How we conduct economics tuition in Singapore
Economics Tuition Singapore employs a learning-through-practice approach, where we teach students the content so that they can comprehend the economics principles, before having them do practices to train their CSQ, essay writing and diagram illustrating skills. This will then ensure that your child has both the knowledge and the skills for the economics examinations.
What do our economics tuition teach about the Singapore economy?
It is important for JC students to understand the SIngapore economy as this is part of knowledge that will be tested for essay writing and case study. In our economics tuition, we make efforts in educating our students on the features of Singapore’s economy on an empirical basis and its relation to examination. This background is of great importance in helping them to better answer their questions in examination, especially for CSQs.
How we use economic indicators to understand the economic performance of the country
In our economics tuition, the meaning of the economic indicators and the ways how these economic indicators are used will be taught. Economics indicators that explain the economic performance of SIngapore in the areas like economic growth, unemployment rate, price stability and external equilibrium while other economic indicators can help to explain the competitiveness of the economy, the productivity of the economy and in areas like standard of living. Students will be taught how we can write an evaluation of the economy of Singapore when they have learnt more about the significance of these economics which are part of the teaching of JC Economics syllabus for GCE A level
More understanding about the economic features of the Singapore economy
In our lessons, JC students will also have a comprehensive understanding of the economics features of Singapore through our lessons where the application will be seen in how you will answer the case study questions. The features will include how our economy is oriented towards the high-valued and accelerated technological development. We can observe how the country is highly dependent on the external aspect of economic development and its trade dependency and reliance. These insights will be achieved through discussion over the various videos and articles given to students for reading, reflection of essay and articles done by the JC students and insight intellectual reflection during our lessons.
How economic policies are conducted to manage Singapore
Our Economics tuition also discusses the economics policies with the focus on the mechanism on how they will be conducted in Singapore and its effectivenesses. Singapore has been focusing on the use of the exchange rate management policies as the pivotal policy due to its nature of reliance on external demand and high degree of reliance on trade for economic growth. In seeking to achieve sustained economic growth, there is also a greater emphasis on supply side management policy. For short term economic growth, the understanding on how monetary and fiscal policy are used and constrained by the nature of the economy enables JC students to have a comprehensive know on how Singapore government manages the economy. The knowledge about the various types of policies are critical in helps students understand how our policies are conducted to meet the global economic challenges.
Economics Development in Singapore
In the discussion of Economic Development in Singapore, it is imperative to examine the underlying challenges of Singapore and understand the significance of these issues. Such an examination allows us to prioritise differing problems so that Singapore’s economic policies can directly tackle them with accuracy.
The current era calls for rising neighbouring competitiveness as countries surrounding Singapore pick up their respective economic development and pushes for fast-paced growth. Competitive growth like these undermines Singapore as the economic leader in ASEAN because they capture more economic stakes in the global markets.
Additionally, increasing trade protectionism in the globe has served to implicate Singapore’s economic development by raising the tariffs on Singapore’s exports. Facing higher prices of Singapore exports in the global markets, there is a natural fall in demand for such exports which in turn, causes significant decreasing GDP due to Singapore’s high trade-to-GDP ratio.
Furthermore, the cost of production has also risen in terms of wages and rents. This is largely driven by a growing ageing population as well as rising land constraints respectively. Consequently, higher production costs erode Singapore’s comparative advantage in trade and shy away investment opportunities from the global markets.
What can Singapore do to resolve these global economic challenges
In combating rising neighbouring competitiveness, Singapore embarks on its Exchange Rate Management through a neutral monetary policy with gradual appreciation. Not only does the policy neuter rising import costs due to increasing demand of raw materials from ASEAN countries, it solidifies Singapore’s reputation as a global financial hub and provides currency stability.
Despite rising trade protectionism from prominent countries such as USA, Singapore continues to push forward for Free Trade Agreements (FTAs) to ensure the cutting of trade tariffs, thereby maintaining high trade volume with significant economies. For example, in March 2018, Singapore became one of the 11 signatories in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ensuring trade competitiveness across the Asia-Pacific region despite the withdrawal of USA from the pact. On the other hand, Singapore has also led ASEAN in the negotiation of the Regional Comprehensive Economic Partnership (RCEP), forging trade networks covering almost half the world’s population.
In light of the rising production costs, Singapore has also commenced with infrastructural and manpower development aimed at raising labour productivity. On the macro scale, the Singapore government has launched an initiative to set up a digital district in Punggol North, serving as a mini silicon valley of Singapore. The district will open up 28,000 digital economy jobs and raise the technological expertise in Singapore, thereby complementing rising wages with higher labour productivity. On the micro scale, Singapore introduced the SkillsFuture Credit scheme which incentivises individuals to upgrade their employment skills. This scheme allows Singaporeans to learn new skills and enhance their productivity at work, therefore building towards a highly skilled working population to match rising cost of production.
To constantly lead the global market as a strong and independent economy, Singapore has also poured immense capital into the Research and Development (R&D) sector to shape new industries and spearhead existing ones. Its $19b Research, Innovation and Enterprise (RIE) 2020 Plan are cornerstones of Singapore’s national strategy to develop a knowledge-based, innovation-driven economy and society, aiming to grow industry R&D capabilities, nurture innovative enterprises, and meet its national needs. These R&D investments in research, innovation and enterprise will raise potential capacity of Singapore’s capacity and help cultivate economic sustainability as Singapore hedges against the uncertainty and volatility of future economic challenges.
What do JC students in Singapore learn from our economics tuition
Through regular practices and topical re-teachings, Economics Tuition Singapore will help students build on their case study techniques, essay writing skills, and diagrammatic illustration skills. Students will be more adaptive and accustomed to the GCE A level examination when they constantly attend our FREE study programme to do more essay writing and case study practices.
Diagrammatic illustration
In economics, diagrams are used heavily to explain and substantiate arguments. However one problem we learnt that students often encounter is when do they need to include diagrams and which diagram to include. Hence, here we emphasise heavily on the need for students to master and understand all the different types of economic graphs in their syllabus to make the writing become more analytical and principled with economic concepts and based on context of the question.
Free class practices
Economics is about practice, and learning from mistakes. Hence to facilitate the learning, we often have students do free class practices so that they can clear doubts on the spot with the tutor, and so that tutors are able to see the progress and the mistakes their students have made. This will then let tutors clear up misconceptions, and students to be armed with constructive feedback to improve on their skills.
Topical teaching
One problem we realised many students have is that students are unable to keep up with the content teachers in school are dumping on them and expecting students to dissect alone. In order to help students waste less time making sense of the mess, we teach students again from scratch at a more comfortable pace so we ensure our students understand the economic concepts fully. At each section or chapters, students will be given questions to show how questions are asked in the way that integrate the chapters and sections of JC economics seen in essays and case study questions. We believe that that this will improve JC students’ capacity to apply their knowledge of the respective chapters.
Case study techniques
Case study questions have a high weightage in school and national examinations. Hence, we ensure that our students are well equipped with the right skills and knowledge to not only be able to dissect the excerpts, but also to be able to structure and organise their answers so that their argument is stronger and hence will be rewarded more marks.
Essay writing skills
Essays play a big part in economics. Thus, students need to be able to adapt to the question requirements and to better phrase their answers so that they can answer the question well. Here we have students practice writing in class and provide them with many model essays so that they can emulate them to improve their writing. For this part of skill development, the emphasis is on the understanding of the requirements of the question, the development of structure, the development of economic causation and illustration of diagram. These skills development lessons will raise the competency of JC students in their examinations for essay writing.
