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Economics Tuition By Anthony Fok
Economics Essay Question: Explain possible factors that could affect the price of private property.

Demand factors

  • Increase in population size due to influx of foreigners: as there are now more buyers in the market for private property, demand is likely to have increased, leading to higher price
  • Income level: as economies begin to recover from the global crisis, it is likely that consumers’ incomes will increase. With the increase in income, demand for normal goods and luxury goods – such as private property – would increase. As demand for private property is likely to be income elastic – given that private property can be viewed as a luxury good and buyers are likely to spend a large proportion of their income on it – the increase in demand following the recovery may be substantial leading to higher price
  • Ease of securing housing loans and low interest rates: As home buyers are highly likely to require a loan for purchase of property, low interest rates would mean low cost of borrowing and that could increase demand for property leading to higher price

Supply factors

  • Increase in developers’ cost of production (e.g. higher sand cost) and can lead to a fall in supply leading to higher price
  • Expectations of future developments in property market:
    • With a positive outlook of the global economy, developers may wish to increase supply of property in future, which can leading to lower price
    • With higher competition from rival developers and the need to undertake product differentiation which is likely to be costly, the increase in supply may be moderated.

What skills are economics students expected to have?

● Demonstrate knowledge and understanding of economic concepts, theories and principles.

●  Interpret economic information presented in textual, numerical or graphical form.

●  Make valid inferences from information presented and evaluate the reliability of information given.

●  Apply relevant economic concepts, theories and principles to analyse contemporary issues, perspectives and policy choices.

●  Construct coherent economic arguments.

●  Evaluate critically alternative theoretical explanations, contemporary issues, perspectives and policy choices.

●  Recognise unstated assumptions and evaluate their relevance.

●  Synthesise economic arguments to arrive at well-reasoned judgements and decisions.


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How do I write good introductions?

A good economics essay introduction captures the reader’s attention and gives an idea of the essay’s focus. It requires students to define key definitions and list the overview and scope of the question.

Clear Definitions: Define the keywords in the question

Definitions are important to showcase the student’s level of understanding of the content to the examiners. Therefore, students should make a list of definitions, as they will come in handy when preparing for the exams. Alternatively, students may purchase ready guidebooks, which list the common definitions that they need to memorise in the A-level economics syllabus.

Writing an overview

If the essay question asks about a specific country or a particular market structure, it is important to also describe some characteristics of the country or the market structure given in the question. For example, if the essay is on the Singapore economy, students need to write something like this:

“Singapore is a small and open economy. Its small population size and lack of natural resources will mean that it has a small domestic market and is heavily dependent on trade for growth and survival. Singapore is thus very vulnerable to external shocks, which cause instability to the economy.”

Next, if the essay is on a perfectly competitive market, then an appropriate introduction would be as follows:

“A perfectly competitive market is characterised by the fact that no single firm has influence on the price of the product it sells. A perfectly competitive market has several distinguishing characteristics: there are many buyers and sellers in the market; the commodity sold is homogeneous; there is free entry and exit from the industry; perfect mobility of factors of production; transport costs are assumed to be negligible; both buyers and sellers are independent in their decision making and there is perfect knowledge.”

Scope: State the scope of the question clearly

Students need to define the scope of the essay clearly from the beginning, so that they do not go out of point. Tell the examiner the areas that will be discussed in the essay briefly in the introduction so that he can anticipate what is about to come up in the script. Students can use phrases such as: “This essay aims to explain…” to state the scope of the question.

How do I write a good body?

Topic sentence and Economic Analysis

Each paragraph of the body should only contain one key idea, which should be conveyed in the topic sentence. The key idea should be based on economics theories, principles and concepts.

An example of a topic sentence is as follows:

“In Singapore, the government has encouraged employers to adopt a flexible wage system which would help reduce unemployment during economic downturns.”

Drawing Diagrams

Diagrams should be drawn whenever appropriate and references must be made to the diagrams (e.g. A rightward shift of the demand curve from DD1 to DD2). The axes should be labelled as specifically as possible. (e.g. Instead of merely labelling price and quantity, the axes could be labelled as Price of Housing and Quantity of Housing respectively). Arrows that depict the shifts of the curves should also be clearly drawn in the diagram. The diagram should be drawn using a pencil and ruler and should preferably take up about one-third of the foolscap paper.

Using Contextual Examples

Students need to include examples in their essay in order to demonstrate their ability to apply economic theories into real world events. When possible, students should use the context given in the preamble and avoid using hypothetical examples in the essays.

Example 1:

In Singapore’s context, an example of a natural monopolist is the Public Utilities Board (PUB), which supplies water. The domestic size of the market is too small to support more than one large firm.

Example 2:

The Singapore government adopts market-oriented policies such as manpower policies to upgrade the skills of workers facing the threat of structural unemployment. An example of such a policy is the Skills Redevelopment Programme introduced to retrain displaced workers for employment in the InfoComm sector, Workforce Development Agency (WDA) Workforce Skills Qualification (WSQ) programme to train workers in sector specific skills and job redesign to make jobs more attractive to workers, especially among the older workers.

How do I write good evaluation points?

The evaluation can be what sets students apart from others if written well. Here are some things that examiners are looking for when reading an evaluation:

1 Recognise underlying assumptions. For example, in dealing with questions on demand and supply, it is important to write about the ceteris paribus assumption and also to give an example of how it can be altered in the short term. i.e. taste and preferences of a consumer may change over time.

2 Consider the time frame: Different policies might have different impact on the economy in the short term versus long term. For example, supply side policies need time to take effect and thus, require a long time frame.

3 Consider the feasibility of the policy: The extent to which a particular policy can be implemented. For example, an expansionary fiscal policy might not be feasible for a country that is facing a huge budget deficit.

4 Consider the effectiveness of the policy implemented and whether it can solve the problem. Students could consider the unique nature of the economy given in the question. For example, an exchange rate policy would be more effective in a small and open economy, rather than a large and less open economy.

5 Consider the desirability of the policy: whether there are any side effects that the policy might have on other economic objectives, i.e. whether there are conflicts of goals.

6 Consider the existing state of the economy: whether the country is currently facing a recession or inflation, and the severity of the problems faced can also affect the main economic priority of the government.

What else do students need to take note of?

  • Always plan the essay before writing.
  • Ensure that the paper is completed within the allocated time



Economics Study Tips – 5 Easy Ways

Studying for economics is not tough at all if you know how to study smart and right. Not sure how to study for economics and looking for economics studying tips? Here are some tips for you:

1. The basics

Always have a positive learning attitude in school. This means attending all lectures and tutorials and doing your homework before class. School is the main source of knowledge and where you spend most of your time at on weekdays, so it is always very important not to skip any classes. Doing your homework before class also helps teachers meet their teaching objective for their economics lessons and to also facilitate class discussions more easily. Teachers may also give hints on what they may test for school-based examinations hence it is always good to be present for all classes.

2. Plan your time

Time management is crucial in revision. Always set a schedule on what you want to revise on that day. With a revision schedule, it helps you to prioritise which economics topics you want to focus on first. For example, you can set more revision time for weaker economic topics. Having a well-planned schedule could boost your motivation in revising for your examinations as you are able to keep track of your own progess

3. Make your own economics notes based on your own learning style

Everyone has different learning styles and needs. It is important to craft your notes that helps your picture the contents and concepts easily to suit your learning needs as economic concepts can be very complex. Some students may learn better with mind maps while some students prefer notes in point forms. Whatever way you choose to craft your revision notes, ensure that It is the right approach for your needs. If that certain way does not fit your revision needs, change your way of making notes to another style.

4. Practice, practice, and more practice

Economics is not just about memorising. Economics requires critical thinking skills to make sound judgements and the skills to apply and explain economics concepts correctly. For H2 Economics students, essay writing also requires practice to write in a structured manner. With continuous practice in examination style economics questions, you will be able to apply the answer skills without any difficulties. You will also be more exposed to different question types, which will help you become better prepared to face the questions posed in the examination papers.

5. Ask for help

Never suffer in silence, always approach for help. Nobody will know that you are struggling to grasp economic concepts if you do not speak up to clarify your doubts. You can always ask your friends for help first as they are the closest person you can find. If you are still unable to get your questions answered, approach your teachers or consider enrolling into economics tuition to make understanding economic concepts better.

Join us at Economics Tuition if you are looking into enhancing your economics revision.


Signs You May Need Economics Tuition

The concern about whether to take up tuition is not only unique to the economics subject. As we become a more competitive society, everyone aims to get the best help to help ace their examinations. With so many tuition centres popping around the island and peers going for different tuition classes, it is no wonder that students raise this question on whether they should enrol into tuition classes too. Here are some signs to look out for if you need economics tuition:

1. Concepts are hard to grasp

Are you still facing difficulties in understanding the economics concepts even after reading your school materials and consulting your school teachers? If so, you may need an extra help in guiding you through these concepts. Economics can be a very challenging subject to many since it is a new subject for JC students. The concepts may not settle well in your understanding as some principles may be too complex.

In economics tuitions, tutors design their lessons in such a way that students can understand complex concepts easily and also teach them the skills to apply these concepts in their answers. Economics notes prepared by tutors are very effective for revisions. Tutors are also more than willing to help their students through consults or providing personalised feedback to students’ work. These are very beneficial for students to get the help they need to master the economics concepts.

2. Poor grades

Have you been scoring grades that may hinder your promotion to JC2 or doing well for your A-Level examinations? You may not be getting the right help needed for you in school. Poor grade is an obvious sign that you have not understood the economics concepts well and/or the examination requirements for your economics answers are not met.

As mentioned above, economics tuition helps you understand difficult concepts in an easier way. Tuition lessons also helps you to identify the question requirements so that you can apply your concepts accurately. Tutors are open to helping you clarify your doubts in any aspects of economics so ask away!

3. Different teaching style

You could be scoring decently, but the teaching style in school may not suit your learning needs. It is not uncommon for school teachers to have teaching styles that are not effective for some students as everyone learns differently. This may make you lose interest in economics. Similarly, you can choose the right tuition class which has the teaching style that fits your learning needs. This would make economics an enjoyable subject for you.

4. No time for revision

Many students’ schedules are packed with co-curricular activities (CCAs) commitments in school. These CCAs take up a lot of time as they require students to meet up for 2 to 3 times a week, or even more when competitions or performances are getting closer, depending on which CCA they joined. This leaves students with no time to study or revise what they have learnt in school. Especially when economics requires practice in applying concepts and to write economic arguments, students need time to master the subject requirements.

Usually, tuition centres offer classes during the weekends. When students enrol into tuition, they set aside this time to attend tuition classes, which helps them to catch up with their peers. They are able to revise and also learn how to apply examination strategies effectively. Tuition helps them to balance out their time for their CCA commitments and their studies.

Join us at Economics Tuition for the best help in economics.


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