JC H1 and H2 Economics Study Notes – 3. Theory of Demand


In this chapter, we begin with the Theory of Demand, for the section of JC Econs Lecture Notes for Theme 2: Markets

In Theme 2, both H2 and H1 Economics pupils in JC
i) examine how markets deal with the Central Economic Problem of scarcity (
Scarcity as the Central Economic Problem.).
ii) understand how market forces of demand and supply interact to bring about market equilibrium (aka 
Market Mechanism).
iii) performs a microeconomic analysis of how markets function

In general, the 3 basic economic questions can be answered by either i) the market system, ii) planned economy or iii) the mixed economy. In this 21st century, it is apparent that the mixed economy is the way to go: largely free market forces at work, unless the markets fail significantly. Thus, we first look at how market work on their own (demand and supply theory). Then go on to understand when there is market failure, and with subsequent government intervention in markets.

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We at Adam Smith Economics Tuition, have compiled a complete set of JC notes for students doing H1 & H2 Econs, for the latest syllabus of 8823 and 9757 respectively. We have painstakingly referred to the following varied sources:, which are recommended by SEAB as approved textbooks. Thus, we have done the reading and compilation, so you don’t have to! (Note: Those in italics mean they are referred to more than the rest. Note also that, we did not highlight the specific edition too, any edition in the past 10 years or so will suffice.)

1. Economics Today, by Miller, Roger
2. Economics, by Parkin, Michael 
3. Economics, by Sloman, John, Wride, Alison and Garratt, Dean 
4. Microeconomics: Principles, Problems and Policies, by McConnell, Campbell R and Brue, Stanley
5. The Economic Way of Thinking, by Heyne, Paul, Boettke, Peter and Prychitko, David
6. Economics, by Lipsey, Richard G and Chrystal, K Alec
7. Principles of Economics, by Mankiw, N Gregory Principles of Economics
8. A Microeconomics: A Contemporary Introduction, by McEachern, William
9. A Macroeconomics: A Contemporary Introduction, by McEachern, William

On top of the above textbooks, we did take the best remaining sections from selected junior colleges (DHS, HCI…) and put up this lecture notes set, completely FREE.


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