| Introduction to JC Economics (snippets of TET’s first session with JC1 Economics tuition students) | |
| Mr Koh introduced the concept of Economics, emphasizing the importance of both micro and macroeconomics, and the need for application skills over memorization. He discussed the central economic problem, the concept of opportunity cost, and the Production Possibility Curve (PPC), explaining how these concepts can be applied to real-world scenarios. He also shared his teaching approach, which includes using proprietary notes and a summary book, and encouraged students to ask questions and use the lessons to answer tutorial questions. | |
| Next steps | |
| • Students to review and familiarise themselves with the PPC (Production Possibility Curve) concept and its applications. | |
| • Students to practice drawing and interpreting PPC diagrams for different scenarios. | |
| • Students to study the CELL (Capital, Enterprise, Land, Labor) acronym for factors of production. | |
| • Students to memorize key economics definitions, including the definition of PPC. | |
| • Students to review the DSA (Define, Shift Analysis, movement of A point) framework for answering PPC-related questions. | |
| • Students to practice identifying and analysing shifts vs. movements along the PPC. | |
| • Students to familiarise themselves with the concept of economic growth using the PPC framework. | |
| • Students to review the QQ (Quantity and Quality) acronym for factors affecting PPC shifts. | |
| • Students to check the Dropbox folder for additional notes and materials shared by Mr Koh. | |
| • Students to prepare questions on unclear concepts for the next lesson. | |
| Exploring Economics and Writing Skills | |
| Mr Koh introduced the concept of Economics, dividing it into two main areas: Microeconomics and Macroeconomics. He explained that Microeconomics focuses on a specific market, while Macroeconomics looks at a country’s economy. Mr Koh also discussed the importance of both writing and analytical skills in Economics, emphasising that students should be comfortable with both. He mentioned that the course will cover various topics, including inflation, unemployment, and economic growth. Mr Koh also mentioned that the course will be recorded and that a lesson summary will be provided. He encouraged students to ask questions and to be open to learning new skills. | |
| Effective a-Level Study Techniques | |
| Mr Koh discussed the approach to studying for A-levels, emphasizing the importance of application skills over memorisation. He likened the process to solving a maze, suggesting a ‘working backwards’ approach to distill key themes and design answering structures. Mr Koh also highlighted the use of memory tricks, such as acronyms and mnemonics, to aid in remembering concepts. He encouraged students to send tutorial questions in advance to save time and provide detailed answers. | |
| Understanding Scarcity and Opportunity Costs | |
| Mr Koh discussed the concept of scarcity in JC economics, emphasising that it is a problem that cannot be solved due to its inherent nature. He explained that scarcity leads to the need for making choices, which is a fundamental aspect of both micro and macroeconomics. Mr Koh also introduced the concept of opportunity costs, which arise when a choice is made, and highlighted the importance of understanding these concepts in economics. He encouraged the participants to step into the shoes of an economist to fully comprehend these ideas. | |
| Understanding ‘Next Best Alternative | |
| Mr Koh discussed the concept of ‘next best alternative’ and ‘opportunity cost’ in the context of decision-making. He emphasised the importance of understanding these concepts individually, rather than relying on personal interpretations. Mr Koh used examples to illustrate these concepts, such as choosing between a cash prize and an amusement park visit, or deciding whether to attend a class or scroll through TikTok. He stressed the need to consider the foregone options when evaluating the cost of a decision. The conversation ended with Mr Koh encouraging the class to memorise these definitions for future application. | |
| Understanding Opportunity Cost and Free Goods | |
| Mr Koh led a discussion on the concept of opportunity cost, emphasizing the importance of presenting it as a desirable alternative rather than a punitive one. He used examples such as missing school or rushing to school to illustrate how the concept can be applied. He also introduced the idea of economic goods, which carry an opportunity cost, and free goods, which do not. He used examples like sand in the desert and fresh air to illustrate the latter. The class was encouraged to think creatively about how to present opportunity costs using the concept of alternatives cast in a desirable light. | |
| Understanding Opportunity Cost in Decisions | |
| Mr Koh further discussed the concept of opportunity cost, using examples to illustrate its application in real-world scenarios. He explained that opportunity cost is the value of the next best alternative forgone when making a decision. He used the example of a person deciding whether to buy a unit or save the money, highlighting that the opportunity cost of not buying the unit could be the potential earnings from a fixed deposit or money market funds. He also used the example of a hawker store owner, demonstrating how opportunity cost can be applied to assess the profitability of a business. Mr Koh emphasised the importance of considering opportunity cost in decision-making, as it can reveal blind spots that people may not see. He encouraged the class to think about their opportunity cost in every decision they make. | |
| Understanding Scarcity, Choice, and Opportunity Costs | |
| Mr Koh discussed the central economic problem, which he explained as a combination of scarcity (S), choice (C), and opportunity costs (O). He emphasized the importance of understanding these concepts beyond just scarcity. Mr Koh also introduced a framework called the Production Possibility Curve (PPC) to further understand these concepts. He mentioned that the PPC would help in understanding more concepts beyond scarcity, choice, and opportunity costs. He encouraged the participants to ask questions and take a break before continuing with the second half of the class. | |
| Understanding Maximum Combination of Goods | |
| Mr Koh discussed the concept of “maximum combination of goods and services” in the context of an economy. He explained that resources, including capital goods, labor, land, and enterprise, are fully and efficiently utilised to produce output. He clarified that the term “resources” refers to capital, enterprise, land, and labor, and that these resources are used to produce goods and services. Mr Koh used the example of a country like Singapore, which has limited resources and therefore tends to produce more services and fewer goods. He also introduced a diagram showing the trade-off between capital goods and consumer goods, and explained that this trade-off is a common representation of the concept of “maximum combination”. | |
| Understanding Scarcity and Opportunity Cost | |
| Mr Koh discussed the concept of scarcity and its implications on decision-making. He explained that scarcity means limited resources and that the point outside the Production Possibility Curve (PPC) represents unattainable resources. Mr Koh also emphasised the importance of understanding the concept of opportunity cost, which is the next best alternative that is forgone when choosing one option over another. He suggested two ways to mitigate scarcity: shifting the PPC to the right by increasing the quantity or improving the quality of resources. He also stressed the importance of labeling diagrams correctly and hinted at the use of structures and answering techniques in future lessons. | |
| Singapore’s Economic Growth Strategies | |
| Mr Koh discussed Singapore’s efforts to boost its economy through capital investment and labor quantity. He mentioned the expansion of Changi Airport Terminal 5 and the Marina Bay Sands casino, as well as the government’s attempts to increase the birth rate and attract foreign entrepreneurs. He also highlighted the importance of technology in developing capital goods and improving the quality of labor. Lastly, he discussed the concept of economic growth and the factors that drive potential growth. | |
| Understanding PPC Shifts and Movements | |
| Mr Koh discussed the structure and approach to answering case study questions related to the impact of events on the Production Possibility Curve (PPC). He emphasised the importance of defining the PPC first and then determining if the event causes a shift or movement in the curve. He also highlighted the need to consider whether the event affects spending or production levels. He used an example of an earthquake affecting Japan’s ability to produce different goods to illustrate his points. | |
| Economics Questions and Teaching Approach | |
| Mr Koh discussed the importance of understanding the structure of questions in economics, particularly in relation to the concept of Demand and Supply. He emphasised the need for precision in answering questions, especially when the axis is not specified. He also explained the difference between a parallel shift and a movement along a curve, using examples of higher government spending and lower investment spending. Mr Koh also shared his teaching approach, which includes using proprietary notes to teach application skills and a summary book for content. He encouraged students to ask questions and use the lessons to answer tutorial questions. | |
| The above encapsulates key points discussed in a single session in TET’s Economics tuition classes. Students keen to experience class dynamics can sign up for a trial here. | |
