficiently and the resulting need for government intervention.
Analyzing how third-party effects and non-excludable goods lead to welfare loss.
Exploring how imbalances in information between buyers and sellers create market distortions.
Assessing the impact of monopolies and income inequality on social welfare.
National Income Accounting and Macro Goals
Introduction to the circular flow of income and the indicators used to measure a nation's economic performance.
Understanding GDP, inflation rates, and unemployment as indicators of economic health.
Modeling the flow of goods, services, and money between households, firms, and the government.
Aggregate Demand and Supply
Analyzing the factors that shift aggregate demand and supply and how they determine the general price level and real output.
Examining the components of AD: Consumption, Investment, Government Spending, and Net Exports.
Understanding the short-run and long-run aggregate supply curves and macroeconomic equilibrium.
Personal Finance and Economic Literacy
Applying economic principles to individual financial planning and understanding the role of financial markets.
Analyzing the trade-offs between current and future consumption and the power of compound interest.
Understanding the relationship between risk and return in financial investments.