Singapore · MOE Syllabus Outcomes
JC 2 Economics
This course examines the complexities of decision making in a world of scarcity and competing priorities. Students analyze how markets fail, how governments intervene to stabilize economies, and how Singapore navigates the challenges of a globalized financial landscape.
Market Efficiency and Failure
An investigation into how price mechanisms allocate resources and the specific conditions that lead to sub-optimal social outcomes.
Analyzing how signaling and incentive functions of prices coordinate the behavior of consumers and producers.
Evaluating the divergence between private and social costs and benefits in the presence of spillover effects.
Examining market failures arising from imperfect information and the under-consumption of beneficial services like healthcare.
Firms and Market Structure
Exploring how the number of firms and the nature of products influence pricing power and efficiency.
Comparing the theoretical extremes of market power and their implications for consumer surplus.
Studying the interdependence of large firms and the use of game theory to predict market outcomes.
Assessing government strategies to curb the abuse of monopoly power and improve industrial efficiency.
Macroeconomic Performance and Goals
Analyzing the indicators used to measure the health of a national economy and the objectives of state policy.
Distinguishing between quantitative growth and qualitative improvements in human welfare.
Examining the causes of price level changes and their effects on purchasing power and investment.
Categorizing types of unemployment and evaluating the social and economic costs of idle labor.
Macroeconomic Policies
Evaluating the tools available to governments to manage aggregate demand and supply.
Analyzing how government spending and taxation influence the level of economic activity.
Understanding the role of central banks in managing the money supply and the cost of borrowing.
Evaluating strategies aimed at increasing the productive capacity of the economy through deregulation and education.
Global Trade and Integration
Examining the patterns of international trade and the impact of globalization on national sovereignty.
Analyzing the basis for trade and why specialization leads to mutual gains for nations.
Debating the use of tariffs, quotas, and subsidies to shield domestic industries from foreign competition.
Understanding the financial flows between countries and the mechanisms that determine currency value.
Personal Finance and Economic Systems
Applying economic reasoning to individual financial decisions and comparing broader systemic frameworks.
Using concepts of opportunity cost and risk to manage personal wealth and consumption.
Contrasting market, planned, and mixed economies in their approach to the fundamental economic questions.
A deep dive into the unique challenges and strategies of a small, open, and resource-constrained city-state.