The trends for ‘A’ level essays are moving towards applying key economics concepts to real life applications and at the same time it requires sound and in depth understandings of the theories.
Q1 is a combined question on micro and macro which tests the students’ abilities to see the applications of the specialisation concepts in both context of EOS and international trade. It is not an easy question to attempt if the students are not strong in the fundamental understanding.
Q2 is well expected for our students as they are trained well in analysing such demand and supply questions focussing on causes and effects. The key to do well is to be able to separate the discussions of the two different markets, the consumers’ markets and farming industries. Good evaluations will be those who can discuss based on various types of goods, possible government interventions and types of market structure in the retailing industries.
Q3 is a straight forward question on public and imperfect information. Part b requires students to look into various policies that Singapore government can adopt to solve such market failures. A combination of various approaches are needed.
Q4 is a typical theoretical based question which tests on a less focussed theory of circular flows of income. A clear understanding of the framework is required. Part b requires the detailed analysis of the process which include the working of the multiplier with the W-J framework.
Q5 is manageable if students have a clear framework on SOL. The good answer should focus on comparing across countries with the PPP theory. The limitations should be highlighted and students must be able to make evaluate judgments on such limitations.
Q6 focuses on the various types of economic growth. Factors that lead to actual growth and potential growth should be clearly distinguished. Part b focuses on long term sustainable growth which includes both actual and potential growth. Good answers should have a clear focus on Singapore economy.
Final words: In order to prepare well for paper 2, students must have sufficient question choices and well prepared with skills and content. Hands on practices are crucial especially time management and questions analysis during examination.