JC Economics Notes is a segment of our online education platform, Economics Tuition Online, that emphasises on the Economics Materials and Resources. Based on feedbacks from our past students, our tutors have decided to publish an exhaustive set of notes to aid students facing time and academic constraints. Combining content development and interactive learning, our notes allows for greater revision productivity while maintaining a exam-oriented approach so that our students’ revision becomes more realistic.
Our JC Economics Notes serves to replace our students’ personal studies and revisions as the all-in-one Economics Resource for exam preparation. This is made possible with our comprehensive coverage of the Economics Syllabus as well as an extensive list of definitions and key concepts. Our video explanations and content materials also supplement our issue-based discussion in order to bring focus to our students’ academic direction.
Underpinning the conceptual development in Economics, Definitions and Key Concepts are crucial in a student’s understanding of Economics, though considered a bore by many. Our JC Economics Notes help students to summarise these ideas and consolidate into digestible chunks of information for revision.
With students encompassing distinctive learning habits, we have introduced our Video Explanations to enable students to view Economic Principles in a different light. With visual cues and live discussions, our economic video explanations have been useful in accelerating our students’ learning as our tutors believe that visual learning enhances conceptualisation.
Our Economics Notes also feature Issue-based Discussions to stimulate critical thinking among our students. Tying real-world issues to theoretical Economics allows our students to deepen their understanding and appreciate how theories actually play out in the real world.
Examine the key issues surrounding Economics before you explore the fascinating field of Economics. Understand the meaning of fundamental economic terms and concepts, such as scarcity, unlimited wants, finite resources and opportunity cost.
Find out more about the Theory of Demand and Supply to understand why prices of goods and services in different markets differ. Comprehend the Law of Demand, Law of Supply and Market Equilibrium by identifying the contributing factors that influence changes in the economic diagrams.
Learn more about the underlying factors affecting the fluctuations in price for goods in different as well as related markets based on the following concepts, like the price elasticity of demand, price elasticity of supply, cross elasticity of demand and income elasticity of demand.
What are the methods of government intervention? Examine this chapter to find out how governments affect the markets, such as the use of price ceiling, price floor, taxation and subsidies. Then, find out more about the advantages and limitations of these measures that affected the welfare of societies.
Find out how firms set their price and output decisions based on cost conditions in the short run and long run. Also, learn more about other related concepts, such as the economies and scale to understand why small firms can survive even though there is stiff competition against larger firms.
Learn more about market structure, specifically perfect competition, which can be understood from its identification of characteristics, like the number of firms, barriers to entry and types of goods produced in the market. By doing so, you can identify the profit level based on the economic diagrams.
Find out what are the three types of imperfect market structure, namely monopoly, monopolistic competition and oligopoly. Learn to distinguish these market structures via its distinctive characteristics, such as the degree of barriers to entry and the types of goods and services produced.
Examine why the market mechanism may fail at times to recognise the concept of market failures. Understand the adverse effects of market failures to recognise the importance of government intervention, which can be seen in terms of measures like taxation, direct provision and public campaigns.
Examine the concepts of National Income Determination, which involves the analysis of the Aggregate-Demand and Aggregate Supply (AD-AS). Find out more about the key components, such as the AD features like consumption, investment and government expenditures.
Measure the economic performance of countries to have a better assessment of living standards. Identify the key indicators, such as Gross Domestic Product (GDP), Human Development Index (HDI) and Gini Coefficient and learn how to interpret the results from these given indicators effectively.
Find out why governments are motivated to pursue the attainment of economic growth, such as the potential gains of improved living standards and collection of tax revenue. Also, it is imperative to find out what are the shortcomings if government focus on economic growth excessively.
Examine the concept of inflation, which refers to the sustained increase in general price level. Find out what are the types of inflation and its economic impacts on consumers, firms and the economies as a whole. Then, learn more about the possible solutions to reduce inflation.
Learn more about the concept of unemployment to figure out what are the possible types of unemployment, like demand-deficient unemployment, structural unemployment and technological unemployment. Furthermore, it is important to consider the macroeconomic policies to spur job creation.
Find out what are the major aims of governments, such as the attainment of sustainable economic growth, full employment, price stability and external equilibrium. With these aims in mind, governments then adopt differing measures. Learn more about the strengths and limitations of these policies.
Examine the Theory of Comparative Advantage, which is based on the basics of Opportunity Cost, to understand why some economists believe that free trade is beneficial to countries. Also, examine what are the possible limitations of free trade, such as greater vulnerability to external shocks.
Although free trade is touted by many economists as the solution to the woes of the world, critics question the significance of free trade and support the imposition of trade protectionism. Find out what are the justifications of import-substitution strategies, like the ‘infant industry argument’.
Learn more about the concepts of foreign exchange by identifying the distinctive exchange rate systems, such as the flexible versus fixed exchange rate systems. The knowledge of foreign exchange will be useful for the analysis of economic policies introduced by governments.
Find out what are the basic features of a balance of payment, such as the current account and financial account. Then, by understanding the balance of payment components, it will be instrumental in analyzing how a balance of payment disequilibrium can affect the exchange rate and other aspects.