Introducing, JC Economics
What is Economics? According to Investopedia, Economics is a social science concerned with the production, distribution, and consumption of goods and services. What more? It is also a brand new subject that students can choose to embark on in Junior College at H1 or H2 levels, as an examinable subject at the A Levels. Engaging a JC Economics tutor is very common, as students are exposed to an in-depth introduction of Economics, covering completely unfamiliar concepts and a sizeable number of topics across the 2 years of study. This article has been put together by our Top JC Tutors, and will cover 5 study hacks to do well in H1/H2 Economics.
Economics covers 2 main categories – Macroeconomics, which studies the behaviour of the aggregate economy, and Microeconomics, which zooms in on that of individual businesses and individuals. Why study it? It explains how the different markets interact with each other and would later aid those who wish to enter the fields of banking, finance, public policies or investment and risk analysis. As compared other more “academic” subjects like Maths and Sciences, Economics directly relates to real-world problems, like unemployment, inflation, economic crises, recessions. Studying Economics at A Levels can help to hone your critical thinking and decision making skills, to ensure the allocation of scarce resources result in the maximum output, most optical or efficient outcome for yourself or your company in future.
It is an extremely interesting and realistic subject as students get to study and form theoretical solutions to economic issues, which in turn goes hand in hand with politics and sociology to account for realistic behavioural factors that could affect the outcome. Yes, students might spend most of JC life failing Economics as it is requires a fresh set of knowledge and skillsets from the other subjects, but fret not, once you get the hang of it, you will be surprised on how easily you are able to ace Economics.
Hack 1: Create Notes & Mind Maps
The first hack to doing well for Economics is to get your content grounded. All concepts covered are completely new, so do ensure that you are able to comprehend them well. Take a look at the H1 or H2 syllabus (whichever applicable to you) by SEAB, and read up on the summary and objectives of each topic. Get a good overview of what is required in the syllabus, and start to make your own personal notes and mind maps as you cover more topics in school.
As you walk through more new topics, revise previous topics constantly to commit the concepts to memory as early as possible. JC Economics tutors often advise on the use visual aids like mind maps and concept maps to help you remember definitions and how they branch out into various explanations behind each point. Get a good grasp of the fundamental theories covered in each topic, and comprehend well. Also make sure that you understand models well, not just how they look in a static position, but how they can develop, why the lines move in a certain way, as well as the final outcomes achieved. Being able to draw and explain your graphs well are a crucial part of the graded content as well, so do not take it lightly!
You can only start taking your summary notes if you have understood the content thoroughly, so if you are having trouble with this prerequisite, do consider taking up private JC Economics Tuition Lessons. Ensure that you raise and clarify every doubt from each topic soonest with your tutor, as the syllabus would only get more difficult with the chapters ahead. On top of this, prepare a handbook to add on additional out-of-textbook information that you have gained from the news and other intellectual articles. It is important to stay current on both the local and the global economy and watch out for policies and decision made by market leaders in different industries. Build up material relevant to each topic, as some tricky exam questions may demand students to cite actual real-life examples, so do prepared! Remember, start early, as clarifying your concepts will come with easy memorisation!
Hack 2: Learn how to Apply your Economics Concepts
Referring to the syllabus by SEAB as above, the 4 assessment objectives can be found. They are namely: AO1: Knowledge and Understanding (covered in Hack 1!) AO2: Interpretation and Evaluation of Information AO3: Application and Analysis AO4: Evaluation
After you have your knowledge locked down (AO1), it is imperative to note that only the bare minimum has been completed, and the information in your lecture notes that you have put to memory will be worthless without its correct application. AO2, 3, and 4 require a whole different set of skills to help you score in your Economics paper, and your private Economics tutor is certainly the correct person for you to turn towards for help!
Above is a summary of the examination format for the A Level Economics Paper. The components are mainly the Case Study Questions (CSQ) and Essay Questions (EQ). Do take time to familiarise yourself with it, so that what you see in the final exam will not come as a surprise. We can now move on to cover the skills necessary to conquer the paper.
AO2/3 requires students to apply the relevant economic concepts to analyse contemporary issues, perspectives and policy choices. This means that students are required to make use of the data given, as well as understand the question requirements, before consciously applying certain parts of their knowledge to construct the necessary coherent economic arguments needed to address the question. Pick up some tips from your JC Economics tutor on how to read the data provided (especially for CSQs) and learn good inference skills to apply your knowledge correctly. The CSQ paper is the sole component for H1 Economics so it is crucial that you hone these skills well to score. Also seek to understand what the questions (especially EQs) expect of you and choose which theories are relevant – many students tend to think “the more concepts I throw in, the higher marks I will score”, and that is a big misconception. Not all concepts (even within the same topic) are relevant, so look at the context before rushing into automated regurgitation.
Exam questions sometimes quote real world situations as well, so be sure to identify suitable Economic principles and tools to analyse the decisions and policy choices brought up in your essay. Always relate to the question context to get the most appropriate answer, and fret not, this will come more naturally with lots of practice. With this, not only must you have strong knowledge of your concepts, you must also be able to justify with common sense and logical reasoning on why they were used in your answers too.
Hack 3: Learn to Answer the Questions Fully
Now that we have established AO1, 2, and 3, we need to question on why we still not getting the maximum marks desired? This is simply because most students tend to miss out this crucial skill – to learn how to answer the question fully. On top of comprehending and applying what is needed to the question, one has to clearly determine the underlying purpose of the question. CSQs and EQs require very different This, in turn, determines what answering techniques are needed, and how your essay is to be structured. There is a need to demonstrate a higher-order input of analysis into the question and to identify the keywords in order to craft a good answer. Sounds familiar? Yes! This is extremely similar to the skillset required for the Paper 1 component of the General Paper (GP) subject. As with GP, each essay question comes in different forms that require a different answering technique; you must be able to use your content flexibly and you cannot reuse and force the same arguments from another essay into the one currently at hand. Do approach your tutor on assistance as to how to structure your essay.
AO4: Evaluation – SEAB requires that students evaluate critically on the issues, perspectives and policy choices mentioned in the question, or in their answers. To score well, one has to recognise the underlying limitations and assumptions and evaluate their relevance to the context at hand. Also, one has to produce logical economic arguments to arrive at well-reasoned judgements and decisions. To ace all these pointers, students must check the tone, position and objective of the question. Your personal JC Economics tutor will teach you to look out for the key words like “To what extent”, “Discuss the effectiveness”, “Which is the best / most” and how they would affect your answers.
More often than not, questions will ask students to identify what impact a factor (X) has on another (Y), and to compare and evaluate them. Some examples are: – Market (X) –> Price / Quantity (Y) – National Income (X) –> GDP (Y) – Society (X) –> Efficiency / Equity (Y) Seek to understand the relationships between each factor, and your JC Economics tutor will also guide you in learning how to evaluate the extent of the impact of each individual factors, with respect to one another. Students also need to learn how to select which points to elaborate more on and dedicate more time to, as compared to others which only need brief elaborations. This is especially important due to the limited time in the examination. These essays also require students to take it to the next level and to give some sort of opinion or position about certain factors in their essay, so do substantiate with both theory as well as your accumulated examples from your readings. However, make sure that you concede that there are limitations to your standing, to show the examiner that you are able to evaluate well from an unbiased point of view.
Hack 4: While Practising, Make Essay Outlines instead of Writing Full Essays
Of course, as with every subject, the key to improving in your work is to clock in as many hours of practice as possible. Fortunately in Economics, there is a proven strategy to studying smart! As compared to GP essays, Economics essays are a lot more structured and the content is more fixed instead of fluid, due to the fact that certain “correct” concepts have to be covered within. Economics tutors advise that for both in practise and exam sessions, do make it a habit to design an essay outline first, before embarking on the essay itself. Like GP, this helps to organise your concepts and points, as well as ensure coherence in your essay, and prevent you from going off-track.
When doing practice papers, JC Economics tutors strongly recommend that you make essay outlines instead of always writing full essays. As Economics essays have more “fixed” content, you do not have to practise writing as many full essays as you would need to with GP. In fact, with just practising to write essay outlines, you can also have more time to cover more essay questions for exposure! Take time to read model essays, and notice the similarities in their topic sentences, key concepts, and differences in the approaches taken to answer the question. You will be able to notice a pattern, and it would eventually be very easy to adapt the correct writing and answering techniques needed for the A Level paper. Many students also often find that they have insufficient time in the exam to pen down all the points that they want to cover. Hence, make a habit to practise under the pressure of time constraint, and after awhile, you will soon notice that you will be able to commit the essential points to memory very easily, and just have to focus on how to modify those concepts to suit the question.
A lot of students tend to regurgitate all concepts that are within the topic of interest – including those that are irrelevant, because they feel more secure with writing more. With more practise during JC Economics tuition, you will soon improve in refining your content and be able to pick out relevant key concepts correctly. Be clear and concise in your writing, and use short sentences, as it would be easier for the examiner to read and understand. Unlike GP, writing style and language flair is not as important, so keep your points effective and straight to the point.
Hack 5: Seek Help from your own JC Economics Tutor ASAP
Economics is one of the most important fields of study because of its high and direct relevance to the real-life world. It is a tremendously interesting subject and highly “studyable”, so it would a waste to sacrifice a good grade on this subject! Take the time and effort to set a strong foundation in your concepts before you can proceed to write your essays. Send a message to us at MindFlex, and we will able to link you up with the Best JC Economics Home Tutors to assist you in clearing up your concepts before they accumulate and get too overwhelming for you. They will also be able to provide you with materials like model sample essays, past year papers from the various JCs, as well as other resources with relevant examples to substantiate your answers in your essays. Students who cite examples from extra out-of-textbook content have been proven to be the ones securing the top marks, so engaging a personal JC Economics tutor who is able to provide you with some of these materials may vastly save you lots of extra research time! On top of working on the above 5 hacks together with you, your personal tutor will be able to track your progress and focus on your weaknesses to ensure that you are on track to getting an A. Tired of all the confusion and getting back U/E grades all the time? What are you waiting for, seek professional help from your own personal JC Economics Tutor today!
In Conclusion: A-Level Economics Is Beneficial For You, Engage JC Economics Tuition If Necessary
Doing well for your A-Level Economics will open up choices to pursuing university degrees related to Economics, Finance and Banking. Amongst all the A-Level Subjects, Economics is arguably the most relatable to day-to-day living, as it improves your understanding on how the real-life market works, which you will definitely have some encounter within your adult life, one way or another. Hence, we would encourage students to study Economics prudently not just to do well for the A-Levels, but also as preparation for the outside world. A good understanding of Economics is definitely a useful life-skill to have. If you would are keen in engaging a Private Economics Tutor for your A-Levels, please feel free to visit our website, or contact us! Our friendly team will be more than willing to ensure that your academic needs are being met. We hope the 5 Economics Study Hacks above will be beneficial for you in scoring well for your A-Levels Economics Exam!
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