Introduction
Topic Specific objectives:
1. Understanding the meaning and types of tourism and why is it a growing industry in Singapore.
2. Finding the nature of the tourism market together with its demand and supply and the factors affecting the same
3. Application of the concepts of different types of markets structures to the tourism industry of Singapore.
4. Comparative study of the various kinds of legislations and taxation policies adopted by the government to promote this sector.
5. Understanding the importance of this industry from the Macroeconomic point of view.
6. Reflections on combining tourism opportunities and strengthening the relations between Singapore & India.
7. Reflections on the concepts of Asymmetric Information and market failure & relating the same to the tourism industry.
8. Finding out the advantages and disadvantages that this industry encounters in Singapore and in India and the possible solutions for the same.
9. Appreciation of the concept of handling competition and contribution of this industry to the International Trade
10. Finding out the possibilities of potential growth of this sector
Learning Objective:
Application of Economic Theories studied at IB Level in the real world scenario with special emphasis on concepts from Micro economics, Macro economics , International Trade & Development Economics
Our Aim:
As a part of our aim to create Global citizens through holistic education we have taken up an initiative to expose the students of IB Economics to current and lucrative ideas such as “Tourism from an Economic Angle” through this video conferencing session.
The students get to learn about this important vertical industry and its significance in a cosmopolitan country like Singapore. They will also be able to understand the importance of this industry in a country like India and compare and contrast the differences between the two countries.
What will we gain as students?
1.Reduced environmental impact through less travel
2.More productive use of time (eliminating wasted travel time)
3.Reduced pressure, stress and fatigue from travel
4.Better support for teleworking.
5.Increased meeting attendance by participants who would otherwise be unable to join in
6.Projects involving geographically dispersed colleagues managed more efficiently
7.Strengthened relationships with remote colleagues
facilitating short notice meetings between individuals in distant locations
8.Enabling decisions to be made more quickly
9.Rapid resolution of urgent issues
10.Greater access to experts/specialists (nationally and internationally)
11.Sharing of presentations
12.Greater accessibility
13.Significant travel cost savings