Describe key economic issues affecting Singapore using the acquired concepts and principles: Economics in Health Care Management Assignment, SMU

Describe key economic issues affecting Singapore using the acquired concepts and principles.
Apply relevant economic concepts to explain, analyze and illustrate real-life economic problems.
Apply the design-thinking process of Defining, Ideation, and Empathizing, along with economic analysis to solve real-life economic problems.
Discuss the basic economic issues of scarcity and opportunity cost surrounding your chosen item using the production possibility curve.
Evaluate the allocation of resources affecting your chosen item through the various aspects of efficiency.
Illustrate the demand and supply curves of your chosen item and describe the relationship between price and quantity demanded and the determinants causing the demand and supply curves to shift.
Apply the concept of elasticity of your chosen item in explaining the market behavior of your chosen item.
Illustrate the market equilibrium of your chosen item and evaluate the government intervention affecting your item.

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