bevandecons!! 📈

goodluck to all the j2s taking prelims tmr 😆😆

case study: how China saved the global (and US) economy a few weeks after trump invaded Iran and Iran blocked off the Strait, the world started panicking. Analysts predicted a global shortage of oil and fertilisers- blackouts, starvation, chaos. But then none of this happened, thanks to China. China quietly saved the world and the US, keeping oil prices subdued and preventing a global crisis. How did that happen? Firstly, the world supplies and consumes 100million barrels of oil everyday. This is the market equilibrium. When Iran blocks the Strait, 20% of the supply is cut, the world is now in a 20 million shortage. As we learnt in demand supply, shortage -> upward pressure on price -> higher global prices of oil and lower quantity. (link to equity, or higher COP and lower SRAS). The world managed to increase supply by 10 million through reserves and other methods, but that still left a deficit of 10million. China alone imports 10 million barrels of oil. Then they cut down 50% of their imports, something almost unimaginable for a country of that size. Turns out they - encouraged cleaner energy usage - started accessing their oil reserves. China has an estimated 1.4 billion barrels of oil, more than every country added up, and the US only has 400 million. China can withstand an entire year without oil imports, the US a few months. (that’s actually crazy i had no idea) -^they did that by buying oil from Iran and Russia (sanctioned countries). Since no one else was buying from these countries, and China was the only country who could buy from them without being punished by the US, they managed to get a shit ton of oil at a discount - invested heavily in production of coal, then started using coal instead of oil to make plastics and fertilisers -imposed an export ban on refined oil, which increased domestic supply and reduced demand for external imported oil as such, china’s total oil imports fell by more than 5.5 million, significantly reducing the global shortage and saving the global economy. thought this was an interesting case study that ties into many topics that yall are learning now - demand supply, macro goals, globalisation and protectionism etc

this is ur sign to LOCK IN in j1 😓 if you postpone ur prelims revision, it’s really hard to catch up last minute especially with the no. of question types u have to master and essays u have to spam. if you dont do well for promos, your weak topics will snowball into J2 and u will spend time catching up, compromising ur j2 topics

anyways sleep is not important leading up to promos prelims and As but during promos prelims and As seasons please try to get at least 7 hours

hope yall got enough sleep

that is alot of people who stayed up

Qn type: Explain how consumers decide how much to consume and why this leads to an inefficient allocation of resources (10m) R1) Marginalist principle • Consumers aim to maximise utility, MB=MC • Example • Graph • Compare MB>MC, then MB<MC, then explain MB=MC R2) Allocative efficiency caused by externality/ imperfect info • graph • -7-step framework

Economic analysis • Richard Posner, a fervent advocate of economic analysis of law argues that ‘ economics is the science of rational choice in a world … in which resources are limited in relation to human wants’. He assumes that all individuals will make rational choices to maximise their self-interest. this is in my torts lecture slides...

good morning guys i will be all nighting react to this message if ure up studying too 🔥🔥🔥

yall have gone mental

verdict: failure, use as eval for 15m essays that said strategy is not the best to increase profits

i think most of yall will hate it though

its aight

Israel — government provides subsidised public land to private developers constructing affordable owner-occupied housing. This reduces the developer’s land cost.

one of my j1 classes are asking me for examples for indirect subsidies for housing so:

if not nice = no increase in dd ar mr tr and profits

ill try later and see how it goes

OKKK PRODUCT INNOVATION looks good 😋😋

PSA: Your new coffee obsession just dropped. 🥥☕ If you love coconut and coffee, this one's for you. ⬇️150KCAL Lab Series ☕ Bold espresso 🥥 Made with 100% coconut juice 💧 Every cup contains about the same amount of coconut water as one whole, medium-sized coconut Now available at all Luckin Coffee stores. 😉💙 #luckincoffee #luckincoffeeSG #luckincoffeexDuolingo #Duolingo #CoconutAmericano #150KCALLab

fair play to be honest