National Income Accounting
H2 Economics Only
National Income Accounting is a bookkeeping system that governments use to measure the extent of a country’s economic activity within a given time period to determine its rate of growth of national income. Students are expected to be familiar with the various terms such as GDP, which will be able to help them determine the rate of economic growth, changes to living standards as well as changes to the distribution of income.
Economics Tuition: Compare the features of monopoly and perfect competitive firms
Compare the features of monopoly and perfect competitive firms. Introduction State that the perfect competition differs from the monopoly as there are perfect market information and mobility of resource in the perfect market competition while there are...
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Economics Tuition: Using economic theory, explain how firms in imperfect markets determine price that would maximize profits
Using Economic theory, Explain how firms in imperfect markets determine price that would maximize profits. Introduction Imperfect market structures are market structures that have imperfect market information and immobility of factors of production. The firms under...
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Economics Tuition: Distinguish, with examples, between the fixed and variable cost involved in the supermarket industry
Fixed costs are costs incurred by the firm on fixed factors of production that do not vary with any change in the level of output such as the expenditures on the insurance premium, cost of equipment and renovation cost. As for variable costs, the firm incurred this...
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Economics Tuition: Explain whether the demand for tour package is price-elastic or price-inelastic
Introduction Definition of price-elasticity of demand Meaning of price-elastic or price-inelastic demand for tour packages Examine the determinants of PED to assess whether demand for tour packages are price-elastic or price-inelastic Main Body 1) Identify the...
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Economics Tuition: Discuss the different supply and demand factors and their likely importance in determining the reported changes in the prices of private residential properties in Singapore
The Urban Redevelopment Authority (URA) announced that prices of private residential properties in Singapore rose by 1.3% in the third quarter of 2011, but the rise in the prices has been slowing for eight consecutive quarters. At the same time, it reported that the...
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Economics Tuition: Explain the impact of recession and the rise in price of oil on the aviation industry and its related market
Introduction Impact on the aviation industry in terms of input on market equilibrium – how price and output will change – affected by changes in demand and supply due to the above events Main Body 1. Explain how the above events affect the demand and supply in the...
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Economics Tuition: Discuss how Price Elasticity of Demand (PED) and Price Elasticity of Supply (PES) can be used by the Sakae Sushi manager to maximise profit
Introduction Definition of PED and PED and state the market information of the PED and PES will help producers in deriving the effective price and production strategy to raise and minimise cost of production so as to raise the profit. Main Body 1. Explain how the...
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Economics Tuition: Is taxation a good measure to curb smoking in Singapore?
Smoking is considered a demerit good as it incurs negative externality which is the third party effect imposed on non-smokers or the society and this is seen in terms of the negative effects of passive smoking which will undermine the society from developing a healthy...
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Economics Tuition: Explain how an increase in government expenditure will affect the economy?
Explain how an increase in government expenditure will affect the economy? Introduction Government expenditure refers to expenditure on goods and services spent that are for ordinary and development expenditure in areas such as, provision of public goods and defense....
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Economics Tuition: Why should the government focus on low rate of unemployment?
Why should the government focus on low rate of unemployment? Introduction Unemployment occurs when workers who are willing to work but are not offered a job. The level of unemployment can be determined by the unemployment rate which is the ratio of unemployed workers...
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