Action Plan Template

Name: Etienne Blin Research Question: How does Singapore’s economic

Research Question: system affect the lives of its population?
Date: 28/8/2024

Date / Timings Tasks To Be Completed Resources required Evaluation / Follow Up

Action

28 Aug ● Pick a country Laptop I picked the country

● Research what economic Google Docs Singapore.
system the chosen country
uses. It has a mixed economy

Everything completed.
Sep 3 ● Come up with a research Laptop Research Question: How
question Google Docs does Singapore’s
● Begin to write speech economic system affect
○ Explain the economic Notes - Economic Systems the lives of its population?
system you observed
during your imagined Singapore has a mixed
visit to the country. economy.
○ Describe how the
country answers the I answered the 1st
three basic economic question.
questions (Finish at
least 1)
Sep 9 ● Continue describing how the Laptop I finished answering basic
country answers the three Google Docs economic questions
basic economic questions
(Finish all) Notes - Economic System I wrote down sources I
● Write down sources used used.
● Begin to write about the pros
and cons I was unable to begin
writing about the pros and
cons
Sep 10 ● Finish Pros Laptop I managed to finish my
● Write down any sources used. Google Docs pros.
Sep 11 ● Begin writing about cons Laptop I found my example for
● Find example for pros Google Docs my pros and wrote it in my
speech

I did not begin to write

about the cons.
Sep 13 ● Finish writing cons Laptop I finished writing about
● Find example for Cons Google docs the cons and I found my
example and wrote about
it.
Sep 14 ● Shorten speech Laptop I managed to shorten my
● write source evaluation. Google docs speech down to around
https://cove.army.gov.au/article/ky 550 words
r-singapore-economy
I finished my source
evaluation

Steps to Prepare Your Speech:

1. Create an Action Plan
Outline the steps you'll take to prepare for your speech, such as selecting a country,
 researching, and drafting your speech.
Submit your action plan online.
Only a 1 page document. (1 side of an A4)
2. Glossary of key words:
Define five key terms used in your speech.
3. Include a bibliography at the end of your written speech notes, following
MLA format.
4. Evaluate Your Source
Choose one source you used for your research.
Assess its reliability, accuracy, and usefulness.
Mention one limitation of the source.
Source evaluation should not exceed 300 words.
5. Describe the Economic System - Speech
Explain the economic system you observed during your imagined visit to the country.
Describe how the country answers the three basic economic questions:
1. What to produce?
2. How to produce?
3. For whom to produce?
Use relevant terminology.
6. Highlight Characteristics of the Economic System
Discuss the main features of the economic system you noticed in the country.
Provide examples of anecdotes from your visit that illustrate these features.
Include at least one example with citation based on research from secondary sources
such as books, journals or documentaries.
7. Develop a Research Question (Does not have to be included in your speech)
Create a question that focuses on how the country’s economic system affects the
decisions of producers and consumers.
The question should be capable of being investigated realistically.
However, you do not need to answer it.
8. Sum up Your Findings
Ensure your conclusion is backed up with specific details about the country and its
economic system.
9. Structure your Speech well.
Structure your speech to clearly convey your findings, with an engaging
introduction, informative body, and strong conclusion.
Use language that reflects your experience and knowledge as if you
were truly in the country.

Country: Singapore

Economic System: Mixed Economy with high emphasis on free market

https://cove.army.gov.au/article/kyr-singapore-economy?
https://brandnewland.com.sg/media_and_news/land-scarcity-and-its-impact-on-landed-home-investm
ents/?
?

Singapore has a well developed mixed economy with the majority of goods being produced by private
organisations. Singapore is forced to have a high emphasis on a free market system as they lack land
meaning they cannot produce many goods in the country. Instead they must import goods from
multinational corporations which are situated in other countries but come build a few outlets in
Singapore in order to sell their products (for example Apple, Nike, Adidas).

Singapore's mixed economy leverages private enterprises and government intervention to solve the
three fundamental economic questions. The planning of the economy is based on the key high-value
industries which are the finance and the technology sectors, with the rest of the economy being
relatively free market oriented. This explains why many reputable technology companies have set up
their operations in Singapore as well as why Singapore remains a financial centre with major local
banks such as DBS, OCBC, UOB and many foreign banks
(https://www.abs.org.sg/about-us/memberbanks) . To create goods, private sectors are given access to
modern technology in order to attempt to create goods as efficiently as possible. This two-sided
approach results in an efficient economy where, on the one hand, free enterprise provides the market
with commodities which people who can afford them can buy whereas the planned economy offers
basic services such as the Central Provident Fund to be provided with the broader public in mind. In
this way, the consumers are able to purchase a wide range of goods and services contributed by the
interests of the market as well as the welfare of its people. enjoying perks from public sector services.

Singapore’s mixed economy has many characteristics, a prominent one is its business-friendly
environment. Due to this trait, the country has become a global nucleus for trade and investment. An
example of this trait is the Port of Singapore. The Singapore Port is the busiest transshipment port in
the world and helps Singapore’s economy drastically due to its unique characteristics which attract
many countries across the globe to come to the port to trade goods. In 2023 the port handled 39.01
million twenty foot equivalent units of containerised cargo which assisted largely in Singapore’s GDP.
Despite having some admirable qualities, the country also contains some aspects which need to be
worked on. An example is the high level of income inequality. Regardless of having a strong
economic growth, income inequality has increased over the years. According to
https://www.lowyinstitute.org/publications/getting-singapore-shape-economic-challenges-how-meet-t
hem?The gini coefficient (which measures income inequality) increased from 0.412 in 1997 to 0.458
in 2016 which is above the set value of 0.4 UN-Habitat’s International Alert Line for Income
Inequality. This high value indicates that wealth is not distributed equally which can lead to a number
of social and financial challenges for households without access to said wealth.

To conclude, Singapore has a mixed economy with greater inclination to free market due to land
limitations requiring MNCs for manufacturing. When producing goods, private companies of the
country use modern technologies that are made available by the government. Finally, in Singapore,
although there are equal opportunities for businesses, disproportionate distribution of wealth is a
chronic problem for the population.

Glossary:

Multinational corporations (MNCs): a company that operates in its home country, as well as in other
countries around the world.

Income inequality: the difference in how income is distributed among the population.

Central Provident Fund: a compulsory comprehensive savings and pension plan for working
Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing
needs in Singapore

Consumer: a person who purchases goods and services for personal use.

Private/Public sector: The private sector is the part of the economy not run by the government. Public
sector is part of the country ran by the government.
Source Evaluation:

The article "Getting Singapore in Shape: Economic Challenges and How to Meet Them" from the
Lowy Institute provides a comprehensive and authoritative analysis of the challenges Singapore's
economy faces. The author, Manu Bhaskaran, is a well-respected economist with extensive experience
in economic and political risk assessment in Asia. He has served in various advisory roles, including
as a member of the Regional Advisory Board for Asia of the International Monetary Fund, making
him a credible source on Singapore's economic issues. The article dives into the domestic challenges
Singapore faces, such as population ageing, rising costs, weak innovation capacity, and declining
productivity growth. It also examines external challenges, including technological disruptions,
changing structures of international competitiveness, and growing economic nationalism. The author's
insights into the high level of income inequality in Singapore, as evidenced by the rising Gini
coefficient, are particularly relevant to the report's focus on this issue. One potential limitation of the
source is its publication date of 2018, which could mean that some of the data and analysis may not
reflect the most recent developments in Singapore's economy. However, the article's in-depth
exploration of the structural challenges facing Singapore remains highly relevant and is supported by
a range of credible data sources and statistics. Overall, the Lowy Institute article is a well-researched
and authoritative source that provides valuable context and analysis on the economic challenges
facing Singapore, including the issue of income inequality. Its use in the report is well-justified and
strengthens the overall quality of the analysis.

Works Cited

ABS. “MEMBER BANKS.” Abs.org.sg, 2022,

www.abs.org.sg/about-us/memberbanks. Accessed 9 Sept. 2024.

Bhaskaran, Manu. “Getting Singapore in Shape: Economic Challenges and How to

Meet Them.” Lowyinstitute.org, 15 June 2018,

www.lowyinstitute.org/publications/getting-singapore-shape-economic-challe

nges-how-meet-them? Accessed 11 Sept. 2024.

Brand New Land. “Land Scarcity’s Impact on Landed Homes in Singapore.” Brand

New Land, 8 Feb. 2024,

brandnewland.com.sg/media_and_news/land-scarcity-and-its-impact-on-lande

d-home-investments/? Accessed 10 Sept. 2024.

The Cove. “#KYR: Singapore - Economy.” The Cove, 18 Feb. 2022,

cove.army.gov.au/article/kyr-singapore-economy? Accessed 28 Aug. 2024.