https://padlet.com/loh_man_ying/3082017 Keep Calm and Move On en-us 2017-01-05 07:28:12 UTC 2017-07-12 01:46:01 UTC hello@padlet.com https://padlet.com/loh_man_ying/3082017/wish/178520833 Singapore started of with a import led economy and they move towards an export led economy during the 1960s. Over the span of the next thirty years, Singapore started to introduce a labour intensive manufacturing industry to a highly skilled manufacturing industry. At first Singapore only manufactured Low goat items such as fish hooks and clothes. Although this opened more job opportunities for people, there was huge competition and the wages were Low. Hence, the government foresaw that Singapore had to move up the value chain and started to introduce a highly skilled manufacturing industry such as machinary. This shows extremely good economic management because within a span of thirty years, Singapore had greatly moved up the value chain and improved their standard of living. Also, during the economic recession, Singapore managed to overcome it and stay strong in the ]]> 2017-07-12 01:04:28 UTC https://padlet.com/loh_man_ying/3082017/wish/178520833 7114150334 https://padlet.com/loh_man_ying/3082017/wish/178520841 Explain why one of the principles of governance is implementing sound economic management. Support your answer with the case of Singapore. 

Benefits of implementing sound economic management:
- people of Singapore receive a higher quality of education, which allows them to upgrade their skills constantly, thereby improving their quality of life as their job prospects are better and more diverse
- enables Singapore to develop economically as a whole at a rapid pace. There will be more MNCs attracted to set up here, boosting our FDI and our economy.
- sound economic policies can facilitate collaborations between MNCs and SMEs, which creates more jobs for the people.
- when the people are happy, it's a sign of good governance :D therefore, one of the principles of governance is implementing sound economic management. ]]> 2017-07-12 01:04:37 UTC https://padlet.com/loh_man_ying/3082017/wish/178520841 https://padlet.com/loh_man_ying/3082017/wish/178520859 The economic policies allowed more people to receive education, thus enabling them to get jobs more easily and receive higher wages, thereby leading to a better lifestyle and livelihood.

A government body is essential in implementing sound economic management because an authoritative figure is required to oversee and coordinate the various economic factors. Without sound management, more people would be unemployed and living conditions will worsen, preventing the country from flourishing.]]> 2017-07-12 01:05:02 UTC https://padlet.com/loh_man_ying/3082017/wish/178520859 https://padlet.com/loh_man_ying/3082017/wish/178520898 Implementing sound economic management is important as the government can boost the economy through increased trade and foreign investment, thus increasing people's standard of living. As such, the government is able to fulfil its duty of care to the citizens. In the case of Singapore, the government's foresight enabled them to foresee that manufacturing low-end products would not help the country to remain competitive in the future. Hence, the manufacturing industry was upgraded to produce higher-end products instead. This helped the economy to grow, and the citizens were able to receive compulsory education. Therefore, their standard of living improved.]]> 2017-07-12 01:06:04 UTC https://padlet.com/loh_man_ying/3082017/wish/178520898 https://padlet.com/loh_man_ying/3082017/wish/178520982 To ensure financial stability in order to provide the basic needs to the people. This includes shelter, food, clean water etc. A stable economy also has lower rates of unemployment which leads to a higher average quality of life. in addition, this allows the country to progress past that of mere,y staying afloat, as with affluence, the country can provide more for the citizens than just their basic needs, such as funding tertiary education and setting up health care and leisure facilities, which ultimately improve the quality of life in the country.

]]> 2017-07-12 01:07:52 UTC https://padlet.com/loh_man_ying/3082017/wish/178520982 7114150285 https://padlet.com/loh_man_ying/3082017/wish/178520988 Explain why one of the principles of governance is implementing sound economic management. Support your answer with the case of Singapore.

Singapore education standard will be higher and therefore ]]> 2017-07-12 01:08:04 UTC https://padlet.com/loh_man_ying/3082017/wish/178520988 https://padlet.com/loh_man_ying/3082017/wish/178521002 One of the principles of governance is implementing sound economic management because once the economic side is safe in Singapore, it's ultimately benefit the people of Singapore. It provided the many more people with jobs, allowing them to provide for their family and themselves. It also allowed the people to get a better education, which led to them receiving a bigger variety of jobs to choose from. With more educated people taking up different jobs, as a whole, it benefitted Singapore by allowing it to grow rapidly as an economy.]]> 2017-07-12 01:08:16 UTC https://padlet.com/loh_man_ying/3082017/wish/178521002 https://padlet.com/loh_man_ying/3082017/wish/178521236 2017-07-12 01:13:05 UTC https://padlet.com/loh_man_ying/3082017/wish/178521236 https://padlet.com/loh_man_ying/3082017/wish/178521308 Without implementing sound economic management, the nation would lack a proper economic structure and be unable to build up their own economy. In the case of Singapore, the lack of sound economic management would result in being unable to develop as a nation. Also, the presence of sound economic management would prevent a nation from being heavily impacted by economic recessions and depressions. When Singapore was hit by the 1985 economic recession, this exposed poor areas of economic management (in Singapore), which were contributing factors towards why Singapore was impacted by the recession. 

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