Economics Tuition – Video by Economics Focus

This e-learning video developed by JC Economics Tutor Simon Ng of Economics Focus examines the topic of Economic Indicators and National Income Accounting, whereby students are required to find out what are the possible policies that can be introduced to improve the current and future standard of living, such as manpower training and infrastructural development.

The ultimate goal of all governments is to improve the general standard of living (SOL) of its population. Explain how a government can improve the current and future standard of living of its population. [12]

Analysis of The Question

For this question, the requirement of the question is to be able to state the factors that leads to an increase in both the quantitative and qualitative aspect of SOL
Also, state that the government can achieve an increase in both the current and the future SOL through the explanation of the various policies which can be adopted by the government



Source of Information

Part of knowledge needed for this question:

  • Define standard of living (SOL) to include both quantitative and qualititative aspects of SOL

  • Explain the various government policies adopted to increase GDP, maintain price stability, as well as population size to increase real GDP per capita as a measure of quantitative aspects of SOL

  • Explain the various government policies adopted to improve Human Develpment Index and Measurement of Economic Welfare as measures of qualitative aspects of SOL

  • Explain the various government policies adopted to ensure sustained economic growth to allow consistent increase in SOL in the future



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