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04 Nov

Posted at 14:09h in economics tuition singapore by

Refer to the news article: https://www.channelnewsasia.com/news/singapore/single-use-plastic-bags-better-for-environment-13282250

Economics Tuition Discussion Topic: Explain why plastic carriers are a source of market failure.

  • Plastic carriers are typically non-biodegradable. The usage of plastic carriers is considered an activity that generates negative externalities, especially when carriers are used only once. Negative externalities arising from an economic activity are the incidental costs to third parties that are not taken into account by those who undertake the activity.
  • In deciding whether to accept and use an additional plastic carrier, such as for the purpose of containing goods he purchased, an individual will only take into account his private marginal cost and private marginal benefit. His private benefits include the convenience derived from the use of a light-weight carrier which is also water-proof. His private costs include the effort taken to dispose of the carrier after use.
  • Typically, many shoppers do not incur extra cost for the use of plastic carriers as many shops do not explicitly charge for carriers.
  • However, this individual does not consider the negative externalities that would be generated by the use of plastic carriers – the mess in generated in public areas due to irresponsible disposal of such carriers that other citizens have to endure; toxins entering the atmosphere when the plastic carriers are incinerated which may be inhaled by citizens. These are not taken into consideration by the individual using the carriers.

 

Explain over-allocation of resources in the case of excessive usage of plastic carriers

  • Based on the price mechanism, the market equilibrium level of plastic carrier usage is where private marginal cost (PMC) equates to the private marginal benefit (PMB). Individuals who use the carriers do not take into account the negative externalities arising from their usage.
  • Due to the presence of negative externalities as explained above, the social marginal cost (SMC) is greater than PMC at the market equilibrium level of plastic carrier usage. As such, at the market equilibrium, society values the usage of a carrier less than what it would cost to society. The socially efficient level of plastic carrier usage is where social marginal benefit equates to SMC i.e. the external costs are taken into account. The price mechanism thus over-allocates resources to the usage plastic carriers i.e. there is over-usage of plastic carriers whereby the market equilibrium level of plastic carrier usage exceed the socially efficient level.
  • This over-usage of plastic carriers leads to problems with waste management and contamination of the atmosphere, resulting in a loss of welfare to society, otherwise known as deadweight loss.

04 Jul

Posted at 23:04h in anthony fok, Economics, economics tuition, economics tuition singapore, economics tutor, economics tutor singapore by

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.

 

Learn more from Economics Tutor — Join us for Economics Tuition lessons at Bukit Timah / Tampines.

02 Jul

Posted at 23:10h in anthony fok, Economics, economics tuition, economics tuition singapore, economics tutor, economics tutor singapore by

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

 

 

28 Jun

Posted at 13:20h in economics tuition, economics tuition singapore by

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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