Singapore · MOE Syllabus Outcomes
Secondary 3 Economics
This course introduces students to the fundamental principles of resource allocation, market interactions, and national economic health. Students explore how individual decisions and government policies shape the Singaporean and global economy through the lens of trade-offs and incentives.
The Foundation of Choice
Explores the central economic problem of scarcity and how individuals and societies make rational choices.
Analyzing why humans must make choices and the value of the next best alternative foregone.
Identifying the resources required to produce goods and services and how they are utilized in Singapore.
Using graphical models to illustrate concepts of efficiency, growth, and resource allocation.
Market Forces: Demand and Supply
Investigating how price is determined in a competitive market through the interaction of buyers and sellers.
Understanding consumer behavior and factors that cause changes in quantity demanded versus shifts in demand.
Examining producer motivations and how costs of production influence the quantity of goods brought to market.
Analyzing how markets clear and the consequences of price controls such as ceilings and floors.
Personal Finance and Resource Management
Developing financial literacy skills to manage personal wealth, risk, and consumption over a lifetime.
Practical approaches to managing income, tracking expenses, and understanding the power of compound interest.
Evaluating the costs and benefits of using credit and the implications of high interest debt.
Introduction to different asset classes and the relationship between risk and potential return.
Market Failures and Government Intervention
Examining situations where the free market fails to allocate resources efficiently and how the state responds.
Studying the spillover effects of economic activities on third parties, such as pollution or education.
Identifying goods that are non-excludable and non-rivalrous and why the private sector under-provides them.
Analyzing how the lack of competition can lead to higher prices and reduced output.
Macroeconomic Indicators and Objectives
Understanding how economists measure the health of a national economy and the goals of government policy.
Defining Gross Domestic Product and its limitations as a measure of national well being.
Investigating the causes of rising prices and how inflation affects purchasing power.
Analyzing types of unemployment and the impact of joblessness on individuals and the economy.
Global Markets and International Trade
Examining why nations trade, the benefits of specialization, and the impact of globalization.
Explaining how countries can gain from trade by specializing in goods with lower opportunity costs.
Understanding how the value of currency is determined and its effect on exports and imports.
Evaluating the arguments for and against trade barriers like tariffs and quotas.