I think we can all agree that 2022 was an eventful year for Malaysia.
After a whirlwind election, the 10th Prime Minister was finally appointed.
Before you scratch your head as you read this seemingly political news, this historical moment also created a new wave in the economic scene. As soon as Datuk Seri Anwar Ibrahim was sworn in as the Prime Minister, the Malaysian Ringgit soared 1.8 per cent to its highest over the course of the past two months.
If you are taking Economics as one of your core subjects for your SPM, this phenomenon would totally make sense to you because you are aware of the factors that influence foreign exchange rates, which include a nation's political stability.
In this article, we will focus on the relevance of studying Economics for your secondary education and learning the effective ways to score well for your SPM Economics Paper 1 and Paper 2.
Benefits of Studying Economics During Your Secondary Education
While it's important to pass your SPM Economics papers with flying colours, it's also worth noting the benefits of mastering this subject.
Once you start learning, you'll soon notice that these core concepts are closer than you think. They're super practical and useful in the long run too!
Here are three benefits that you can enjoy as you learn the core concepts of Economics during your Form 4 and Form 5 studies.
Benefit 1: Develop a greater awareness of current economic trends and issues
As mentioned in the introduction, having some prior economical knowledge will not keep you in the dark. You won't be totally taken aback when you read of new government policies.
In fact, you'll be more collected and more prepared to make the necessary financial decisions pertaining to your everyday life.
This leads us nicely to our next point.
Benefit 2: Plan better for your future
Once you have graduated from university, you'll step into the working world.
After a month of hard work, you finally receive your first paycheck.
The moment you look at your salary slip, you will notice that your net salary is slightly lower than your discussed salary with your employer. That's because a small portion of your salary is deducted due to the Employee Provident Fund (EPF).
The initial contribution rate was initially set at 11 per cent. However, during the peak of the pandemic in 2021, employees were given the option to opt for a 9 per cent contribution rate. The contribution rate has since been adjusted back to 11 per cent now.
Source: Business Today
While it does provide temporary financial relief to those who were badly hit during the pandemic, many economists weighed in and said that the EPF rate is best maintained at 11% to ensure a secure and stable retirement saving scheme for many.
Having a good understanding of how EPF works from the start will give you an advantage in planning your personal finance and how it affects your retirement plans in the long run. It will also motivate you to plan your savings and even apply for higher-paying jobs in the future.
Benefit 3: It could lead to more career opportunities
Your interest and expertise in the field of Economics will take you places.
Of course, you can even further your tertiary studies with a degree in Economics.
Some of the career options that you can explore include:
- Financial Planner
- Fund Manager
- Investment Manager
- Financial Analyst
- Economist
- Educator
- Economics Development Manager
- Market Analyst and Advisor and many more
Discover these reference books and studying materials for your SPM Economics papers here.
Essential Tips To Score Well For Multiple Choice Questions (SPM Economics Paper 1)
Now that you have looked at the advantages of learning and mastering Economics, let's get down to conquering the answering techniques to score the maximum marks for your SPM Economics Paper 1.
Tip 1: Look out for question requirements (keywords)
As you go through the questions in past year papers and state trial exams, you're bound to notice the keywords that will give you clues about the right answer.
Some of the common keywords that regularly appear are:
- Tujuan (Purpose)
- Maksud (Definition/Meaning)
- Kesan (Effects)
- Langkah (Steps)
Correctly identifying these keywords will help you in two ways. First, it's during your revision as you're organising your notes and memorising the vast concepts. Second, it's during your actual exam when you need to select the right answer option immediately.
Tip 2: Eliminate the wrong answer options
You will certainly come across questions that ask you to choose the right pairing (padanan).
An effective way to have a higher probability of getting the correct answer is to quickly eliminate the option that you know is 100% wrong. From there, it helps you to narrow down the answer options.
Tip 3: Double-check the answer to the calculation questions
You can expect some simple calculation questions for your SPM Economics Paper 1.
Multiple-choice questions are usually more straightforward (either having a formula or simple workings) and you can always double-check your answers with the help of a calculator!
Have an overview of the latest examination format of your SPM Economics subject.
How To Answer Effectively For Section A in SPM Economics Paper 2?
For your SPM Economics Paper 2, you will come across two sections.
Section A consists of three structured questions (compulsory to answer all). Each question holds 20 marks.
Here are two important tips to score well for this section.
Tip 1: Be prepared to list down and explain definitions, factors, effects and relationships of various economic concepts
The questions in Section A are usually paired with diagrams, tables, illustrations, graphs or a simple paragraph that explains an economic concept/scenario.
From there, you will be given another set of "follow-up" sub-questions like the example shown below:
- (a) Berdasarkan maklumat di atas, berikan maksud ............
- (b) Jelaskan konsep..............
- (c) Hitungkan keuntungan syarikat X mengikut konsep...... Berikan justifikasi anda.
Photo by Chivalry Creative on Unsplash
Tip 2: Make sure your answers are consistent according to the given scenario and previous sub-questions
Another important tip is to make sure your answers contain the right keywords, elaboration and examples according to the given scenario and concepts.
Also, make sure that you structure your points according to the mark allocation.
Let's say the mark allocation for a sub-question is 6 marks, it means that you have to give three points and three elaborations.
Don't miss out on these amazing tips to ace your SPM Economics papers.
Ways To Master The Essay Components (Section B) In SPM Economics Paper 2
Next, we move on to Section B of your SPM Economics Paper 2.
In this section, you will be given four question options, and you'll only need to answer two of them.
The mark allocation for each sub-question is higher and the answers are written in full paragraphs like a short essay.
Similarly, each question holds 20 marks.
Let's look at the tips to ace this section.
Tip 1: Plan your points according to Fakta (facts), Huraian (Elaboration) and Contoh (Examples)
Again, it's important to look at the mark allocation and keywords of the questions.
If the mark allocation is 4 marks and the keyword is Jelaskan, it means you have to include 2 Fakta and 2 Huraian/Contoh in your final answer.
Having said that, it's crucial to only answer two questions that you're most confident with. Don't attempt to answer all four because the examiners will only mark the first two question options that you have answered.
Tip 2: Use simple language, be straight to the point
Even though this section is an "essay component", you must always remember that it's not a language essay test.
Avoid fancy words as there's no point to beat around the bush. As soon as you have drafted your answers, straight away write down the facts, and keywords and elaborate with the right examples according to the given concepts and scenario.
Check out these platforms and resources to take your Economics knowledge to the next level.
Why Is Private Tutoring Relevant To You As A SPM Candidate?
You've read about the ways to master the marking scheme of SPM Economics Paper 1 and Paper 2.
If you are currently a Form 4 or Form 5 student, you might want to explore the option of taking private Economics lessons to enhance your understanding towards the topics, examination format and answering techniques consistently.
Having said that, you can find a reliable Economics tutor with the help of an amazing tutoring platform like Superprof!
At Superprof, you can easily connect with a tutor that matches your preferences in terms of teaching qualification, teaching methodology, hourly rates as well as teaching modes.
Let's review two main reasons why many SPM students are opting for private tutoring after their regular school hours.
Reason 1: Exploring a different teaching methodology
Private tutoring offers students another new lens to learn more effectively.
For instance, you might be able to understand certain economic concepts better through lessons which incorporate more visuals, animation or engaging PowerPoint slides as compared to only one-sided physical textbook lessons.
Find out more about the topics you'll learn in your latest Form 5 Economics syllabus.
Photo by NordWood Themes on Unsplash
Reason 2: Personalised guidance based on your learning pace/Flexible learning
Private tutoring enables students to learn at their pace without worrying about time limitations.
After all, you are the only student during the lesson. Your tutor will then be able to plan their lessons according to your needs more specifically.
Furthermore, you can also enjoy flexible learning in terms of the duration, and the scope of lessons, and even choose your preferred learning mode (home tutoring/online tutoring).
We hope you have gained a new perspective towards the importance of learning Economics as a SPM student. Kickstart your Economics learning journey with a Superprof Economics tutor by heading to the Superprof homepage today! You won't regret this!
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