Economics Tuition for the chapter of Central Economics Problems

Chapter 2.2 – Central Economics Problems I – Economics Principles I
Chapter 2.3 – Central Economics Problems II – Economic Principles II
Chapter 2.4 – Central Economics Problems III – Three Economics System

Overview

In this chapter, there are some main economics principles and concepts which are of great imperative for the study of Economics.

Content of Teaching

2.2.1 The problems of scarcity
I. Meaning
II. Diagrammatical Illustration

2.2.2 Concept of resource Allocation
I. Meaning
II. Process of Resource Allocation

2.2.3 Opportunity Cost and Production Possibility
I. Meaning of Opportunity Cost
II. Meaning of Production Possibility Curve
III. Illustration of Opportunity Cost through the use of PPC
IV. Rate of Opportunity Cost as seen by PPC

2.2.4 Application of concept of Opportunity Cost through the use of PPC
I. Overview
II. Import of resources suitable for the production of capital goods
III. Import of goods and services for consumption
IV. Increase in the production of capital goods and decrease in the production of consumer goods

2.2.5 Concept of Marginal Principles in decision-making
I. Meaning
II. How the concept of marginal principle is conducted

2.2.7 Concept of Economic Efficiency
I. Meaning
II. Allocative Efficiency
III. Production Efficiency

2.2.9 Types of goods
I. Dimension of Goods
II. Concept of Externality
III. Classification of Goods

Chapter 2.3 – Three Types of Economic Systems

2.3.1 Meaning and Functions of Economic system
2.3.2 Free Market Economy
I. Meaning
II. Advantages and Disadvantages
2.3.3 Command Economy
I. Meaning
II. Advantages and Disadvantages
2.3.4 Mixed Economy
I. Meaning
II. Advantages and Disadvantages
Iii. Problems encountered during the transition from command to mixed economy.

JC Economics Essays for Discussion and Practices

In our tutorials for Economics Tuition, we will make discussion on how to develop a structure for their essay writing assignments. Our students will also be tasked to a class assignment after they have done their essay structure.

List of questions
Question 1 (class assignment)
Consider how the issue of scarcity, choice and opportunity cost are resolved in anyone area (education, housing or healthcare) in your country

Question 2
a) Explain two ways in which an economy might move from a point within its production possibility curve (PPC) to a point on it. (10)

Question 3
Economic instability is inevitable in the market economy and slow growth inevitable in the command economy.
How far do you agree with the statement above?

Question 4
GCE A Level 2016 Question 2b.

Economics Tuition Videos

The following video will provide our students more understanding on what they have been taught during our lessons.

Reviews of GCE A Level Questions for Economics by JC Economics Tutor Simon Ng

JC students need to take note that the question tested in GCE A level examination for this chapter can be part of a question as tested in 2016 and thi will be difficult for students if they are not prepared for this chapter.

JC Economics CSQ for Discussion and Practices

Two CSQs will be discussed and practised. One will be on the chapter on the concept of opportunity, production possibility curve while the question will be on the types of economic system. One question tested under the concept of opportunity will be discussed and students will be taught on how to answer the questions.

JC Economics Issues for Rational Thinking

Title: Overcoming our Economic Constraints

Singapore is small city state with a limited land space, small size of population and barren land of resources. However, this little red dot has overcome its constraints and attained a remarkable level of economic growth over the years. In 2016, our GDP stands at $394.5 billion despite being a small nation with a small population of 5.4 million.

Over the years, Singapore government has recognized the limitations of Singapore and is quick to introduce measures and policies in overcoming limitations of land space, availability of resources and lack of market demand. Through land reclamation, Singapore has expanded its land space over the years as seen from the new business district in Marina Bay and Tuas. Singapore has also embarked on the import of foreign workers to expand her working population to help sustain economic growth for the country.

Along with the expansion of resources, the government has also stepped up their efforts to raise inflow of FDI and export demand to overcome our limited domestic demand and this has been an useful strategy over the years. These high-valued industries have helped to propel our economy to high level of economic growth. As a result, we are able to attain higher level of real GDP per capita income and higher wage rate.

Question for Rational Thinking

Based on the economics principles of Production Possibility Curve, explain how Singapore achieve economic growth and potential growth despite her economic constraints.