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Syllabus

Blog Site update Syllabus

Welcome to Sepupunomics!

Victor Tan
 

Welcome friends and sepupus from around the world!

Sepupunomics is a blog and educational resource for both the young and the old on the wonderful subject of economics!

At this stage, many of you are coming from YouTube – thank you for stopping by and I hope you’ll find this entertaining and educational.

If you didn’t, you’re probably wondering – What is a sepupu?

Well, it means “cousin” in Malay. If you’re not down to read too much, just know that in my mind, I am sepupu, you are sepupu, we are all sepupu from across the universe; if you REALLY want to know what a Sepupu is and why I’m using this name against all good sense and even though it requires an explanation, here’s why this site is called Sepupunomics.

Part blog, part IGCSE, A Level, and IB Diploma Program economics resource sheet and combination of deep dives that almost nobody goes into, this is my attempt to help you understand the world and economy a little better as I learn about the world through the lens of economics, read about it, and reflect about it with you on this journey.

If you’ve never studied economics and you want to know why you should consider studying it…

Start with What is Economics and Why Learn About It?

There you will get a bit of the flavor of choice, what economics is, and why you may care even if you never take economics formally as a subject.

I hope you will have fun reading and thinking about some of these questions which have animated me for many years!

Meanwhile, just as we have our things in order, consider the…

Site Directory!

IGCSE, A Levels, and IB Diploma Economics (In General)

  1. Syllabus-related
  2. Tips for optimizing your time for exam practice

IGCSE

  1. Syllabus-related
  2. Paper 1
    • TBD!
  3. Paper 2
    • TBD!
  4. Premium resources:
    • IGCSE Economics Paper 2 Sample Response Bank

IB Diploma

  1. Syllabus-related
  2. Paper 1
    • TBD!
  3. Paper 2
    • TBD!
  4. Paper 3 (HL!)

Resources and publications

I started this blog because it’s what I would have wanted as a student, and I think that the topics within are both fascinating and intriguing to me – if they’re interesting to you too, it looks like we’ve found a match, an equilibrium, a clearing! 😀

Also yes, it is a blog, so you’ll get some of my thoughts here, there, and everywhere.
If you find this work valuable, do consider sharing it over social media, sharing it with your students, feel free to integrate it into your lesson plans as well, and make sure to learn as much as you can during this epic time ahead 🙂

…What are you waiting for?

Meanwhile, a most urgent matter: If you’re here for the first time and scratching your head about what a sepupu is, it means “cousin” in Malay – also, watch this video.

It may seem silly, but this is one of my many sources of motivation. More to come soon!

Happy reading!

V.

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Assessment IGCSE Economics Syllabus

IGCSE Economics 0455 – How Will I Be Assessed?

Victor Tan
 

We’ve talked a little bit about the syllabus and what IGCSE Economics 0455 consists of, as well as assessment objectives and a range of other things.

In case you haven’t gone into a total state of catatonia while you think about taking on this new subject just yet, then in that case, today, let’s dive deep into the IGCSE Economics 0455 Assessment structure so you’ll understand exactly how you will be assessed in the exams!

The Cambridge IGCSE Economics (0455) assessment is made up of two papers:

🧮 Paper 1: Multiple Choice

⏱ Time: 1 hour
📝 Marks: 40 marks
📊 Weight: 30% of the final grade
📦 Format: 40 multiple-choice questions

✅ What It Tests

  • AO1: Knowledge and understanding
  • AO2: Application and analysis

Expect to be tested on definitions, calculations, diagram interpretations, and quick conceptual relationships (e.g. shifts in supply/demand, price mechanisms).

🔎 Real-World Examples

  • “What is the opportunity cost of a choice?”
  • “If price increases from $5 to $6 and quantity falls from 100 to 80, what is the PED?”
  • “Which diagram shows a contraction in demand?”

🧠 Pro Tips (Beyond the Syllabus)

  • Don’t underestimate this paper. Many students treat MCQ as “easy marks,” but 4 deceptively plausible answers require deep understanding.
  • Time yourself tightly — that’s 1.5 minutes per question. Don’t linger. Skip and return. Remember that every single question is worth the same number of points. If you get one wrong, it is bad, but you shouldn’t let any individual question take up your time to the point that you end up losing marks on the rest of the paper.
  • Master your diagrams. Many questions show supply and demand graphs — a small shift can change the entire meaning. Understand what everything means, why it works that way, and how to use the diagrams in order to illustrate or understand real-world situations. Understanding the theory itself is something that you can brag about, but if you cannot deal with real-world situations, I doubt that you understand the theory.
  • Memorize formulas cold — PED, PES, GDP per capita, average cost, etc. Make sure to know how to use them and practice using them with real questions.You won’t have time to figure them out on the spot.
  • Use process of elimination. Even if you’re unsure of the right answer, you can usually spot at least one wrong one.

✍️ Paper 2: Structured Questions

⏱ Time: 2 hours
📝 Marks: 80 marks
📊 Weight: 70% of the final grade
📦 Format:

  • Section A: 1 compulsory data response question (20 marks)
  • Section B: 3 out of 4 extended response questions (3 × 20 marks)

✅ What It Tests

  • All 3 Assessment Objectives:
    • AO1: Knowledge
    • AO2: Application and Analysis
    • AO3: Evaluation

🔍 Section A – Data Response

You’re given a short article, chart, graph, or table and a set of questions from (a) to (f).

This is where Cambridge tests your ability to:

  • Read real-world economic data
  • Extract and apply relevant concepts
  • Use evidence to support answers
  • Demonstrate analysis and some evaluation

✅ Insider Insight:

  • This section reflects what the examiners consider a “real economist in action.”
  • You MUST use the data provided – don’t ignore it. Quote a figure, mention a trend, refer to the chart. USE your data.
  • Common error: Writing answers as though this were a generic question. If they gave you a chart about Malaysia’s inflation, don’t answer as if it’s the USA. Be specific and tailor your answers to the context.

🔍 Section B – Essay Questions

Choose 3 out of 4 questions. Each has parts (a), (b), (c), (d) – usually:

  • (a) Define / Identify / State → Simple (2–4 marks)
  • (b) Describe / Explain → Short explanation or diagram (4–6 marks)
  • (c) Apply / Analyse → Often diagram-based or scenario-based (6–8 marks)
  • (d) Discuss / Evaluate → Full essay with balanced arguments + judgment (6–8 marks)

✅ Insider Insight:

  • Cambridge is really testing if you understand not just what economics is, but how to think like an economist.
  • Evaluation is where A* students separate themselves from A students. Use phrases like:
    • “It depends on…”
    • “In the short run… but in the long run…”
    • “Assuming that…”
    • “A potential limitation is…”
  • The phrases above are all about evaluating or deciding what is right and being able to deal with uncertainty.What if what you believe was not true? What if it’s only true in a certain way? If it’s true, then what will happen now? Then, what will happen later on if this is allowed to play out? These are questions that you will need to ask about.

🎓 What Sets Top Students Apart (Not in the Syllabus!)

  1. They treat command words like legal instructions
    • Explain ≠ Describe, Discuss ≠ Evaluate. Misinterpreting these costs marks.
  2. They practice writing under timed conditions
    • 20-mark essays need to be done in ~35–40 minutes, including thinking + diagrams + writing. Make sure to do timed practice, but before you even get to that, make sure that you can do your papers accurately and with good quality analysis. You will have plenty of time to practice when you begin the IGCSE, but you can honestly do so even earlier on.
  3. They practice.
    • It’s all good and well to know theory and to have the sense that you understand what you say that you understand, but you will never really know how much you understand until you test yourself against reality. This means collecting actual past year papers and dealing with those past year papers, working with them, and ensuring that you are able to do the paper. If you are not good enough, this doesn’t mean that the paper is unfair, this doesn’t mean that you are in an unreasonable situation. If you chose to take this paper, you have the ability to improve, you have the ability to deal with the subject.
  4. They know their diagrams inside out
    • Don’t just draw — annotate. Show shifts, label new equilibria, write clear captions and titles (Figure 1 says…). Be clear what your diagrams actually represent, rather than just drawing them out. What are they really saying? What are you trying to say? What does the diagram communicate? Don’t just memorize and then draw one after another. You are not here to memorize how they look. You are here to use them as tools. In order to demonstrate the clarity of your thinking.
  5. They incorporate context, especially in evaluation
    • A* answers show real-world thinking — e.g., “In developing economies like Kenya…” or “Due to oil dependence, this might be more relevant for countries such as…”
  6. They build “evaluation templates” in their head
    For every topic, they ask:
    • What are the arguments for?
    • What are the arguments against?
    • Under what conditions does this work/not work?

🔖 Summary Table – At a Glance

PaperTypeDurationMarksWeightKey Features
1Multiple Choice1 hr4030%40 MCQs, diagrams, definitions, quick calculations
2Structured Questions2 hrs8070%1 Data response + 3 Essay questions, long-form analysis

All right, and that is your assessment structure and that’s how you’re going to be graded on your IGCSE Economics 0455!

Hope this helps, and look forward to seeing you in the next piece, sepupus!

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Assessment Exam tips IGCSE Economics Syllabus

Understanding Your Command Words in IGCSE Economics

Victor Tan
 

Today’s blog post is about what we call command words in the IGCSE.

Command words are extremely important because these are the words that you’re going to see in every IGCSE question.

Each one has a specific meaning as identified by Cambridge, and it is crucial to understand all of them in order to understand how you should respond.

…How wonderful that your beloved sepupu has compiled not only a list of your command words but also will be demonstrating how to make use of them!

Without further ado, here are your command words as taken from the IGCSE Cambridge Economics syllabus – these were the same across the 2023 -2025, 2026, and 2027-2029 syllabi – behold!

Now that you know what the command words are, let’s look at some tangible examples of situations where they would be used and how they would be used.

Ready?

Let’s go!

1. Analyse

“Examine in detail to show meaning, identify elements and the relationship between them.”

Example Question:

Analyse how an increase in interest rates might affect consumer spending and borrowing.

What to Do:

  • Identify the elements: interest rates, consumer spending, borrowing.
  • Show the relationships: Higher interest → costlier loans → less borrowing → lower spending.
  • Include linking phrases like: “This leads to…”, “As a result…”, “Consequently…”.

✅ Use:

“As interest rates increase, the cost of borrowing rises. This discourages consumers from taking loans for major purchases such as cars and homes. At the same time, saving becomes more attractive, reducing overall consumer expenditure.”

2. Calculate

“Work out from given facts, figures or information.”

Example Question:

Calculate the price elasticity of demand using the following data: Price rises from $10 to $12, quantity demanded falls from 100 to 80.

3. Define

“Give precise meaning.”

Example Question:

Define opportunity cost.

✅ Answer:

“Opportunity cost is the next best alternative foregone when a decision is made to use scarce resources for one purpose over another.”

✳️ No examples needed unless asked for.

4. Describe

“State the points of a topic / give characteristics and main features.”

Example Question:

Describe the characteristics of a mixed economy.

✅ Answer:

“A mixed economy is one where both the private sector and the government are involved in resource allocation. It combines features of a market economy, such as private ownership and profit motive, with government intervention in areas like education and healthcare.”

🔹 This is factual, descriptive — not evaluative. You are not expected to talk about whether a mixed economy is good or bad. You are only meant to retrieve your understanding and memory of what you are being asked about.

5. Discuss

“Write about issue(s) or topic(s) in depth in a structured way.”

Example Question:

Discuss whether a government should subsidise the production of electric vehicles.

✅ Answer Structure:

  • Introduction of the issue
  • Arguments for subsidies: reduce pollution, encourage innovation
  • Arguments against: opportunity cost, risk of inefficiency
  • Conclusion: balanced, thoughtful judgment

✅ Answer Snippet:

“Subsidising electric vehicle production can encourage environmentally friendly transport and reduce emissions. However, it may be costly for governments and could distort the market. Whether it is justified depends on the long-term environmental and economic benefits.”

6. Explain

“Set out purposes or reasons / make the relationships between things clear.”

Example Question:

Explain why inflation can hurt savers.

✅ Answer:

“Inflation reduces the purchasing power of money. If savers keep their money in accounts with low interest rates, the real value of their savings falls, meaning they can buy less with the same amount of money over time.”

✳️ Look for cause-effect chains. To get good at this, start thinking about how everything you are learning relates together and ask yourself how different factors can affect one another. Don’t just commit things to memory but actually think about the common sense implications of how certain factors can cause other things to happen. Get used to doing that repeatedly.

7. Give

“Produce an answer from a given source or recall/memory.”

Example Question:

Give one example of a merit good.

✅ Answer:

“Education.”

✳️ Usually just a one-word or short-phrase recall question.

8. Identify

“Name/select/recognise.”

Example Question:

Identify two causes of unemployment.

✅ Answer:

“Cyclical unemployment, structural unemployment.”

✳️ Similar to “Give”, but may come with options or lists.

9. State

“Express in clear terms.”

Example Question:

State one function of a central bank.

✅ Answer:

“To control the money supply.”

✳️ Be concise, clear, and exact.

Hope this was helpful to you. Thank you for reading, and look forward to seeing you in the next ones!

V.

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