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econs

av Victor Tan

Economics (PDG 34/12)

hi

hi!!!!!!!

how does this work!?!

shit can't believe this is happening

what's the topic now?

yea man

we have to invite ms quek in also right?

not sure

what's the topic now

nic wha's the topic you see now

err

i just see

ECONS^^

OKAY I CAN SEE IT NOWZ

how about now

still the same

Scenario 1: In 2013, after graduating from Anderson Junior College with 7 distinctions and with a perfect score of 90 points, you are at the crossroad of your life. You are considering between going to university or to set up a Yoghurt Ice cream store at Ang Mo Kio (AMK). After much consideration and support from your family members, your choice is that you will set up the ice cream store. With much zest, you will like to ensure that this venture will be successful. Thus, you did some research on the market for ice cream at AMK. The following are your findings: You reckon that there are 3 different competitors selling ice cream of varying standards in AMK; Ice cream from Andersen’s Ice cream , Ice cream at My dessert house and Ice cream from MacDonald. However, you realize that your product is rather unique as yours will be the only stall selling Yoghurt Ice cream. As reported in the news recently, the consumption of yoghurt will be beneficial to one’s health. This includes reducing the possibility

anyway right, this is the comments box not the convo....

but nevermind

how about now nic

we start with scarcity????/

its

ERR NOW

yeah let's go

Econs^^*

okay!

so only you can edit right

so hey pretty people, after you amend on the map, click that icon beside the 'Share'

then the map will be updated

no! everyone can edit it together

ah okay

thanks

try :)

so let's do on scarcity first?

alright

unlimited wants and limited resources

i go take out the notes

loool so many ooooos

umm like that?

looks weird

like this mindmap not targeting thre question right

i think we need to address scarcity in relation to the example given?

so whats the unlimited wants

many people want yoghurt?

different flavoured yoghurts?

yah, then limited resources is milk?

cos milks rising in price

yep

now what peeps

So therefore leading to a choice needed to be made?

i cant think of the opportunity cost

cannot go uni lo

i think opportunity cost is

ooh yeah

so our scarcity like abit

wrong ah?

seems fine to me

then how to add in choice and OC

hmm this is confusing

wait a

ah

im confused

what would be the choice

are ya'll helping with the editing too?

should we just branch out choice -> opportunity cost

yea good idea

i think opportunite cost would be like

you cant get another desired flavour

if you choose to have this particular flavoured yoghurt?

is it necessaary to link everything up?

i have no idea

Like that???

the going to university is another example to demonstrate opportunity costs is it

yea i think can

looks pretty good

So......... first question done?

go to next one?

yup done

whats the next question

Q2: Using the extract above (you may include other relevant economic concepts), describe the demand and supply factors that you will consider when you set up a Yoghurt Ice cream stall at AMK.

because of the lower supply so demand will be higher right

the availibilty of milk?

wait ahhh i put that in

yepyep

Availibility of milk is under what factor

demand or supply ._.

ignore it

i have no idea actually

supply

:)

Correct??????

yep correct for the demand

sounds sound

yes

what the nic haha sounds sound

hahaha im using your words dear madam

ikr

omg so confusing ._.

we look done!

kk correct??????

yes looks good to me

is the product

its a normal good right

yup normal good

Anything else?

to some maybe luxury haha if they are broke

Should i put supply decrease due to size of indusry

industry

yes! great, put that down

yeah nice one

how do you get all of this from the top of your head

shit im lagging behind in terms of concept

no worries nic it's still early there's planty of time to still buck up

plenty

I THINK WE'RE DONE

HUAT AH

ayyayayayyayayayayayayayyaya!

YEAH IT LOOKS GOOD

SERIOUSLY

Shall we name the mindmap? :)

do we have to like invite ms quek in also?

that idk._.

kkkkkk done?????

YES!

so what are we supposed to do now?

OKAY SUBMIT!

how to?

Nic you submit? :)

does lms have any instruction?

i can't log in to lms sorry

gimme sec ah

same i cant log into lms either

brb!

hey is that all? i gtg now thanks guys we can discuss on our whatsapp convo or somthing, anything just whatsapp me ya? :) see you lovelies

Ay, elearning doesnt say anything ._.

Main topic

Demand

Yoghurt ice cream is a normal good -> With increase in Income -> Consumers have better ability and are more willing to pay-> Demand for the normal good will increase as well

Since yoghurt ice cream can reduce possibility of high blood pressure and is beneficial to one's health ->consumers willing to try it out (Taste and Preferences)-> Demand increase

Since milk is a complement of yoghurt ice cream (Goods in joint demand) -> increase in price of milk -> increase in price of yoghurt ice cream (to maintain same profit)-> drop in demand

Many other substitutes (Goods in competitive demand) -> if there is increase in price of yoghurt ice cream due to increased FOP -> consumers turn to substitutes -> Drop in Demand

Supply

Since the only production of yoghurt icecream is us -> Small size of industry -> Supply will not decrease, but it will not be as high as

Factors of Production increase -> Considering that price of output remains unchanged, profit earned will be lower -> Unwilling to produce -> Drop in supply

Choice

Go to University

Opportunity cost is a better education and higher paying job

Set up yoghurt ice cream store

Scarcity

Limited resources (Cost of Milk is rising) (Capital) (Manpower)

Like that??

Unlimited wants (Many people want different flavoured-yoghurt)

Subtopic