Most JC students choose the ‘PCME’ subject combination without giving it much thought.
The ‘E’ stands for Economics.
In fact, Economics is one of the most common subjects that JC students in Singapore take for their A-levels.
So what’s the problem?
Well, the problem is that students don’t stop to think whether the subjects they’re choosing are the right subjects for them.
Most students don’t even realize they can opt for another humanities subject such as History or Higher Mother Tongue.
In this article, I’ll share more about the reasons to learn Economics in JC, so you can decide for yourself if it’s the right subject for you.
What is Economics?
Most people think economics is just about money. Truth is, economics is much more than that!
Economics is the study of how society assigns its limited resources and it all stems from the basic concept of unlimited wants chasing limited resources.
By studying JC Economics, you will learn concepts such as the “invisible hand” and “supply and demand”, which help you understand how countries are allocated resources and why some nations are always doing better than others.
Excited to find out more?
Here are 7 reasons to learn economics in JC.
Reasons to choose to study JC economics
1) Expand your vocabulary
Have you ever watched CNN or CNBC and heard terms like ‘opportunity cost’?
For anyone who has never learned Economics, they’ll probably be scratching their heads wondering what the newscaster is saying.
At your age, these terms may seem unimportant, but as you grow older, these terms form the basis of many of your adult conversations, and knowing them becomes necessary.
As you learn new financial terms, your understanding of the economy improves, and that’s invaluable in many aspects.
As the saying goes, “The more you learn, the more you earn”.
2) Easier Path to Finance-related Degrees
Have an interest in studying Business or Economics in University?
Many of these finance-related courses require you to have a solid JC economics foundation.
And it’s not just for qualification purposes. Given the fast-paced nature of the university curriculum, having a good grasp of economics prior to taking a finance-related degree would go a long way in making your university time less challenging.
What’s more, you may get to skip an introductory economics module in University if you have achieved a good enough grade for your economics in A levels!
Thinking what can a finance-related degree bring you? Read on the next point to find out!
3) Open your door to many lucrative careers
Having a finance-related degree proves to be very rewarding as it opens a lot of doors to lucrative careers such as investment analysts, financial planners or economists, which can easily fetch home 6-figures yearly incomes.
To qualify for these high-paying jobs, one of the criteria is to have a strong economic background. JC is the perfect time to begin your economic knowledge.
Here’s a tip: Start reading up financial blogs like CNBC and articles to see if your passion lies in the financial industry and start planning ahead!
4) Get Better at Investing
As famous investor Warren Buffet said, “If you don’t find a way to make money while you sleep, you will work until you die.”
With inflation and near-zero bank interest rates, everybody these days knows the importance of investing and how it can become another source of income for you.
But as the saying goes, first you learn, then you remove the “L”.
A strong economics background would give you the right knowledge you need for a solid foundation and will help you pick the right investment opportunities when you start investing in the future.
For example, economics will teach you how tax cuts and interest rates would affect the company that you are investing in.
Hence, economics could help you in your journey to become financially prudent at a younger age than your peers.
5) Start Your Own Business
JC economics teaches many important economic concepts such as market structures, demand & apply, and price elasticity.
Understanding these theories will help you greatly in your decision making when you run your own business in the future.
6) Decision-Making in Your Daily Life
Economics affects our daily lives and pretty much every choice we have about our work, leisure activities, how much we save, etc.
That’s why I love economics because it explains how the world works as almost everything in life is related to money.
From simple concepts such as knowing the importance of opportunity cost and how it affects every decision we make, to using Gross Domestic Product (GDP) to measure economic growth.
It is only by learning economics that you will start to appreciate these concepts.
7) Economics is pretty fun too!
Even with all the above benefits of learning economics mentioned, you may still find economics to be bland and boring.
Well, let me share some mind-boggling economics facts to spice things up!
With just $1, by doubling it everyday, in a mere 48 days, you’ll have about $200,000,000,000!
An economic recession usually happens every 10 years.
Bill Gates’s net worth is greater than the GDP of 130 countries.
Interesting isn’t it? Once you integrate and make economics applicable to real life, it gets pretty fascinating!
I hope this article has helped you realise that JC Economics is a very fun subject and it sets the foundation for your future success in many careers! You should be excited to learn it!
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