JURONG PIONEER JUNIOR COLLEGE FOR NON-EXAM USE bevwaiten in Name Anika Sugan Centre/Index No Ze Subject H2 Boot close 2A07 ate MM 192 Aucation 4 Production Fossitiliny Carve WAC) shows te maxinnin conibivianior er two goods er services which He econony Ca produce wits a giver quantity and quality OF resources, attunurg Aull employnieit gad 4 partidlar state oF rechunolooy. An werease inf investment in 1022 Into Vingapore will lead to an increate ia quantita OF resources as capital stock (creates AC well at Mprventenn 14 the qyurality Of resources At Hig state oF 4eCan o10gy inprover through research und develoamem. these factor! (CAA 10 a cutward saith Of the PRC from PPC; te Fl, as Wow in tre diagrar below. Furthermore, at the jndutty Nas conmitited Pe IT, U2 joke, rere Wd now.a greater employnrenr, repraciing greater uritation of re counmyt labour resource. Hence the country will move trom A Potunp. wittrin wre fet Poi AD where tere 1, toure untiploypnery 70.4 pole closer ro the PPC (Fojvit £2. (oodPf 20) oppornunity cast retert tp the next best alternanve forgone wher nraking. acoice. tne “~pornunity colt Of implementing He RIE LOIS policy is ine money being spent on ortrer areas thd as housing. 2D) production Lossibiling Curve CPO) Hows te marirmun corm hv anion of two goods or Jewices whic the etotomy can proddce witts a Nothing so thismarle wer quality and qucuttity Of rebourcts, ening fall Chrryaoige? ate anda partieudlar cate Of retbnology. the introdattion of rine shite Parure Hedi Sclreine will lead 7e an incteale in quavitity. of resources as rhe productivity ot pre work force inwedles oi well a the rmprOvenrg np 01 GAA of resurces as Are skills thar workers acquire improved tlirogh the courted provided. These factors ead to an outwattd Mitt ot the ht trom PPC, te POC, atshown in the dhagrans below. furthermore, at sngapore hus becowe a Piowdlicr place (Or erg extrepreneprhiye, more Jobe will CC OCA, Pe ANID Greater utlitaton OF te country’ labour resounte. Hétie Dagapore. wilt nove tom a point withia tre PRE (Paint D where there tt tone unemploymert toa polnt Clase to the VPC (Point 2. woody PH XJURONG PIONEER JUNIOR COLLEGE FOR NON-EXAM USE YY Nothing so — = Centre/Index No bee wnten in this margin Name Subject _ = i _ Date _ = 29 _wnen 5 ama proft-dpven entrepreneur and 1 am deciding whether to Cuter the markes, 1 would need to consider wheter the bene sath as more funding and greater demand pool would outweigh the catty suds as COSA of organising these coures, verttal fees, advertiting Lite. T alye heed tp kactov in the corattrminte uth as wheiner 1 have enough money tr start up tke busied and chthV9-cyp 5h, whether ye Conitralnk Can be overdme and how (ong i¢ wil! £ake fo do So. 10 eatimate thede bevietite, cosh and corufrainn, 2 would need fo gather Informatio. 2 would need to feud out what kite OF courier Ful be having, what rétedrees do I need, the lt, nme and Moned of teHing up and ColddtChing thAE Loirtes. I natld also seth Hie perspectives of otlag? @conOntic AGEL Lette Bt Iny fittras whoowea heigtsie that otter Wniilar equities. Mt wel! ot tay war Family momborsgir tee bave ang kinowlled fe 000 We tiem, tn addition, 7 should tind cur and consider abou any change that nugiat be te goveriern polic@a. For exirygle, We IE Wie polica mermaned. thoula 2 decidle to euiter the Mlarkes, £ WOuld tenn need (0 FACIrty, whether the wrended coneguortes have Materialited ttt as earning a sledde revenue And (nerenled parritipanon 1 rie courses. Allo whether there were any wiitzteNAed conpegeevnte suc as living away tom gour Family of you live in at otter Co Ure, finale, © alse need to 4ttoms for wirerial clauges 70 Hae onviToninti sh as hig Inebhe ring Mad exterriad! elanpenchal there ure already marig suth Corngas offered, beore Aecidit7g ber wne ther te enter the marke Wantrallg these detutions alto Végitie gathering of witormarion.Theme 2.1 Price Mechanism and its Application 8) Using an example, explain the law of diminishing marginal utility. The Lav of Bimmnicning marginal uriliNy States har when more ut] oF a 9904 ave contumed, we additional UPlity or sanifaction @ conrumer AvIVE trom @ succeaive unit dee aed. For trample, the more plates of arene yeu eat the uniliry you derives fiom Hre consumprion of each plate oe ano ee only wiltivta fo bey a lower price fer each additional Supply Indicate True or False and explain your choice. A) If there is a fallin the price of bananas, the quantity supply for bananas is likely to rise. The Law oFSupply states that tere is a airect relanonihip between | ie we price and qAainty cupplied oF a good, Cetens pariblts. 2) The price of beef used in the manufacture of hamburgers has fallen. This will lead to an increase in the supply of hamburgers. [7 ] There is cheaper beet tp buy hence lowered produchon cast of hanibirgey and #nus more burger can be made with the samme AniUttt OF budget 3) fallin the number offrms inthe market fora certain good causes an upward movement along a supply curve. [Ff] Fall int amount of firme will decreare the amount of supply pivdiced, as production sources have decreased. With reference to Extract 2, identify the factors affecting the supply of breads and buns in the market. The increase i proclachor cart couse the decease Spey bread Te decrease in the amount of producent caure Hre dewrense 111 he upylg OF bread. There 1s eronger compention rnar cactte He bated 10.90 ddd The change in taste and preferences (ase the Becr€Al2 SALLY Of bread. igapore | decredce in no. of prodetcers IN THE 1970s, as many as 200 traditional bakeri roducing conventionally prepared breads and buns dotted the island. Now, there are This is due to a whole gamut of ast of traditional bakeries in Extract 2: problems ranging from and a(lackiGfimanpower to from ich as Bread Talk(said the bakery owners left in the trade, wompotmion 9 production cost. It does not help that the worklISTGMUElling”rThe bakeries are open all day and operate through the night, churning out batch after batch of freshly baked bread. At Sing Hon Loong in Whampoa, for example, almost 1,400 loaves of traditional brown and white crustless breads are made and distributed to hawkers and cafes daily. The bakery also produces 1,400 buns, rolls and French loaves every day. “Few Singaporeans are wiling 10 pick up the trade and work in such a hot and stuffy | environment," said Mr. Ng Yek Heng, 56, who owns ‘Sweetlands Confectionery and Bakery. 43‘Theme 2.1 Price Mechanism and its Application 7 ca eon | Government | fovean mgrn policn 0? provides a subsidy forthe | !OUs/010 of A yeminglY Production of | °F! urcoyy ef producti ect spa mucaces ht Marivitihg Favs have more Werte produce mora an supply of com = fap!) Curve thiffa bor 6) With the aid of a diagram, explain how the following factors affect the supply for each of the products indicated below: Product | Circumstance Diagram and explanation @ | Apple Increase — in | are snorerre iv lerbour con wil! er eae Cort oF iPhones | labour cost |prorlurniov for fire. Tye wilt Oecre are pHa \ j yoht- maninnsiny prin have loweviveehaven A \pwodluce. Thi causes Lugply a Apple L264 Defay LA | eset nippy cone snefto Nethvttrdl trons fe 40S, “b [Oranges | Farmers + reoourt eet 20 Famers ae |v (eeources tor producing eravae. land to the |*Y poducton of ovonges production of _ peach as | V 24 ly of or demand for peach increases. Price Determination peeing market equilibrium. [1] Marker eynitibriam refers 70a situation where there /s no tendenty ror price and output 1 change and where Quantity demanded equals to parity euplied With the aid of a diagram, explain how a market adjusts fo a new equilibrium when there is a shortage due to a fall in supply of the good. 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