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 [...]