ipl-logo

The Importance Of Microeconomics In Singapore

2120 Words9 Pages

Economics studies the choices that individuals, businesses, governments and entire societies make as they handle with scarcity and the incentives that influences and reconcile. Economics consist of Microeconomics which is the way the choices interact in the market and the influence of the government. The other, Macroeconomics, it is the study of the performance of the national and global. Economic stability enables macro-economic objectives to be achieved, such as stable prices and sustainable growth. The Microeconomics consists of the choices that individuals and business make, the way it influences the government. (Rodney Sim, 2016, p. 3) Economic growth is equivalent to economic development. When the nation’s income grows, the people benefits. It indicates representing the factors known to be relevant to economic growth, such as capitol stock, employment, government spending, imports and exports. It creates the appropriate environment for job opportunity. Economic policy is intentionally attempted to generate the increases in economic welfare. The Economic Development Board started reconstructing after 1968. Singapore was also known as a politically stable state with a high rate of economic growth in the 1970s. Thereafter, Singapore had been a highly developed trade industry. The stable and sustainable development is to increase in real terms that can be supported in the future.

Singapore faced a recession in 2009, due to that the actual sales were lower than expected

Show More
Related

  • Why Is Economics A Friend Or A Foe Of Ethics?

    967 Words  | 4 Pages

    The purpose of this essay is to argue whether "economics is a friend or a foe of ethics". A concept discussed by Norman Bowie, A.K Gavai and Milton Friedman. Before moving into further detail, what is economics and ethics all about? According to the dictionary, "economics is the science that deals with the production, distribution and consumption of goods and services or the material welfare of human kind." Whereas ethics are the "values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions".

    Read More

  • Pros And Cons Of Obama

    748 Words  | 3 Pages

    So as, a country without good economy cannot prosper. ‘Prosperity is understood as a successful, flourishing or thriving condition: simply, a state in which things are going well’ . Pros: Financial recovery from the financial crisis of 2007 – 08 also known as world financial crisis. ‘The immediate cause or trigger of the crisis was the bursting of the U.S. (United States) housing bubble, which peaked in 2004’ .

    Read More

  • Changes During Westward Expansion

    1449 Words  | 6 Pages

    The economy is the collection of resources and money. Also all across the world, all countries that trade and use some sort of money. The economy includes tariffs, banking, trusts, railroads and all about the new transportation, and acts that expand the power of the federal government. Some issues with the economy that affected all people were railroad corruption, banking expansion, working conditions, trusts, and most of all, the corruption within the government. The changing economy positively impacted the common people.

    Read More

  • Totaltarism Was Not The Purest Form Of A Totalitarian Government

    801 Words  | 4 Pages

    The central economy also failed at achieving rapid growth because they wee not moving with the times that were going on, for an example North Korea allowed free market reforms to help with their economic troubles after the other Asia Countries Hong King, Singapore, South Korea and Taiwan had economic growth. Finally, the central economy failed to satisfy the consumers needs because of the people standred of living feel far below that of a market economy. Although central planning conceived as a mean to create a more equitable system of distributing

    Read More

  • William T. Cavanaugh's 'Economics And Christian Desire'

    1388 Words  | 6 Pages

    We are told that Economics is the science that studies of the resources that are scarce and hard to come by. The very basis of the market is all about trade, to give up something precious in order to receive another precious

    Read More

  • Great Recession Research Paper

    711 Words  | 3 Pages

    The Great Recession started for the United States in December of 2007 and lasted until June of 2009. This was the worst recession in U.S. History since World War II. During this time, there was a 6.1 % loss in jobs, due the job shortages about 27 million people we either unemployed or underemployed. This affect the age household many people household income dropped increasing the poverty in America. In economics, a recession is a decline in economic activity affecting Gross Domestic Product or GDP for at least two consecutive quarters causing negative economic growth (Downes and Goodman).

    Read More

  • Compare And Contrast Economic Systems

    757 Words  | 4 Pages

    Comparing Economic Systems There are three different economic systems Traditional, Market and Command. The survival of any society depends on its ability to provide food, clothing and shelter for its people. Due to the fact that these three societies face scarcity, which means “The state of being scarce or in short supply”, decisions concerning WHAT, HOW and FOR WHOM to produce must be made. However, another similarity is that all societies have an economy or an economy system which is an organized way of providing for the wants and needs of their people. This determines on the type of economy system they have.

    Read More

  • Zara Macro Environment Analysis

    888 Words  | 4 Pages

    -Economy factors: world economic crisis that resulting in a change in the consumer income, if the

    Read More

  • The Importance Of Liberal Democracy In Singapore

    934 Words  | 4 Pages

    Singapore’s current political system is a democratic society. On paper, it ticks all the boxes of what makes a democratic system. It gives citizens the right to vote for the person they feel will best represent the voice of the people and address their needs. It also ensures that people have the freedom of speech and expression as stated in Article 14 of the Constitution of the Republic of Singapore. However, things do not appear to be so straightforward, there definitely is more than meets the eye.

    Read More

  • Disadvantages Of Economic Growth

    1571 Words  | 7 Pages

    INTRODUCTION Economic growth is defined as the increased capacity of an economy to be able to produce goods and services in comparison from one period of time to another. This is figured by the genuine Gross Domestic Product (GDP) and development, and is measured by utilizing genuine terms such as “Balanced Inflation”. These terms help to remove any distorted views on the perceived outcome of inflation on the cost of merchandises produced. Likewise, Economic growth is related to the high expectations in a person’s standard of living. If the standards are high, it wouldn’t be beneficial for the economy as the working class individuals will face a lot of trouble.

    Read More

  • Pestel Pest Analysis

    1471 Words  | 6 Pages

    In 2002, PIL Group achieves US$1 Billion turnover, and it turns to double in 2005. In Year 2013 PIL achieves US$4.5 Billion turnover. PIL has in its low-profile way, operations now encompass services to many major hub ports around the world. (PIL-Information Memorandum, 23 June 2014) PESTEL ANALYSIS Political factors: Singapore is one of the most politically stable Countries in the world. It is a free-market business friendly and global oriented economy shape by an active and intervention’s government.

    Read More

  • Essay On Economic Growth And Economic Development

    1597 Words  | 7 Pages

    Economic growth and economic development In measuring and identifying the factors that stimulate the growth of the economy of a nation such as the Republic of India, a distinction needs to be made between economic growth and economic development. For a nation to experience economic growth, there must be an increase in the gross domestic product (GDP), which is a qualitative measure of the value of all finished goods and services produced in that country within a period of time. However, economic development which is usually measured through the human development index (HDI), includes not only an increase in the output of goods and services, but an improvement in the welfare of individuals within a country.

    Read More

  • Roles Of Money In Macroeconomics Essay

    1772 Words  | 8 Pages

    ROLE OF MONEY IN MACROECONOMICS 1. Introduction Money can be seen as the medium of exchange which is acceptable while transaction is being undertaken between two parties. Some of the common forms of money are: - Commodity money: This is when the value of the good represents its value in terms of money like gold or silver. - Fiat money: This is when the value of the good is less than the value it represents - Bank money: It is the accounting credits that can be used by the depositor Money serves a variety of crucial functions in the economy and this is why it has gained an unparalleled influence in the matters of economy at micro as well as macro levels. Some of the features of money that make it so important for any economy are as follows:

    Read More

  • Essay On Unemployment In India

    934 Words  | 4 Pages

    The employment growth has not been proportionate with population and GDP growth. The fact that there has not been any significant growth in employment despite considerable acceleration

    Read More

  • Industrial Relations System In Malaysia

    1691 Words  | 7 Pages

    Industrial relations system in Malaysia functions within the legal framework of the industrial relations act 1967 and the industrial relations regulations act has this to say “An Act to provide for the regulation of the relations between employers and workmen and their trade unions and the prevention and settlement of any differences or disputes arising from their relationship and generally to deal with trade disputes and matters arising therefrom.” [7 August 1967]. The Act is self-contained. It changes all previous legislation pertaining to industrial relations but continue to encourage democratic self government in the industry by implementing safeguards to legitimate rights, prerogatives and interest of workmen, employers and their trade

    Read More

More about The Importance Of Microeconomics In Singapore

Open Document