Reviews of GCE A Level Questions for Economics by JC Economics Tutor Simon Ng
JC students need to take note that the question tested in GCE A level examination for this chapter can be part of a question as tested in 2016 and thi will be difficult for students if they are not prepared for this chapter.
JC Economics CSQ for Discussion and Practices
Two CSQs will be discussed and practised. One will be on the chapter on the concept of opportunity, production possibility curve while the question will be on the types of economic system. One question tested under the concept of opportunity will be discussed and students will be taught on how to answer the questions.
JC Economics Issues for Rational Thinking
Title: Overcoming our Economic Constraints
Singapore is small city state with a limited land space, small size of population and barren land of resources. However, this little red dot has overcome its constraints and attained a remarkable level of economic growth over the years. In 2016, our GDP stands at $394.5 billion despite being a small nation with a small population of 5.4 million.
Over the years, Singapore government has recognized the limitations of Singapore and is quick to introduce measures and policies in overcoming limitations of land space, availability of resources and lack of market demand. Through land reclamation, Singapore has expanded its land space over the years as seen from the new business district in Marina Bay and Tuas. Singapore has also embarked on the import of foreign workers to expand her working population to help sustain economic growth for the country.
Along with the expansion of resources, the government has also stepped up their efforts to raise inflow of FDI and export demand to overcome our limited domestic demand and this has been an useful strategy over the years. These high-valued industries have helped to propel our economy to high level of economic growth. As a result, we are able to attain higher level of real GDP per capita income and higher wage rate.
Question for Rational Thinking
Based on the economics principles of Production Possibility Curve, explain how Singapore achieve economic growth and potential growth despite her economic constraints.