Chapter 3: Demand and Supply Part 3.4 – Market Equilibrium, Price Mechanism, Shortages and Surpluses By Dr. Anthony Fok Introduction After studying demand and supply separately, we are now ready to combine both concepts. This is where Economics becomes particularly powerful. Neither consumers nor [...]
Chapter 3: Demand and Supply Part 3.3 – Supply: The Behaviour of Producers By Dr. Anthony Fok Introduction In the previous sections, we examined the behaviour of consumers through the concept of demand. However, prices in a market are not determined solely by buyers. Every market has another [...]
Chapter 3: Demand and Supply Part 3.2 – Demand Curves, Movements and Shifts in Demand By Dr. Anthony Fok Understanding the Demand Curve Now that we understand the Law of Demand, the next step is learning how economists represent demand graphically. One of the most common reasons students lose [...]
Chapter 3: Demand and Supply Part 3.1 – Understanding Markets and Demand By Dr. Anthony Fok Introduction Walk into any supermarket in Singapore and you will see thousands of products on the shelves. Rice from Thailand. Milk from Australia. Coffee from Brazil. Fresh vegetables from Malaysia. [...]
Part 2.3 – Resource Allocation, Economic Systems and the Three Basic Economic Questions By Dr. Anthony Fok From Scarcity to Resource Allocation Now that we understand scarcity and opportunity cost, an important question naturally follows. How should society decide what to produce? This question [...]
Scarcity is a central concept in economics that defines the fundamental problem of resources being limited in supply and unable to satisfy all of society’s wants and needs. This concept is important because it highlights the need to make choices about what to produce, how to produce it, and [...]