Economics
SPM · 16 topics available
Form 4
Chapter 1 · Introduction to Economics
Scarcity, Choice and Opportunity Cost
Limited resources against unlimited wants force every individual and society to make choices, and every choice carries an opportunity cost.
OpenEconomic Systems and Solving the Basic Economic Problem
Every society answers the questions of what, how and for whom to produce according to the economic system it practises, and Malaysia practises a mixed economy.
OpenChapter 2 · The Market
Market Equilibrium
The price and quantity of a good are determined by the interaction of demand and supply, and the market reaches equilibrium when quantity demanded equals quantity supplied.
OpenPrice Elasticity
Price elasticity measures how much the quantity demanded or supplied responds to a change in price.
OpenChapter 3 · Money, Banks and Individual Income
Money and Banks
Money replaced the barter system and performs four main functions, while Bank Negara Malaysia and commercial banks manage the country’s financial system.
OpenIndividual Income
Individual income comes from sources such as wages, rent, interest, profit and transfer payments, and is reduced by income tax and EPF contributions before it becomes disposable income.
OpenUse of Individual Income
Disposable income is used for consumption, savings and investment, and a wise individual plans a household budget so that it is balanced or in surplus.
OpenChapter 4 · Production
Production, Cost and Revenue
Production takes place in three sectors, and a firm calculates fixed cost, variable cost, total revenue and profit to make decisions.
OpenProductivity and Externalities
Productivity is output per unit of input, and an externality is a side effect of an activity on a third party that can be positive or negative.
OpenForm 5
Chapter 1 · The Economy and the Government
The Role of Government in the Economy
In a mixed economy, the government intervenes as a producer, regulator and consumer to correct market failure and redistribute income.
OpenEconomic Indicators
Economic indicators such as GDP, inflation and the unemployment rate are used to assess the performance and health of an economy.
OpenEconomic Policy Instruments
The government uses fiscal and monetary policy to tackle inflation and unemployment and to achieve economic stability.
OpenChapter 2 · Malaysia and the Global Economy
Globalisation
Globalisation is the process by which the economies, cultures and technologies of countries around the world become increasingly connected and integrated.
OpenInternational Trade
International trade is the exchange of goods and services between one country and others through exports and imports.
OpenBalance of Payments
The balance of payments is a systematic record of all a country's economic transactions with the rest of the world over a given period.
OpenForeign Exchange Rate
The foreign exchange rate is the price of one currency expressed in terms of another.
OpenNeed help with Economics? A verified JomKelas tutor can guide you through any topic.
Find a verified tutor