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Economics Coursework

Topic 2: Keep a diary following an economic issue, using cuttings with comments, e.g. a wage claim, factory closure, a government economic project. Consider different points of view on the issue and make reasoned judgments.

Rising Oil Prices and its Economic Impact



Soong Su-Lin (4x)
CONTENTS

1) Aims, Sub aims & Methodology

2) Introduction

3) Economic Concepts
- Principles of Demand & Supply
- Concept of Current account and balance of accounts

4) Analysis
- The world’s situation
i. Oil importing countries
ii. Oil exporting countries
- Singapore’s situation
i. Inflation
ii. Unemployment
iii. Depreciation of currency
iv. GDP decline

5) Appropriate response
- Policies
i. Maintaining fixed exchange rate
ii. Improving fuel efficiency
iii. Campaigns
- Alternatives

6) Appendix
- Newspaper articles
- Other sources

7) Bibliography


1) Aims, Sub aims and Methodology

Aims:

- To investigate the cause of oil price rise.
- To analyze the impact of an oil price rise on the global economy.
- To analyze the direct and indirect impact of the oil price rise specifically on Singapore’s economy.

Sub-Aim:

- To discuss the measures taken by countries to reduce the negative impact of rising oil prices.

Methodology:

I have followed the issue of rising oil prices through articles on the Internet, as well as newspaper articles (as attached in the Appendix section). I have highlighted important information from these articles and analyzed these data, thereafter,

1) Using the data from the articles and other websites to investigate the causes of the oil price rise using the principles of supply and demand.
2) Analyzing the effects an oil price rise on the economy as a whole
3) Analyzing the effects of the direct impact of an oil price rise, as well as the indirect impact posed by changes in other countries’ economy on Singapore’s economy.
4) Gathering data on methods other countries use to resolve this issue....