Note from tutor: Macroeconomics is very context heavy, and most of the material is best taught in a global manner; all of the concepts are linked to  each other and it's not possible to learn any single topic without reference to the other topics. Lessons are heavily focused on drawing links between the different topics and on applying the different concepts across different economies: in particular Singapore, US, China, Europe, and Japan.


  • Key Understanding Points
    • National income statistics (GDP, GNP)
    • Measures of inflation
    • Measures of unemployment
    • Balance of Payments
    • Significance of these indicators
    • Limitations of indicators
  • Key Exam Focus
    • Interpretation of statistical data
    • GDP as a measure of standard of living and limitations

Income and Employment Determination

  • Key Understanding Points
    • AD-AS Model
    • Determinants of AD
      • Consumption
      • Investment
      • Government spending
      • Net Exports
    • Determinants of AS
    • Multiplier
  • Key Exam Focus
    • Explanation of equilibrium using the circular flow of income
    • Explanation of equilibrium using the AE-Income approach to national income determination
    • Explanation of Multiplier Effect and evaluation of effectiveness in various economies, including Singapore


  • Key Understanding Points
    • Growth
    • Inflation
    • Unemployment
    • Balance of Payments
  • Key Exam Focus
    • Explanation of goals
    • Consequences of failure to achieve these goals
    • Relate productivity growth to long run growth


  • Key Understanding Points
  • Key Exam Focus
    • Explain how policies affect goals
    • Understanding of conflicts between goals
    • Appreciation of Singapore's particular context (small and open economy)
    • Assessment of suitable policies for Singapore and other countries


  • Key Understanding Points
  • Key Exam Focus
    • Explanation of gains from trade using theory of comparative advantage
    • Singapore's pattern of trade
    • Economic arguments for and against protectionism
    • Evaluation of the costs and benefits of globalisation on macroeconomic goals