the economic performance of Singapore and United Kingdom overt the period 2010 – 2014
Assessment Task 1
Based on research undertaken under this assignment you will evaluate the economic performance of Singapore and United Kingdom overt the period 2010 – 2014.
- Economic growth (5 marks)
With reference to your selected economies:
- Outline the value of the Real GDP over the past 5 years 2010 – 2014.
- Identify and explain the business cycle over the period in your selected economies.
Include original graphs and tables in your answer.
- Aggregate Demand – Aggregate Supply (11 marks)
- Identify two determinants of aggregate demand and two determinants of aggregate supply that have impacted on the level of economic activity for your selected economies over the period.
- Explain the impact of these determinants on the level of economic activity and the price level. Demonstrate this on a AD-AS diagram.
- Prices and Interest rates (6 marks)
- Examine the situation of inflation over the period (e.g. consumer prices, and, if possible, GDP Deflator) for your selected economies.
- Identify the prevailing type of inflation (e.g. cost-push, demand–pull) over the last two years. Explain.
Include relevant data and graphs in your answer.
- The Labour Force (5 marks)
- Identify the changes in the workforce numbers and unemployment rate over the period.
- Identify and explain the types and causes of unemployment which have prevailed over the period.
- Exchange rate (8 marks)
You should examine:
- Comparative graphs and comments on the change in the exchange rate of the two currencies in the past two years (in relation to the US dollar).
- Identify and explain the main factors influencing movements in the exchange rate over the period.
- What impact has the movement had on the level of economic activity (RGDP) and the price level? Demonstrate this on a AD-AS diagram.
- Comparison (5 marks)
- Which of the two economies you have selected have had the better economic performance? Explain your answer.
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