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Important Topics in O Levels Economics Exam

April 24, 2020 by Admin in Exam Preparation, Student Life, Study 6 min read

Important Topics in O Levels Economics Exam

When students enter O Levels for the first time, they often feel overwhelmed by the lengthy syllabus and the pressure of appearing for a major examination. As it is also the first time appearing for a final board examination for many students, they also struggle when it comes to developing a strong exam preparation strategy.

Economics students, in particular, tend to find difficulty when it comes to developing a strategy for the O Levels final exams. This is because the economics syllabus is extremely lengthy and detailed, so many students don’t know where to start.

Luckily, here we have provided some tips to help students study well for the O Levels economics final exams, as well as some important topics that all students should study thoroughly.

Important Topics for the O Levels Economics Exam

During exam preparation for the O Levels economics exam, be sure to cover the following topics rigorously:

1.Basic Concepts – 

The basic economic problems, scarcity, opportunity cost, factors of production, etc…

2.Production Possibility Curve (PPC) – 

Definition, diagram, and types of shifts in PPC

3.Market Systems –

Free market, planned market, and mixed economy, price mechanism, and advantages and disadvantages of each market system

4.Demand and Supply –

Definitions, diagrams, price elasticity of demand, price elasticity of supply, market mechanism, price determination, market equilibrium, etc…

5.Market Failure – 

Definition of market failure, causes, and consequences

6.Money and Banking – 

Functions of money, characteristics of money, roles, importance, and functions of the central bank and commercial banks

7.Labor Market – 

Factors affecting the choice of occupation, wage determination, diagrams of the labor market, differences in wages, division of labor, trade unions

8.Costs, revenues, and profits –

Definitions, calculations, and diagrams for all types of costs and revenues (e.g. ATC, AFC, AVC, TR, MR, etc…)

9.Market Structures –

Characteristics of all market structures, such as perfect competition, monopoly, etc…

10.Macroeconomic concepts – 

Role of the government, macroeconomic objectives, conflicts between objectives

11.Fiscal Policy – 

Reasons for government spending, reasons for taxation, definition of fiscal policy, objectives, measures of fiscal policy, effects of fiscal policy

12.Monetary Policy – 

Interest rate, money supply, the definition of monetary policy, objectives, measures, and effects of monetary policy

13.Supply-Side Policies – 

Definition, objectives, measures, and effects of supply-side policies

14.Economic Growth –

Gross domestic product (GDP), measurement, causes, and consequences of economic growth, policies to achieve economic growth

15.Employment and Unemployment – 

Definitions, measurement of unemployment, types of unemployment, consequences, and policies to reduce unemployment

16.Inflation – 

Definitions, calculation of inflation, types of inflations, causes, consequences, and policies to control inflation

17.Economic Development – 

Living standards, measures of living standards, poverty, population definition, how to measure population, indicators of developed/developing countries, etc…

18.Globalization, Free Trade, and Protectionism – 

Definitions, benefits of free trade, reasons, methods, and consequences of protectionism

19.Exchange Rate – 

Definition of the exchange rate, types of exchange rate systems, causes and consequences of fluctuations in the exchange rate

20.Balance of Payments – 

Definition and structure, current account, reasons for current account deficit /surplus, consequences, and policies to control current account deficit.

Keep in mind that while important topics should be given specific attention and understanding, it is essential to cover the entire syllabus thoroughly in order to gain maximum marks. The questions in the final exams can come from any topic in the syllabus- not just from the important topics, so the rest of the chapters must not be neglected.

Author: Admin

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