Preview

Welfare Economics and Clear Causal Links

Powerful Essays
Open Document
Open Document
1772 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Welfare Economics and Clear Causal Links
GCE N1995

The Singapore economy grew by 9.2% per annum in the third quarter of 1993, inflation was 2.4% per annum and 19000 jobs were created. (Straits Times, 13 Nov 93)

How far can this information lead you to conclude that there is a rising standard of living in Singapore? [25]

Learning Outcome
S/no
Learning Outcome
Checklist
1
Interpret statistical data

2
Analyse the limitations of using the indicators to measure economic performance as well as standard of living of an economy


Analysis of Question (to be done in 1-2 minutes) The Singapore economy grew by 9.2% per annum in the third quarter of 1993, inflation was 2.4% per annum and 19000 jobs were created. (Straits Times, 13 Nov 93)

How far can this information lead you to conclude that there is a rising standard of living in Singapore? [25]
Interpreting the Question
What is the cue words?
(What are the skills required for this question?)

How far
To assess the degree to which the statement is true. To provide thesis and anti-thesis and make a stand
What is the concept words?
(What are the concepts required to answer this question?)

Standard of living
What is the context words?
(What is the context for this question?)

This information, rising standard of living, Singapore

Question requirements:
Application and evaluation question
Candidates are required to demonstrate understanding of SOL by applying the data given to assess the change in level of SOL in Singapore. They are also required to identify limitations of data given in assessing non-material aspect of SOL and suggest possible indicators to provide a more comprehensive measurement of SOL in Singapore.

Schematic Plan (to be done in 2-3 minutes)

Thinking Process
Introduction (GIST)
Define SOL, provide an overview of the essay

Provide the

You May Also Find These Documents Helpful

  • Satisfactory Essays

    In the case of Ludwig, he is a counselor has training and education in individual counseling. Ella came to him for individual counseling and after several sessions the counselor Ludwig, realized that a lot of her problems and difficulties had to do with her entire family system. One of Ella’s problems is having been abandoned by her parents. The counselor realizes that it would be in her best interest for Ella to work with a counselor who is trained in family therapy but the counselor decided not to do so because he believed that it could have a detrimental effect on Ella. Ludwig does not want to give Ella the impression that he is abandoning her so he decides to continue counseling her individually. The majority of the time is spent trying to understand the dynamics…

    • 577 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Ruth Chris Analysis

    • 1088 Words
    • 5 Pages

    There is a growing affinity for Western-style products and way-of-living and it has potential to bring in strong revenues. Singapore has a per capita beef consumption of 71.1 kg with a population of around 4 million. Its urbanization rate is 100% which tops all countries and has a per capita GDP of $28,100. It has a highly developed market-based economy and is the 5th wealthiest country in the world in terms of GDP (PPP)…

    • 1088 Words
    • 5 Pages
    Good Essays
  • Better Essays

    What’s more is this information provides a comparison with the standard of living from one country to another. Many issues arise with accounting for the true national income of any country. Certainly there is a concern for double-counting, for example the outputs of one business are the inputs of another business. If both are accounted for separately and added to the final numbers, the final numbers may be exacerbated by the inaccuracies of merging the accounts. Undoubtedly there are controls in place to avoid such in accuracies. Using these statistics as an indicated of standard of living can be erroneous as the result of multiple inaccuracies or conclusions drawing from the data. Some of the reasons for the inaccurate findings can include:…

    • 1569 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    David and Goliath Essay

    • 2198 Words
    • 6 Pages

    Once a small fishing village with almost no natural resources, Singapore has flourished into a point of pride for the world. As Nicolas Berggruen, a famous French investor and philanthropist said, “Singapore was created out of the swamp, with a strong emotional idea: a safe place mostly for Chinese, but accepting other cultures and other races.” Singapore had been at a disadvantage for most of its early age, until the achievement of its first world status towards the end of the 20th century. Much of this success can be attributed to the first prime minister of Singapore, Mr. Lee Kuan Yew. Malcolm Gladwell in David and Goliath emphasizes the results when ordinary people confront giants and categorizes giants as, “powerful opponents of all kinds – from armies and mighty warriors to disability, misfortune, and oppression.” Singapore overcame such odds through the right decisions made by a key leader of this city-state through strong legislation, stringent laws and a favorable geographical location. Based on Singapore’s success, I agree with Gladwell that underdogs can use unconventional methods such as turning disadvantages into advantages. Economists might argue that Singapore’s GDP is lower than most leading countries which I agree with. However, when taking into account GDP per capita, Singapore ranks as one of the world’s most successful countries, proving its ability to turn its disadvantages into advantages. This is important because countries in Asia benchmark themselves against Singapore to judge how well they do, which in turn affects the rest of the world economically. They can also learn from Singapore as an example.…

    • 2198 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Pandau: Executive Summary

    • 962 Words
    • 4 Pages

    The average GDP growth rate from Year 1 to Year 3 was 1.63%. Simultaneously, the average inflation rate was 1.33%. It is predicted that the real GDP will rise generally in the next four years.…

    • 962 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Inequality in the UK

    • 506 Words
    • 2 Pages

    Excessive income inequality may have profound effects on Singapore's social cohesion and stability. Too much inequality leads to a perception that the system is unfair, and there will be widespread mistrust of the government. 8 out of 10 of the top richest Singaporean are Chinese with the remaining 2 being…

    • 506 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Media Body Image

    • 1160 Words
    • 5 Pages

    There has been much improvement in regards to the living standard and for many years now…

    • 1160 Words
    • 5 Pages
    Better Essays
  • Better Essays

    Employment from 1950 all the way through 2000 experienced a positive trend pointing towards growth. The rates the rate growths have been comparable to population increases. In all sectors, agricultural, industrial, service and informal, performance and growth rates could be considered as doing well…

    • 2233 Words
    • 9 Pages
    Better Essays
  • Satisfactory Essays

    Discuss critically the following statement: “Per-capita Gross Domestic Product is an excellent measure of a country’s average standard of living”.…

    • 373 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    ‘‘WITH THE REFERENCE TO THE UK AND A COUNTRY OF YOUR CHOICE, DISCUSS THE LIMITATIONS OF ‘GDP PER CAPITA’ AS A BASIS FOR COMPARING LIVING STANDARDS BETWEEN COUNTRIES AND OVER TIME’’…

    • 1030 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    "In just the last few months, our constantly-updated tracking has enabled us to watch Singapore's ever–increasing confidence translate into higher product ownership, increasing purchase intentions and improving lifestyle."…

    • 1106 Words
    • 5 Pages
    Satisfactory Essays
  • Satisfactory Essays

    10/10/2013 Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes Neerja Jetley, Contributor I write on how people create, invest, spend and destroy wealth FO RBE S ASIA | 9/27/2013 @ 2:49AM | 52,458 views Singapore's Multimillionaires: New Wealth Report Busts The Myths Who is the archetypical Singaporean multimillionaire?…

    • 926 Words
    • 4 Pages
    Satisfactory Essays
  • Better Essays

    A Level H2 Econs Essay

    • 1127 Words
    • 5 Pages

    Strong economic growth refers to high and sustained economic growth, which can be in terms of actual (an increase in Aggregate Demand – AD) and potential (an increase in Aggregate Supply – AS) growth. In recent years, Singapore has experienced a number of main economic problems such as negative externalities and failure to achieve equity (microeconomic), high inflation and a worsening balance of payments (BOP) (macroeconomic problems). There is a causal relationship between strong economic growth and these problems but strong economic growth is not totally responsible for the emergence of these problems in Singapore.…

    • 1127 Words
    • 5 Pages
    Better Essays
  • Better Essays

    IB final assignment

    • 1900 Words
    • 8 Pages

    Singapore (GDP per capita: US$ 26,833 in 2005) has one of the most affluent consumer markets in East Asia. Singapore's economy appears to have stabilized after a number of years of turbulence, which started with the Asian Economic Crisis and ended with the SARS outbreak. GDP per capita in 2005 was the highest reported in Singapore's history. Business confidence has been increasing since 2004, as has consumer confidence, albeit more slowly because of lingering concerns in some sections of the population over job security. About 95% of the population is now reported to be middle and upper income group consumers. This, taken together with the fact that Singapore relies very heavily on imported food supplies, makes it a good target for committed exporters of food and drinks.…

    • 1900 Words
    • 8 Pages
    Better Essays
  • Better Essays

    Q. The low birth rates in Singapore are due mainly to the high costs of living. To what extent is it true?…

    • 1723 Words
    • 5 Pages
    Better Essays