JC H2 Economics Study Notes – 7. Income

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Previously, we cover the concepts of the price elasticity of DD and of SS. Now, we move
onto income & cross elasticities of demand. Think of such concepts as an extension to the
basic demand factor of income, and of related goods and services. For related products, do
make sure to clearly highlight if you mean substitutes in demand, or substitutes in supply,
and so on.
Elasticity of demand for a good measures the responsiveness of quantity demanded to a
change in one of its determinants. In this chapter, we focus only two 2 determinants of
income and related products. We focus on the price factor, the non-price factor of incomes
and prices of related goods. This is only for H2 Economics pupils, you have 2 more elasticity
concepts to apply in your tests of Econs essays and case study papers.

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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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