Suggested Answers of BT2 Revision Package - ASKnLearn

à growing affluence àrise in demand for many goods and servicesàrapid growth fuelling demand for intermediate goods for productionRecession à fall in income à fall in demand for goods and services• Tastes and preferences Changing lifestyles, technological innovations and improved product designà growing demand for high-end products• Population changes Growth in population à rise in demand for goods and services.3. Assessment of importance of supply and demand factors Both supply and demand factors are important in explaining Singapore’s trade pattern Importance of factor depends on which aspect of trade pattern is the focus e.g. Supply factors might be important in determine type of goods to specialise in, demand factors might affect which market goods are exported to. Knowledge, Application, Understanding and AnalysisL3Candidates are able to provide well-developed analysis of the demandand supply factors determining the trade pattern between Singapore andthe rest of the world with the use of relevant examples.8-11L2Candidates are able to provide some analysis of the demand and supplyfactors determining the trade pattern between Singapore and the rest ofthe world. Application to the context might be limited.5-7L1 For an answer that provides a mere smattering of valid points. 1-4E2 Insightful evaluative comments 3-4E1 Limited evaluation without justification. 1-2