Economics vocabulary helps students understand why prices move, why resources are scarce, how businesses make choices and what governments can—and cannot—change. A Singapore student may read about rising food prices without recognising whether demand, supply or both have shifted. This guide explains 200 useful Economics terms with clear definitions, worked examples, diagrams to practise and practical situations from families, small shops, workers and global trade.

The 2027 Singapore-Cambridge SEC G3 Economics syllabus is K343 (reference code 2286 for earlier examinations). It is available to candidates from schools approved to offer the subject. The curriculum covers six areas: the basic economic problem, resource allocation, microeconomic decision-makers, government and the macroeconomy, economic development, and international trade and globalisation. The glossary is a curated eduKate study resource, not a prescribed SEAB list of 200 words.

Quick answers:

• Always distinguish a movement along a demand or supply curve from a shift of that curve.
• Use a consistent price and quantity graph before describing an equilibrium change.
• Opportunity cost means the next best alternative forgone—not the sum of every rejected alternative.
• Explain who gains and who loses when a tax, subsidy, price control or tariff changes incentives.
• In 2027, K343 Paper 1 has 40 MCQs in one hour (30%); Paper 2 is a two-hour structured paper (70%).
• Learn concepts with real decisions, numerical examples and fair counterarguments, not isolated definitions.

1–10: Economic thinking and scarce resources

1. scarcity — Insufficient resources to satisfy all wants.
2. choice — Selection between alternatives when resources are limited.
3. opportunity cost — Value of the next best alternative forgone.
4. economic problem — Need to allocate finite resources among competing uses.
5. economic good — A good that uses scarce resources and carries an opportunity cost.
6. free good — A good available without scarcity at the place and time concerned.
7. resource allocation — Deciding how scarce inputs are distributed among uses.
8. consumer — Person who buys or uses goods and services.
9. producer — Business or individual supplying goods and services.
10. government — Public authority making collective economic decisions.

Use these terms: Draw an economic diagram or write a small real-world example.

11–20: Factors of production

11. land — Natural resources used in production.
12. labour — Human effort used to produce goods or services.
13. capital — Man-made goods used to help production.
14. enterprise — Ability to organise factors and bear business risk.
15. wages — Payment rewarding labour.
16. rent — Payment rewarding the use of land or premises.
17. interest — Payment associated with lending capital.
18. profit — Remaining revenue after relevant costs.
19. productivity — Output per unit of input.
20. specialisation — Concentrating on a narrower activity or task.

Use these terms: Explain who makes a decision and what alternative they give up.

21–30: Production possibility curves

21. production possibility curve — Diagram showing maximum combinations possible with resources and technology.
22. productive efficiency — Producing on the feasible frontier rather than leaving resources unused.
23. underutilisation — Resources not being fully employed.
24. unattainable output — Combination beyond present production capacity.
25. trade-off — Giving up some output to obtain more of another.
26. economic growth — Rise in the capacity or actual output of an economy.
27. outward shift — Movement of a production frontier reflecting increased capacity.
28. inward shift — Movement of a production frontier reflecting lost capacity.
29. movement along a PPC — Changing the combination produced with a given capacity.
30. production capacity — Maximum output possible under specified conditions.

Use these terms: Describe which factor changes and which stays constant.

31–40: Demand and consumer choices

31. demand — Quantity consumers are willing and able to buy at various prices.
32. individual demand — Demand from one consumer.
33. market demand — Combined demand from all consumers in a market.
34. demand schedule — Table relating possible prices and quantities demanded.
35. demand curve — Graph of the relationship between price and quantity demanded.
36. quantity demanded — Amount consumers will buy at a stated price.
37. extension of demand — Rise in quantity demanded caused by a fall in own price.
38. contraction of demand — Fall in quantity demanded caused by a rise in own price.
39. demand shift — Change in demand at each price due to a non-price influence.
40. substitute good — Alternative product that can replace another in consumption.

Use these terms: Compare a benefit and a cost to two different stakeholders.

41–50: Demand influences

41. complementary good — Product used together with another product.
42. normal good — Good whose demand generally rises with income.
43. inferior good — Good whose demand can fall as income rises.
44. consumer income — Money available to a buyer over a period.
45. consumer preference — Tastes influencing purchase decisions.
46. advertising — Promotion intended to influence consumers.
47. population size — Number of people in the relevant market.
48. expectations — Beliefs about future prices or conditions affecting decisions.
49. purchasing power — Ability of income to buy goods and services.
50. consumer confidence — Willingness to spend based on views of current and future conditions.

Use these terms: Draw an economic diagram or write a small real-world example.

51–60: Supply and market response

51. supply — Quantity producers are willing and able to sell at different prices.
52. individual supply — Quantity offered by one producer.
53. market supply — Total quantity offered by producers in a market.
54. supply schedule — Table of prices and associated quantities supplied.
55. supply curve — Graph showing price against quantity supplied.
56. quantity supplied — Amount offered at a given price.
57. extension of supply — Rise in quantity supplied when own price rises.
58. contraction of supply — Fall in quantity supplied when own price falls.
59. supply shift — Change in supply at each price from a non-price factor.
60. production costs — Expenses and resources used to make a product.

Use these terms: Explain who makes a decision and what alternative they give up.

61–70: Supply influences

61. input price — Price of a production resource.
62. technology — Methods and tools affecting productive capability.
63. weather conditions — Atmospheric conditions affecting production and distribution.
64. tax on producers — Charge influencing a producer’s cost or decisions.
65. producer subsidy — Financial support reducing effective production costs.
66. number of firms — Count of sellers operating in a market.
67. stock level — Quantity of goods held for later sale.
68. production disruption — Event reducing normal ability to supply.
69. supply chain — Connected activities delivering a product from source to buyer.
70. producer expectations — Beliefs about future market conditions affecting present output.

Use these terms: Describe which factor changes and which stays constant.

71–80: Equilibrium and price signals

71. market — Arrangement bringing buyers and sellers together.
72. equilibrium price — Price where quantity demanded equals quantity supplied.
73. equilibrium quantity — Amount exchanged at market equilibrium.
74. excess demand — Quantity demanded exceeds quantity supplied at a price.
75. excess supply — Quantity supplied exceeds quantity demanded at a price.
76. shortage — Gap when buyers want more than sellers provide at a given price.
77. surplus — Gap when producers offer more than buyers purchase at a price.
78. price mechanism — How prices guide resource allocation.
79. price signal — Information conveyed to buyers and sellers through changing prices.
80. market disequilibrium — Situation where demand and supply quantities do not match at a price.

Use these terms: Compare a benefit and a cost to two different stakeholders.

81–90: Elasticity of demand

81. price elasticity of demand — Responsiveness of quantity demanded to a change in price.
82. elastic demand — Demand with proportionately larger quantity response than price change.
83. inelastic demand — Demand with proportionately smaller quantity response than price change.
84. unitary elasticity — Equal proportional quantity and price changes in magnitude.
85. perfectly inelastic demand — Quantity demanded does not change with price.
86. perfectly elastic demand — Idealised demand at one price and none above it.
87. percentage change — Change divided by original value then multiplied by one hundred.
88. availability of substitutes — Access to alternatives influencing price sensitivity.
89. necessity — Product considered important for ordinary needs.
90. consumer expenditure — Total amount buyers spend on the product.

Use these terms: Draw an economic diagram or write a small real-world example.

91–100: Elasticity of supply

91. price elasticity of supply — Responsiveness of quantity supplied to a price change.
92. elastic supply — Supply with a larger proportional quantity response than price change.
93. inelastic supply — Supply with a smaller proportional quantity response than price change.
94. perfectly inelastic supply — Supply whose quantity is fixed despite price changes.
95. unitary supply elasticity — Equal proportional changes in quantity and price.
96. production time — Time required to increase output.
97. spare capacity — Unused resources that could increase production.
98. stock availability — Inventory available to respond to changed demand.
99. factor mobility — Ease of transferring production inputs among uses.
100. supply responsiveness — Speed and scale with which output can change.

Use these terms: Explain who makes a decision and what alternative they give up.

101–110: Markets and government intervention

101. market economy — System relying mainly on private decisions and prices.
102. mixed economy — System combining market activity with government involvement.
103. market failure — When unregulated markets allocate resources inefficiently.
104. public good — Good that is non-excludable and non-rival in consumption.
105. merit good — Good with benefits that may be underestimated by consumers.
106. demerit good — Good with harms that may be underestimated by consumers.
107. external cost — Cost falling on someone outside a transaction.
108. external benefit — Benefit received by someone outside a transaction.
109. social cost — Private cost plus external cost.
110. social benefit — Private benefit plus external benefit.

Use these terms: Describe which factor changes and which stays constant.

111–120: Policy tools

111. indirect tax — Charge on goods or services rather than directly on income.
112. subsidy — Financial support intended to influence production or consumption.
113. maximum price — Legal ceiling beyond which a price cannot rise.
114. minimum price — Legal floor below which a price cannot fall.
115. regulation — Rule governing economic activities.
116. quota — Limit on a specified amount or quantity.
117. direct provision — Government supplying goods or services itself.
118. nationalisation — Transfer of ownership to the public sector.
119. privatisation — Transfer of state ownership to private owners.
120. monopoly power — Ability of a dominant seller to influence market conditions.

Use these terms: Compare a benefit and a cost to two different stakeholders.

121–130: Money and households

121. money — Generally accepted medium used for payment.
122. medium of exchange — Something accepted in return for goods and services.
123. store of value — Ability to preserve purchasing power over time.
124. unit of account — Common measure for prices and debts.
125. commercial bank — Institution offering deposits, loans and other financial services.
126. central bank — Public monetary authority supporting currency and system stability.
127. saving — Income not spent on present consumption.
128. borrowing — Receiving funds with an obligation to repay.
129. interest rate — Percentage charge or reward associated with borrowing or saving.
130. household budget — Plan of expected income and spending.

Use these terms: Draw an economic diagram or write a small real-world example.

131–140: Workers and employment

131. labour market — Market where employers and workers interact.
132. labour demand — Employers’ willingness and ability to hire at wage rates.
133. labour supply — Workers willing and able to work at wage rates.
134. wage determination — Process through which pay levels are established.
135. trade union — Organisation representing workers’ interests.
136. collective bargaining — Negotiation between workers’ representatives and employers.
137. occupational mobility — Ability to move between types of work.
138. geographical mobility — Ability to move to a different location for employment.
139. division of labour — Splitting production into specialised tasks.
140. minimum wage — Legal wage floor where one applies.

Use these terms: Explain who makes a decision and what alternative they give up.

141–150: Firms, costs and growth

141. fixed cost — Cost not changing directly with short-run output.
142. variable cost — Cost changing with output.
143. total cost — Sum of fixed and variable costs.
144. average total cost — Total cost divided by output.
145. average fixed cost — Fixed cost divided by output.
146. average variable cost — Variable cost divided by output.
147. total revenue — Price times quantity sold in a simple model.
148. average revenue — Revenue per unit sold.
149. economies of scale — Falling average costs as production scale grows.
150. diseconomies of scale — Rising average costs as scale grows too large.

Use these terms: Describe which factor changes and which stays constant.

151–160: Business structures and markets

151. primary sector — Activities extracting or harvesting natural resources.
152. secondary sector — Activities manufacturing or processing materials.
153. tertiary sector — Activities providing services.
154. horizontal merger — Joining firms at the same stage of production.
155. vertical merger — Joining firms at different stages of a supply chain.
156. conglomerate merger — Joining firms in unrelated industries.
157. competitive market — Market with many businesses competing for customers.
158. monopoly — Market supplied by one seller under a specified definition.
159. labour-intensive production — Production using relatively more labour than capital.
160. capital-intensive production — Production using relatively more capital than labour.

Use these terms: Compare a benefit and a cost to two different stakeholders.

161–170: Economic indicators

161. macroeconomics — Study of an economy-wide system.
162. gross domestic product — Value of final output produced within a country in a period.
163. real GDP — GDP adjusted for changes in the price level.
164. economic development — Improvement in welfare and opportunities alongside economic change.
165. unemployment — People able and willing to work but without a job under a defined measure.
166. inflation — Sustained rise in the general price level.
167. deflation — Sustained fall in the general price level.
168. consumer price index — Index measuring changes in prices of a selected basket.
169. living standard — Level of material conditions and broader wellbeing.
170. income inequality — Unequal distribution of income.

Use these terms: Draw an economic diagram or write a small real-world example.

171–180: Macroeconomic policies

171. fiscal policy — Government use of taxation and spending to influence the economy.
172. government budget — Planned public revenue and spending.
173. budget deficit — Government spending exceeds receipts over a period.
174. budget surplus — Government receipts exceed spending over a period.
175. monetary policy — Actions influencing money, interest or exchange conditions.
176. money supply — Amount of money available under a defined measure.
177. supply-side policy — Measures raising an economy’s productive capacity.
178. progressive tax — Tax taking a larger income share at higher income levels.
179. regressive tax — Tax taking a larger income share at lower income levels.
180. economic stabilisation — Policies intended to reduce disruptive economic fluctuations.

Use these terms: Explain who makes a decision and what alternative they give up.

181–190: Development and population

181. poverty — Lack of resources to meet essential living needs.
182. absolute poverty — Insufficient means to meet a specified basic-needs threshold.
183. relative poverty — Low resources compared with others in a society.
184. human development — Improvement in health, education and living conditions.
185. population growth — Increase in the number of residents over time.
186. birth rate — Live births relative to population size in a period.
187. death rate — Deaths relative to population size in a period.
188. dependency ratio — Dependants compared with people of working age under a definition.
189. life expectancy — Expected years of life based on mortality conditions.
190. sustainable development — Improvement today without undermining future generations.

Use these terms: Describe which factor changes and which stays constant.

191–200: International trade and foreign exchange

191. international trade — Buying and selling across national boundaries.
192. free trade — Trade without certain government-imposed barriers.
193. tariff — Tax placed on imported goods.
194. import quota — Restriction on the amount allowed to be imported.
195. protectionism — Policies shielding domestic producers from foreign competition.
196. globalisation — Growing connectedness among economies.
197. exchange rate — Price of one currency in terms of another.
198. currency appreciation — Increase in a currency’s value relative to another.
199. currency depreciation — Decrease in a currency’s value relative to another.
200. current account — Balance-of-payments record covering goods, services and selected income and transfers.

Use these terms: Compare a benefit and a cost to two different stakeholders.

Why economics is more than money

The starting point is scarcity: people have many wants, but time, land, materials, labour and other resources are limited. Economics studies choices made under these constraints. A secondary student choosing between an extra hour of revision and a social activity faces an opportunity cost, though the choice also has wellbeing implications. A neighbourhood café choosing between spending on an additional oven and training staff faces the same basic issue at business scale. Governments must similarly choose among public services and other priorities.

When a student says “every choice has a cost”, ask which next best alternative is lost. That precise meaning prevents a common error: counting every rejected possibility as opportunity cost. The opportunity cost of using a limited study hour for one activity is the value of the next best use—not an automatic financial charge. The concept matters because the best decision cannot be identified without considering what has been sacrificed.

Worked example 1: a production possibility curve

Imagine a small economy that can make school desks or chairs. With its existing machinery and labour, it could produce 100 desks and no chairs, 50 desks and 150 chairs, or zero desks and 250 chairs, with other feasible combinations between. A production possibility curve represents the maximum combinations achievable under specified resources and technology. A point inside the curve may reflect underutilised resources. A point beyond the curve is not presently feasible. An outward shift could result from better productivity or added resources; a movement along it shows reallocating production.

The precise curve shape depends on how opportunity costs change as resources are moved between uses. Do not draw a curve with invented values and then claim those numbers describe Singapore’s actual economy. Hypothetical diagrams teach logic; actual economic claims require data and sources.

Worked example 2: market demand is not the same as quantity demanded

Consider a fictional Punggol café selling 200 sandwiches a day at $5. If the café raises the price to $6 and buyers respond by purchasing 170 sandwiches, that may represent a contraction in quantity demanded along the demand curve, holding other influences constant. If more commuters move into the neighbourhood, demand at every given price might increase, represented by a rightward shift of demand. These are different explanations and use different diagram movements.

Similarly, suppose an increase in ingredient costs makes sandwich production more expensive. The supply curve may shift left, raising the market price and reducing equilibrium quantity, depending on the circumstances. The key is to identify the non-price cause of the shift. Students should label both axes, use the original and new curves, and trace the new equilibrium rather than make an unsupported claim that prices always rise.

Worked example 3: what price elasticity of demand means

A product’s price rises from $10 to $11 while quantity demanded falls from 100 to 80 units. Using the original-value percentage-change method for this simple example, price rises 10% and quantity falls 20%. The absolute price elasticity of demand is 2, indicating elastic demand. Before the price increase, revenue was $1,000; afterwards it becomes $880. This illustrates why a price increase can lower total revenue when demand is sufficiently elastic under the conditions shown.

Students should take care with the percentage base and with the convention used in the syllabus. The sign of a demand elasticity is usually negative due to the inverse price relationship, but school diagrams and classifications commonly report magnitude. An elasticity number alone does not establish the cause of behaviour: the availability of substitutes, proportion of income spent and time to adjust all matter.

Worked example 4: shortage versus surplus

Suppose a market’s equilibrium price is $8. A legally imposed maximum price of $5 is below equilibrium and may create excess demand: consumers want to buy more than producers offer at that price. Queues, non-price rationing and shortages may result, depending on policy design and market conditions. A minimum price set above equilibrium can instead produce excess supply. The diagrams show a mechanism; they do not prove every real-world price intervention will have the same exact effect.

Government policies may be motivated by equity, public health or environmental aims, not only market efficiency. In an evaluation, ask whether the policy reaches its intended group, who pays its costs, whether it changes supply incentives and whether a complementary intervention could help. Saying “all price controls are bad” or “all subsidies are good” is not an economics argument.

Worked example 5: market failure and costs on other people

Imagine a factory whose production creates noise affecting nearby residents. The factory may consider its wages, rent and raw materials but not all of the inconvenience experienced by neighbours. That is an external cost. The social cost includes private cost plus external cost. A policy such as suitable regulation or taxation may address the gap between the firm’s decision and the wider effect, but design and enforcement affect success. The student should identify who bears the external cost and which behaviour the intervention aims to change.

Contrast a public-health education campaign that benefits people beyond those directly participating. A vaccination or environmental action may create spillover benefits in relevant circumstances; the exact economic classification depends on how consumers value those effects. Do not turn an exam example into personalised medical advice. Economics concerns how resources and incentives affect group outcomes.

Worked example 6: costs and revenues for a small business

Suppose a fictional retailer has fixed costs of $2,000 per month, variable costs of $3 per unit and sells 500 units at $8. Total revenue = $8 × 500 = $4,000. Total variable costs are $1,500; total cost is $3,500; profit is $500. Average total cost is $3,500 ÷ 500 = $7 per unit. These simple calculations help explain why a business could sell many items yet earn little profit if its costs are high.

As production grows, a larger firm might negotiate cheaper materials or use specialised equipment, reducing average costs. These are possible economies of scale. But excessive complexity, coordination difficulties or other inefficiencies can create diseconomies of scale. The comparison is about average cost as scale changes, not a claim that big businesses always perform better than small ones.

Worked example 7: inflation and real purchasing power

If a simple basket of everyday items cost $100 last year and $105 this year, the basket’s calculated price increase is 5%. Someone whose nominal income stays at $100 can now buy less of that basket. This illustrates inflation eroding purchasing power. Official inflation rates use carefully constructed price indexes with selected weights and methods, not one person’s grocery list. Students should distinguish a single product becoming more expensive from a sustained increase in the general price level.

In policy questions, governments may face trade-offs. Measures that reduce overall demand can help restrain inflation in some conditions but may slow spending or employment. Supply-side policies take time and their effects depend on implementation. A good evaluation explains the mechanism and the likely short- and long-run consequences instead of asserting one policy is always best.

Worked example 8: interest rates and monetary policy

For a hypothetical borrower, an increase in the interest rate makes a variable-rate loan more expensive, all else equal. This may reduce spending and borrowing. For savers, higher deposit interest can increase the reward from saving, although inflation and other terms matter. An economy-wide policy may influence investment, currency values, imports and exports through several channels. Singapore’s monetary policy has a distinctive exchange-rate-centred framework, so learners should distinguish the general textbook tools described in K343 from the particular institutional practices of different countries.

Students should never interpret an economics illustration as a prediction that rates or currency prices will move in a particular direction next month. Economic outcomes are uncertain and influenced by many interacting developments.

Worked example 9: free trade and its consequences

International specialisation can allow countries to focus on activities in which they are relatively efficient, and trade may expand consumer choice. But the effects are not evenly spread. Certain producers may face competition, some workers may need retraining, and long supply chains can create exposure to disruption. Protectionism through tariffs or quotas may help certain domestic activities in the short term while raising prices or provoking other costs. A balanced answer considers groups, time periods and the stated policy aim.

If Singapore imports food, an exchange-rate change can alter its domestic price, though contracts, logistics and global supply conditions also affect the final retail price. The learner should not reduce an entire price change to “the currency moved” without supporting evidence. These connections make trade and inflation terms useful outside the classroom.

Worked example 10: development versus growth

An economy can produce more goods and services, reflected in higher real GDP, without every household seeing the same improvement in wellbeing. Economic development is broader, involving living conditions, health, education and opportunity. Income inequality, environmental quality and access to services may shape how growth is experienced. To evaluate development, use an appropriate mix of indicators rather than a single figure. The choice of indicators depends on the question and the outcomes that matter.

The 2027 K343 assessment format

The official 2027 G3 Economics K343 syllabus specifies Paper 1: 40 MCQs, 1 hour, 40 marks, 30%, allowing approved calculators. Paper 2: structured questions, 2 hours, 80 marks, 70%. In Paper 2 Section A, candidates answer a compulsory 20-mark data-based question. In Section B, they answer three 20-mark questions from a choice of four, drawing on diagrams, calculations and economic reasoning. The concluding parts of longer questions may require evaluation that recognises both sides and the uncertainty of outcomes.

Assessment objectives involve knowledge and understanding, analysis, and evaluation. Students should read the marks allocated to each part and match the amount of explanation to the task. A definition needs accuracy; a diagram needs a labelled mechanism; an evaluative answer needs a reasoned conclusion and appropriate qualifications. No single memorised template substitutes for reading the real data.

Four-week vocabulary and diagrams study plan

1. Week 1 — Scarcity and markets: choose fifty terms from factors of production, PPCs, demand, supply and equilibrium. Practise drawing and interpreting shifts versus movements along curves.
2. Week 2 — Elasticity and market failure: calculate PED and PES from simple changes. Identify who bears external costs and who might benefit from an intervention. Check the price and quantity base of every calculation.
3. Week 3 — Households, firms and the macroeconomy: use costs, revenues, employment and inflation examples. Explain consequences for consumers, workers, producers and government, while acknowledging uncertainty.
4. Week 4 — Development and trade: read an unfamiliar economic data paragraph, produce one relevant diagram and write a two-sided judgement. Revise the definitions that caused genuine reasoning errors.

Begin with five or ten weak terms per session and revisit after several days. A student who understands “market equilibrium” in a familiar graph should next practise recognising it in a new supply shock. That transfer is more useful than copying the same definition twenty times.

Common errors to repair

• “Demand rose because price rose”: distinguish price-caused quantity movement from shifts caused by non-price conditions.
• “Opportunity cost is every alternative”: it is the next best option forgone.
• “Elasticity equals slope”: responsiveness as a proportional change is not identical to the graphical slope.
• “A market failure means there is no market”: it may mean a market exists but produces inefficient outcomes.
• “Higher GDP always improves every life”: consider distribution and non-income indicators.
• “A government policy has one predictable effect”: explain possible trade-offs, conditions and time horizons.
• “A real-world example proves causation”: support economic claims with evidence and mechanisms.

Frequently asked questions

Are these the exact 200 Economics words tested by SEAB?

No. The list is an independent learning tool covering central syllabus concepts, with some explanatory bridging terms. The official syllabus determines the assessable subject content.

Does every school offer G3 Economics?

No. K343 is applicable to candidates from schools approved to offer the subject. Ask the school about actual availability and eligibility.

Is K343 the same as H1 or H2 Economics at Junior College?

No. It can prepare a foundation for later study, but JC H1 and H2 Economics have different syllabuses and expectations.

What is the main difference between Economics and Business?

Economics looks at choices, markets, policy and economy-wide effects. Business studies organisations making operational, marketing, people and financial decisions. The two overlap but do not have interchangeable examination content.

Why do students struggle with economics diagrams?

Often they have not identified the changed condition. Begin by naming the affected market, the cause, the curve that shifts or the movement along it, and what happens to equilibrium price and quantity.

Does Singapore’s monetary system use the same method as every textbook country?

No. Singapore places particular emphasis on managing the exchange rate, while textbook courses cover several possible monetary policy tools across countries.

Are definitions enough for Paper 2?

No. Students must apply data, draw or read diagrams, calculate accurately and evaluate alternative outcomes.

Can parents use supermarket prices for practice?

Yes. Use hypothetical or recorded prices to ask what factors might influence them, and separate observations from unsupported assumptions about why they changed.

Official syllabus and further reading

Read SEAB’s 2027 SEC G3 subject list and G3 Economics K343’s official syllabus for definitive learning outcomes and exam papers. For a related mathematics skill, see the 200-word G3 Mathematics guide for graphs, ratios and percentages. To distinguish financial accounting from economic analysis, see the G3 Principles of Accounts glossary. These concepts help readers understand daily economic choices without claiming that one graph or definition fully explains a complex society.

eduKate Punggol learning resource, November 2026. Original explanatory glossary; not an official prescribed 200-word list, price forecast or financial advice.