RI H1 Economics Lecture Notes 4 Key Economic Indicators and Standard of Living

ECONOMICS RAFFLES INSTITUTION YEAR 5 H1 ECONOMICS 2018 LECTURE NOTES KEY ECONOMIC INDICATORS 1 Introduction to Macroeconomics 2 Living Standards and its Indicators 2.1 Material Standard of Living 2.1.1 Indicators of Material Standard of Living 2.1.2 Problems with Real GDP per capita as an indicator 2.2 Non-material Standard of Living 2.2.1 Indicators of Non-material Standard of Living 2.2.2 Problems with Qualitative Indicators 2.3 Composite Indicators 3 Comparisons of Economic Performance & Living Standards 3.1 Comparisons over Time 3.2 Comparisons over Space (between countries) 4 Overview of the Singapore Economy 4.1 Singapore’s Key Economic Performance 4.2 Singapore’s Standard of Living Theme 3: The National Economy @dream

Raffles Institution Economics Department 2 References Bank, W. (2006). World Development Report 2006 - Equity and Development. New York: World Bank; Oxford University Press. Caves, R. E., Frankel, J. A., & Jones, R. W. (2007). World Trade and Payments -An Introduction. Boston: Pearson. Colman, D., & Nixson, F. (1994). Economics of Change in Less Developed Countries. Coventry: Harvester Wheatsheaf. Frank, R. H., & Bernanke, B. S. (2009). Principles of Economics (4th Edition). Boston: McGraw-Hill Irwin. Mankiw, G. N., Quah, E., & Wilson, P. (2013). Principles of Economcis - An Asian Edition (2nd Edition). Singapore: Cengage Learning. Ministry of Manpower(Singapore). (n.d.). Retrieved September 2016, from Labour Market Statistical Information: http://stats.mom.gov.sg/Pages/Home.aspx Nagle, G. (2005). Development. London: Hodder Murray. Singapore Department of Statistics. (n.d.). Singapore Department of Statistics. Retrieved September 2017, from http://www.singstat.gov.sg/ Sloman, J. (2006). Economics (6th Edition). England: Pearson. Tragakes, E. (2012). Economics for the IB Diploma. Singapore: Cambridge University Press. United Nations Development Programme. (n.d.). Retrieved September 2017, from Human Development Reports: http://hdr.undp.org/en/data World Bank. (n.d.). World Bank Open Data, http://data.worldbank.org/ (References in bold are recommended resources for the A Level Economics student.) At the end of this lecture, candidates should be able to: •Understand the meaning of standard of living and explain how the quantitative and qualitative aspects may be measured •Compare economic performance and living standards over time and over space (between countries) •Understand the key economic indicators of Singapore @dream

Raffles Institution Economics Department 3 1 INTRODUCTION TO MACROECONOMICS Economics is traditionally divided into 2 parts: microeconomics and macroeconomics. Microeconomics considers individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to particular markets of goods and services and deals with individual and economic issues. For instance, how taste & preferences increase demand for