| A Level Economics Tuition: Acing Your Essays With ABC332 Structure | |
| Mr Koh led a comprehensive discussion on market analysis, focusing on supply and demand dynamics, price elasticity, and the impact of various factors on market equilibrium. He introduced the ABC 332 structure as a framework for analyzing market scenarios and emphasized the importance of clear explanations, proper diagrams, and concise language in essay responses. Throughout the session, Mr Koh provided practical examples, reviewed past exam questions, and offered guidance on structuring effective economic essays, including the use of acronyms and digital planning tools to enhance understanding and performance. | |
| A Level Economics Tuition: Acing Your Essays (Next Steps) | |
| • Students: Submit practice essays on any of the example questions discussed for marking within 1-2 days | |
| • Students: Practice drawing and explaining supply/demand diagrams with rising supply coupled with PED>1 as discussed in class | |
| • Students: Review ABC 3-3-2 structure notes in the shared folder for impact of events on market analysis | |
| • Students: Prepare for next week’s topic on price ceiling, price floor, subsidies and taxes | |
| • Students: Add PED/PES explanations to Saturday’s paragraphs at the back of notes | |
| • IT Team: Continue working on updating the essay planning tool to incorporate R1-R2 structure | |
| Summary | |
| Elasticity and Market Impact Discussion | |
| Mr Koh continued the discussion on the impact of events on the market, focusing on price and quantity effects. He emphasized the importance of distinguishing between direction and magnitude, and introduced elasticity as a crucial concept. Mr Koh outlined the structure for answering essay questions, including the introduction, requirement paragraphs, and conclusion. He stressed the need for concise language, proper diagrams, and key explanations in responses, particularly when discussing factors affecting supply and demand. | |
| Understanding Demand and Supply Shifts | |
| Mr Koh discussed the analysis of factors in a market, emphasizing the importance of understanding demand and supply shifts. He clarified that a change in total revenue is only directional, not directional and magnitude. Mr Koh also explained that a change in total revenue could be due to a shift in demand (independent of PES), while a change in total revenue could be due to a shift in supply coupled with corresponding PED values. He encouraged the team to analyze these factors and provided examples for better understanding. | |
| Supply and Demand Diagram Analysis | |
| Mr Koh led a session on drawing and explaining diagrams related to supply and demand analysis. He emphasized the importance of using the “more or less than proportionate” phrase in explanations and comparing total revenue areas. The session also included a quick exercise to identify areas of deficiency and a recap of previous topics. Mr Koh also discussed the ABC 332 structure and its application in market impact analysis. He mentioned a question from 2024 WA paper and its relevance to the upcoming weighted assessment. | |
| Analyzing Rice Market Expenditure Impact | |
| Mr Koh explained how to analyze the impact on expenditure in the rice market due to a population boom. He emphasized that changes in demand affect expenditure regardless of price elasticity of supply, while changes in supply depend on price elasticity of demand. Mr Koh suggested two approaches for structuring the essay introduction: a concise version mentioning demand, supply, and price elasticity of demand, or a more detailed version explaining that increased expenditure results from higher demand and lower supply, coupled with elastic demand. He advised students to use diagrams to visualize the concepts and emphasized the importance of clear labelling in these diagrams. | |
| Economics Essay: Price Elasticity of Demand | |
| Mr Koh reviewed how to write about price elasticity of demand (PED) in an economics essay. He emphasized the importance of including the PED value, explaining it with examples, and discussing its impact on total revenue. Mr Koh then analyzed a student’s attempt at answering a question about rice expenditure, pointing out strengths and weaknesses in the response. He notes that while the student provided good context and explanation, the answer failed to mention the crucial PED value, which resulted in a lower mark. Mr Koh concluded by reminding students of the importance of following the correct structure and including key concepts like elasticity in their answers. | |
| Understanding Market Impacts With ABC 3 2 | |
| Mr Koh discussed the ABC 332 structure, emphasizing its importance in understanding market impacts. He explained that the structure is like a Lego structure which can be disassembled, with diagrams A, B, and C, each having a specific number of points. Diagram A focuses on holding supply and shifting demand, while Diagram B and C have 3 and 2 points respectively. Mr Koh also highlighted the need to identify the demand factor, bring in the PES factor, and explain the impact on the market. He clarified that the factor market could be labour or steel, and that derived demand is related to the output of the final product. Mr Koh also explained the need for YED analysis and CED analysis, each requiring three points. He emphasized the importance of understanding the structure to answer questions about market impacts. | |
| Supply Factors and Tax Impacts | |
| Mr Koh discussed the structure of diagrams A and B, focusing on the 3 points that accompany each. He emphasized the importance of memorizing supply factors and using acronyms or mnemonics to recall them. Mr Koh also clarified the difference between specific taxes and ad valorem taxes, explaining that specific taxes cause a parallel shift in the supply curve, while ad valorem taxes cause a non-parallel shift. He used the example of GST to illustrate this point. | |
| Analyzing Market Changes With HYMN | |
| Mr Koh discussed the impact of GST on the market, focusing on supply and demand shifts. He emphasized the importance of understanding which curve changes more and how to determine this. Mr Koh also introduced an acronym, HYMN, to help remember the factors to consider when analyzing magnitude of market changes. He used a hypothetical question about the effects of a sugar price drop and a healthy living campaign on soft drink expenditure to illustrate the application of these concepts. | |
| Understanding Market Equilibrium and Price Adjustment | |
| Mr Koh led a discussion on understanding the impact of changes in supply and demand on market equilibrium. He emphasized the importance of using the acronym YED (Y stands for income, E for elasticity, and D for demand) to determine which curve changes more. He also stressed the need to consider multiple factors affecting demand and supply. Mr Koh introduced the concept of modeling to predict the impact of events on the market and explained the process of price adjustment. He also highlighted the importance of identifying the size of the shortage and the pressure on price. The discussion concluded with a reminder to follow the structure of ABC. 22 and to include the price adjustment process in the analysis. | |
| Understanding the ABC, 3, 3, 2 Model | |
| Mr Koh discussed the importance of understanding the structure of the ABC, 3, 3, 2 model, emphasizing the need to remember it to avoid forgetting it later. He also highlighted the significance of using acronyms like YED or CED when discussing changes in income or price. Mr Koh then proceeded to explain the application of the ABC332 model to various promo questions from 2024, focusing on the three points to consider: the shift in demand, the shift in supply, and the impact on the market. He also clarified that the PS value is not required when the question is centered on the impact on total revenue or total expenditure. Mr Koh encouraged the class to ask questions and provided a quick poll on Zoom to ensure everyone’s understanding. To join us in our content-based and application-focused J1 Economics classes, sign up for a trial here! |
