TC 10 Economics Project(smartphones) by Chu Foong Toh https://padlet.com/s10219046/b0llu6hmh0umzgqz Pang Sze Yan Lois, Lui Shi Ying Celine, Euan Tey, Subaidaah Azmath, Toh Chu Foong, Ong Qi Wen en-us 2021-05-14 03:52:13 UTC 2021-08-06 04:08:13 UTC hello@padlet.com Key source [I] s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523643110 Smartphone market in Singapore -statistics and facts.]]> 2021-05-14 04:18:51 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523643110 Key source [II] s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523648076 What are current examples of oligopolies?]]> 2021-05-14 04:22:24 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523648076 Key source [III] s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523656758 Smartphone elasticity of demand.

]]> 2021-05-14 04:27:55 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523656758 Key source [IV] s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523661815 smartphones market |Growth trends and forecast]]> 2021-05-14 04:30:53 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523661815 Additional Reference for Presentation s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523697284 Income of industry:
• Apple revenue breakdown by product | Statista

Brands:
Mobile Phones in Singapore | Market Research Report | Euromonitor]]> 2021-05-14 04:52:50 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523697284 Microeconomics Prelim Analysis s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523711880 1. Income of the mobile phone industry (Lois):
 - In Singapore, 90% of the population is a smartphone user (4.65 million people).
- Since the demand for mobile phones is usually so high, Singapore is a place that many mobile phone sellers like to go, targeting starry-eyed buyers in Southeast Asia.
- There has been a 3% drop in the sales of mobile phones in 2020
- This is because the COVID-19 pandemic has caused people to fear financial security, so mobile phones would be considered a luxury.
- The shipment of phones have also decreased with the drop in overseas trade.

Brands (Lois)
- Even with the pandemic, Apple is still the leading phone brand with a leading market of 33.6%  among market vendor.
- This is because of how reputable it is, and has many faithful users who are comfortable with the features it provides.
- However, other mid-priced brands such as Xiaomi and Oppo are also gaining popularity because of their value for money properties.
- These brands offer high-end features for their low prices, making it desirable for buyers.

2. Smartphone elasticity of demand (Qi Wen/Celine):
Definition of elasticity of demand
- A concept to measure how responsive consumers are to a price change

Why do smartphones have elastic demand?
- It is a luxury good (meaning that is a necessity that is not needed for survival)
- For the rich who are more able to afford a mobile phone, the price is inelastic but to the poor,  they would prioritize things like food and living costs. This makes the price elastic.
- There are many companies that sell mobile phones, making the options quite diverse. If Apple (for e.g.) raise their prices, people will buy from Oppo (also an e.g.). This makes the price elastic.
- People are sensitive towards changes in price
- E.g. A survey showed that 87% of people chose not to buy a smartphone when the price increases by 50%.

3. Market Structure (Subaidaah):
- Smartphone can be categorized as an oligopoly market.
- Oligopoly forms when a small number of companies band together, either directly or indirectly to limit productions and decide on the price to gain higher than average market returns.

Example
- Companies such as Apple, Samsung, Nokia, Sony are the only few companies that control the industry.
- These companies control more than 50% of the smartphone industries.

4. Key Characteristics of the smartphone Industry (Euan):
The industry provides consumers with User-friendly features on devices.

Example
- Touch screen devices,
- Easy controls.
- A user-friendly interface
- Has Access to the internet.
- Has the ability to run and download applications
- Virtual Assistant(Siri, Bixby) 

5. Demand and Supply determinants of the smartphone industry (Chu Foong + Euan):
Demand Determinants
- Taste and Preferences
Examples of such determinants
Colour of the phone, how much space it has and specification of the phones.

- Price of related goods.
Battery cost.
labour cost.
Materials for making the phone.

- Expectations of Buyers.
Concerns about the price of the phones

- Number of Buyers.
The number of people wanting phones.

- Money Income
The amount buyers can spend on new products.

Supply determinants
-Technology 
Technology advancements meant that fewer resources are needed to produce mobile phones at a lower cost. This allows the seller to supply more at a lower cost

- Price of related goods
If the prices of other mobile phones increases, the supply of cheaper phones will increase as people would prefer a cheaper alternative. 

- Expectation of sellers
If mobile phones with 3 cameras can fetch a higher price, the supply of mobile phones with 3 cameras will increase to earn more profit.

- Number of sellers
If there are many mobile phone companies in Singapore, the supply of mobile phones will be higher

-Factor/resource price 
When wages increase, it is more expensive to hire workers. Companies will be less willing to hire workers to create mobile phones, leading to a lesser supply of mobile phones




]]> 2021-05-14 05:02:15 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1523711880 Introduction s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527955258 Team 1 will be researching on the mobile phone industry and it's impact on the economy.

The padlet covers:
- Recent income
- Characteristics of the industry
- The Market structure and its characteristics 
- Demand and supply determinants of the industry
- Price elasticity of the demand of mobile phones]]> 2021-05-16 06:42:31 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527955258 Reflections (Celine) s10221758 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960599 I think one good thing about our team is that we have fun be it when meeting in person or over ms teams, we always laugh a lot when we're together.

On the other hand, one thing to improve on is not getting so sidetracked during discussions as I feel we could have gotten things done way faster if there were less discussions about fish lol

While researching for this analysis I found out that the smartphone industry is very dominated by big brands.]]> 2021-05-16 06:46:57 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960599 Reflection (Lois) s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960891 Thanks to Team 1 for being a great bunch of people. It's been fun to work with everyone so far, and I like how we managed to become so comfortable with each other in such a short amount of time! I know I can seem a bit controlling or demanding or naggy, but I'm grateful that we still manage to cooperate with each other well. P.S sorry I came 10 minutes late to our first meeting :P

Something we could work on as a team is to stay on track with our work, so that we can get our tasks done even faster! 

An interesting thing I learned from this preliminary analysis is that Singapore is actually a hot spot for mobile phone vendors, so that people from Southeast Asia can buy them.]]> 2021-05-16 06:47:15 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960891 Reflection (Subaidaah) https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960995 Thank you Team 1 for being easy going and working on discussions together. It makes group work more fun with laughters.

For the next project let's be more focused in every meet ups so that we can be more productive!

One interesting thing I have learnt is facts about smartphones and the industry that I did not know about before. Such as getting to know what type of market structure is smartphones categorized in and what brands are gaining popularity in the industry. 


]]> 2021-05-16 06:47:22 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527960995 Reflection (Qi Wen) https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527961344 I think that one area that is good about our team is that we are very comfortable working with each other, therefore we can do things properly. This actually means a lot of fun to be honest.  For what I have learnt through this project, I learnt about market structures and price elasticity of demand. This project actually allows me to learn something that may be useful for the future.

However, I think we have to be productive and do our work when it is supposed to be done. It is ok to talk about other stuff for a while. When it's time to be serious, it means that we have to get things done.]]> 2021-05-16 06:47:43 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527961344 Reflections (chufoong) s10219046 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527981744 One good thing about our team is we have good chemistry. We live by the motto "work hard and play hard". We are efficient and productive during our discussion and we always meet deadlines set by us.

I think we can be more punctual for our online meetings.

From the prelim analysis I learned the definition of elasticity.

]]> 2021-05-16 07:04:41 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1527981744 Reflections Euan https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1528047050 One good thing about the team is that we are very cohesive and click well together I've enjoyed working with everyone so far on the project.

One thing that I think we should work on is not getting sidetracked when doing the work. 

One thing that I have learnt from the project is that, A simple UI and Internet connection is a must for any phone company in this day an age.]]> 2021-05-16 07:58:41 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1528047050 Citations https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1530035356 economicssurveysmartphones. (2021, may 17). economicssurveysmartphones. Retrieved from economicssurveysmartphones.wordpress.com: https://economicssurveysmartphones.wordpress.com/

euromonitor. (2021, may 17). euromonitor. Retrieved from euromonitor: https://www.euromonitor.com/mobile-phones-in-singapore/report

HAYES, A. (2021, april 26). investopedia. Retrieved from investopedia.com: https://www.investopedia.com/ask/answers/121514/what-are-some-current-examples-oligopolies.asp

mordorintelligence. (2021, may 17). mordorintelligence. Retrieved from mordorintelligence.com: https://www.mordorintelligence.com/industry-reports/smartphones-market

Müller, J. (2021, april 7). statista. Retrieved from statista.com: https://www.statista.com/topics/5842/smartphones-in-singapore/#dossierSummary

Vailshery, L. S. (2021, janurary 22). statista. Retrieved from statista.com: https://www.statista.com/statistics/382260/segments-share-revenue-of-apple/

 


]]> 2021-05-17 05:59:24 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1530035356 Feedback for Microeconomics Prelim Analysis wang_cuiling3 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1546400228 Glow areas: 
I appreciate team's effort in trying to applying various concepts learnt so far. 

Grow areas (for presentation): 
I think the selected key sources limited team's analysis, most portions are rather generic/hypothetical, needing more evidences from the real world. 

Specific comments for your consideration: 
[0] References
Source of reference could go beyond those that focus on data reporting or explaining concepts such as news articles or research paper that could help team examine happenings in the Singapore smartphone industry. The wordpress reference shouldn't be used as  an academic reference source since it is a group project written by undergraduate for their Economics module. Of course, you could gather some ideas on how to value-add your project work. 

[1] Income of the mobile phone industry 
- Is this part of the overview of the industry else think of how could this content be better classified?
- Clarification: Income refers to what labour receive when they provide their services. 
- Why is the industry affected by the fall in shipment and what caused the fall?

[2] Smartphone elasticity of demand [Ed]
- Clarification: price elastic demand
- Cite the source of survey to complete the description and where possible, support your conclusion

[3] + [4] Market Structure (with its key characteristics)
- Room to strengthen the identification of Oligopoly as the market structure
- Besides the functions of a smartphone, revisit the 4 key characteristics of market structure to explore how your identification of Oligopoly could be further supported. 

[5] Demand and Supply determinants
- As shared in class, there is no need to cover all determinants. 
- Research further and see if team could find out real world happenings about the smart phone demand and supply where a few of these determinants could apply. ]]> 2021-05-21 02:40:54 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1546400228 Thoughts on team reflections wang_cuiling3 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1546653823 The fun and laughter from team is contagious. Can't help but to laugh along at your conversations. It's amazing to me as well how well bonded you were within such a short period of time. 

Hope you'll continue to enjoy your discussions for the subsequent two stages. ^-^]]> 2021-05-21 04:47:54 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1546653823 Macroeconomics Prelim Analysis s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1609166094 1. GDP (Euan & Lois)
- Real GDP fell by 5.4% in 2020, but is expected to grow by 4.0%-6.0% in 2021 despite the COVID-19 Pandemic
- The biggest contributor to the Singapore GDP is the manufacturing industry, contributing at 20%-25%
- This is followed by retail and wholesale trade at 18%, and business services at 16%
- In 2020, the Information and Communications sector contributed to 5.1% of the Nominal GDP

Smartphone industry in Singapore during the COVID-19 pandemic:
-  During the Circuit Breaker period, many people looked to mid range phones which were more affordable (e.g the iPhone SE having a starting price of $649, and being the most affordable iPhone since the last one in 2016)
- iPrice (a price comparison website) reports that there was a 178% increase in searches by Singaporean users for entry-level and mid-range smartphones from March to April (the iPhone SE and other affordable options were searched by Singaporean users on iPrice)
- During the same period, premium smartphones only saw a 44% increase in searches by Singaporean users on iPrice

Smartphone industry and GDP:
- In general, the electronics industry is a major industry, and accounts for 8% of Singapore's GDP, and contributes 38% of the total investments in fixed asset investments in 2020
- From what we can infer, the contribution of the electronics and Infocomm sector to GDP would not fall as much as the other industries, as the average consumer has been inclined to switch to entry level and mid-range smartphones in comparison to premium smartphones, especially during the COVID-19 pandemic.
- So the premium smartphones industry would have fallen in GDP and the entry level and mid-range smartphone industry would have risen.
- All in all the contribution of smartphones to GDP wouldn't have been affected that much by the pandemic as substitutes were available in comparison to premium smartphone brands such as Apple and Samsung.

2. Labour Market Situation
(Qi Wen & Celine)

- There are currently over 2 billion smartphone users around the world, meaning demand is extremely high.

- The launch of Apple's App Store and Android's Google Play has created new jobs that didn't exist before, for example Software Developers, meaning there are more jobs available.
- Over 10 million jobs, including those mentioned above, have been created since the iPhone was launched over a decade ago.
- The App Economy accounts for 1.66 million jobs in the United States and 1.64 million jobs in the European Union.

- In Singapore, the total labour force is 3 714 000 and the number of unemployed is roughly 107 706, making the unemployment rate 2.9%

-  Smartphone companies are constantly employing people, for example, Apple has over a hundred job openings at any moment in just Singapore alone.

- On the other hand, the are few companies in the smartphone industries meaning there are fewer job openings than in other industries that have more companies and therefore more job openings in general.

- Furthermore, many people want to get a position in the industry, making it very difficult to enter. There would be more people who are rejected than accepted, meaning the ratio of employed people to unemployed people skewed toward the unemployed side. 

https://recruitingblogs.com/profiles/blogs/didyouknow-smartphones-have-been-helping-to-create-jobs
https://www.singstat.gov.sg/find-data/search-by-theme/economy/labour-employment-wages-and-productivity/latest-data

3. General Price Trends in Singapore
(Subaidaah & Chufoong)
- Smartphones has a range of functions that can be performed by other goods which are substitutes for smartphones. Substitutes such as camera, GPS devices, and computers. 

- The demand for the available substitutes for smartphones has been reduced hence, inflation could be limited in the aggregate. Thus, the substitute goods have trended down over the past few years. 

However, the demand for smartphones has been ever-present since the launch of first Apple iPhone in 2007. Consumer knows how efficient the features are in the smartphone and they will be willing to spend more despite the inflation as it plays a part in the increased cost of smartphones. 

- Demand-Pull Inflation is one of the reasons for the cause of inflation. Increase in consumer demand for smartphones drives demand pull inflation. 

- When consumers want to buy smartphones that is limited, the price for the good will increase. Demand-pull inflation occurs when aggregate income rises, creating a spike in overall demand for smartphone products. 

https://www.mas.gov.sg/-/media/MAS/Monetary-Policy-and-Economics/Education-and-Research/Research/Economics-Essays/2018-Oct/SF-B-The-Impact-of-Technological-Progress-on-Inflation.pdf



4. Government Measures
(Subaidaah)
- Digitalization such as smartphones allows small countries like Singapore to overcome transcend size, as well as help businesses break into new markets.
- As digital technologies is becoming more widespread in economies, businesses, and people's daily lives, it's more important than ever to adopt them to remain relevant.
- Digital economy also raises new issues for world governments to consider, such as cybersecurity threats and taxation.
- Technological advancement is expected to increase and replace traditional economic activity over time. Then, government regulation, rule, and tax become extremely important.

https://www.channelnewsasia.com/news/business/what-is-digital-economy-why-it-matters-mobile-app-12240630


]]> 2021-06-16 04:16:52 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1609166094 Additional Sources s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1609199200 • Singapore: GDP growth by industry 2020 | Statista

MTI Maintains 2021 GDP Growth Forecast at "4.0 to 6.0 Per Cent"

https://www.statista.com/statistics/625739/gdp-of-the-information-and-communication-industry-in-singapore/

https://www.mti.gov.sg/-/media/MTI/Resources/Economic-Survey-of-Singapore/2020/Economic-Survey-of-Singapore-2020/FullReport_AES2020.pdf

https://www.moe.gov.sg/sgis/sponsoring-organisations/industries/electronics

https://www.guidemesingapore.com/business-guides/incorporation/why-singapore/singapore-economy---a-brief-introduction#:~:text=Singapore's%20largest%20industry%20by%20far,sciences%2C%20logistics%20and%20transport%20engineering.

https://www.straitstimes.com/business/economy/singapore-maintains-4-6-gdp-forecast-for-2021-despite-increased-covid-19

https://www.channelnewsasia.com/news/singapore/singapore-maintains-2021-gdp-forecast-at-4-6-per-cent-covid-19-14879984

Singapore GDP | 1870 - 2020 | Data | PPP | Current | Real on World Economics

https://www.statista.com/statistics/625739/gdp-of-the-information-and-communication-industry-in-singapore/

https://www.mas.gov.sg/-/media/MAS/Monetary-Policy-and-Economics/Education-and-Research/Research/Economics-Essays/2018-Oct/SF-B-The-Impact-of-Technological-Progress-on-Inflation.pdf
https://www.guidemesingapore.com/business-guides/incorporation/why-singapore/singapore-economy---a-brief-introduction]]> 2021-06-16 04:39:45 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1609199200 Key Source [I] s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627813714 Smartphone industry of 2021]]> 2021-06-28 05:02:57 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627813714 Key Source [II] s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627817936 GDP]]> 2021-06-28 05:05:57 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627817936 Key Source [III] https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627826416 2021-06-28 05:11:52 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627826416 Key Source [IV] s10222569 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627855422 Government Measures]]> 2021-06-28 05:31:53 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1627855422 Citations Macro ;) https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1629833240
Chang, V. (2020, June 9). straitstimes. Retrieved from straitstimes.com: https://www.straitstimes.com/tech/smartphones/rise-of-mid-range-smartphones

Statistics Singapore. (2021, june 29). singstat.gov. Retrieved from singstat.gov.sg: https://www.singstat.gov.sg/modules/infographics/economy (Two sources used same website.)

Kit, T. S. (13, Janurary 2020). channelnewsasia. Retrieved from channelnewsasia.com: https://www.channelnewsasia.com/news/business/what-is-digital-economy-why-it-matters-mobile-app-12240630



]]> 2021-06-29 08:52:05 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1629833240 Feedback for prelim macro analysis wang_cuiling3 https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1631305476 Glow areas: 
References are all recognised and noted a few that are industry specific. I actually think that your additional sources gives you more information about the happenings related to GDP instead of the key selected sources since those are more of infographics/fact sheets that reveal important data but doesn't share the "why" or reasons causing such a data trend. But small thing, since Team knows further research is necessary. 

Grow areas:
GDP
First point should go last, after biggest contributor and "In 2020, the ...". Otherwise, it might seemed as though the growth in 2021 is due to the rise in manufacturing. Suggest team to check out more recent news for which sectors is boosting/dampening SG's real GDP. Just study one or two will do. 

Would like to challenge team to use the GDP components in examining real world events too. There is really good information in the DOS infographics that could be used to examine the current GDP trend in SG too. E.g. shows the breakdown of the components of GDP and also our key trading partners. 

Smartphone industry in Singapore during the COVID-19 pandemic:
I think this point is really interesting and I think this point is better subsumed in Microeconomics analysis since this is talking about one of the demand determinant. Which one? 

Smartphone industry and GDP: 
Good first point, lovely as part of the overview of the contribution of this industry to GDP! The subsequent points would need support 

Labour Market Situation
Interesting point about the creation of new jobs

For a more holistic coverage of the labour market, pls look at the current unemployment/employment situation in SG, what the key reasons behind this, before moving on to take a look at the electronics industry. 

General Price levels 
Similar to my comment for labour market, cover the overall inflation situation in SG first, before examining whether prices of mobile phones contributed to the trend. 

A clarification of concept: Inflation is the sum of % change in a whole lot of goods and services and mobile phone is just one of it. So we can't say for sure that there is inflation even if mobile phone prices increased. It could be dampened by the fall in prices of other stuff such as clothings. Suggest to google for inflation % news article and from there, you probably would read a few reasons about the trend and from there Team can find out the reasons further. DOS also has inflation data. 

I like the attempt to use concepts such as demand-pull inflation. The next step is to confirm is this is indeed as what you have explained. 

The MAS paper is quite advanced in terms of it's analysis. I'm not too sure if we want to go this deep. 

Government Measures
Suggest to cover the broad measures SG government have implemented to boost the economy as a whole before focusing on the industry specific policies.


]]> 2021-06-30 06:32:03 UTC https://padlet.com/s10219046/b0llu6hmh0umzgqz/wish/1631305476