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SingaporeTurns

Independent

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Application

How are the concepts of scarcity, choice and opportunity costrelevant to what you have just done?

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 Application

Problem faced by the Island of 

Singapore :

Scarcity

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 Application

Resources are limited :

8 buildings

10 km of roads

5 km of expressways

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 Application

Wants are many :

Worship

Education

Trade

Housing

Recreation

Transport

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 Application

Problem of Scarcity :

Not enough resources for infrastructural

development i.e. buildings & roads.

Choice :

Need to allocate resources among

competing uses for the satisfaction of consumers' wants.

Choose between alternatives.

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 Application

Opportunity Cost :

Cost of something attained in terms of 

next best alternative foregone.

Goal :

Choose that particular assortment of 

routes with the objective of gaining thehighest level of satisfaction at the least

possible cost.

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 Application

How ? :

Economic method - to weigh the costs

and benefits of each alternatives and to

choose the one that gives the greatest

net benefit Cost of something attained in

terms of next best alternative foregone.

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 Application Ranking :

Deciding which criteria is more important / less

important depends on values of society value judgement (normative economics)

Ranking and choice depend on various factors:

Degree of dependence on international trade

Structure of the economy - is it more dependent

on primary goods, manufactured goods or tourism?

Population density

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But don·t be stuckin the past«

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33%

Commerce

Others27%

Fin Services

4%Biz Services

7%

Tpt & Comms

14%

Construction3%

Manufacturing12%

2003 GDP

S$159 b

1960 GDPS$ 2.1 b

Economic Transformation

O 20%

Transport &

Communications, 11%

Wholesale & Retail 

Trade, 13%Manufacturing, 26%

Financial Services, 12%

Business Services, 

13%

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From the labour-intensive 60s«

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1960s 2000s1980s

Labour Intensive

apital Intensive

Technology Intensive

KnowledgeIntensive

IndustrySophistication

Value-Added

Skills Intensive

1970s 1990s

Economic Transformation

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Transport

Engineering

Electronics

hemicals

Biomedical

MANUFA TU ING

Supply- hain Mgmt

Healthcare Services

HQ Business Services

Financial Services

Engrg Env ServicesEducation Services

SE VI ES

Twin Pillars of GrowthTwin Pillars of Growth

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S*BIO 

Biomedical Sciences

 ± Eli Lilly & Novartis: Corporate R&D Centres

 ± 6 of the World¶s Top Pharma companies manufacturing in Singapore

 ±Top talents include Sydney Brenner, Alan Colman, Edison Liu, Yoshiaki Ito

ProductProcess

Development

Basic linicalesearch

Marketing

Full-scaleManufacturing

HealthcareDelivery

egionalHQ

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Chemicals

JU NG ISLAND: Integrated World lass hemicals Hub

70 Manufacturing Plants

US$12 Billion of Investments

Singapore EDB

il Gas PetrochemicalsSpecialty

hemicals

Whole Value hain in Singapore

3rd Largest efining and Petrochemicals entre in the World

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Electronics

>30 of world HDD output

>55% of world server-HDD output

34 I Design 18 Assembly Test

Key Semiconductor luster in Asia

13 Wafer Fabs

Hard Disk Drive apital of the World

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World¶s #1 inJack-up il igs

Largest AviationM entre in

Asia

Largest LNGVessel epairer 

in Asia utside of 

Japan

Transport Engineering

Design, Build epair HubDesign, Build epair Hub

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100,000 more full-time

international students

100,000 more corporateexecutives

Education Services

SingaporeSingapore ±±The GlobalThe Global

SchoolhouseSchoolhouse

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60% of 7,000 foreign companies have HQ activities1/3 of Fortune & Global 500 have substantial HQ activities

HQ & Business Services

BiomedicalSciences

LogisticsTransport

Engineering Services

etail/ estaurants

InfocommsMedia

ElectronicsPrecision Engrg

hemicals

Hospitality

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Regional Logistics enter 

Managed by aterpillar Logistics

Supply-Chain Management World¶s Busiest ontainer Port World¶s Best Airport

entre for Procurement, Logistics and Distribution

Expanded storage capacities in Singapore

Asia PartsDistribution entre

Managed by

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Infocomms & Media Hub

DigitalAnimation

Game Development

ontent reation

Business ontinuity entres

19 International Broadcasters Here

Data entres

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