C. You are to relate and apply relevant macroeconomic concepts and theories in your report. Please choose any THREE (3) macroeconomic concepts and theories listed below to be used in your report. Introduction to Macroeconomics ii. National Income Accounting 1 iii. National Income Accounting 2 iv. Circular Flow Model V. Price Distortion(C) Main Discussion, using the "Design Thinking" process: . Define, identify 3 macroeconomic issues with appropriate economic analysis. . Ideate, suggest at least 7 potential ideas/policies/solutions with appropriate economic analysis that the households, businesses, government, etc, can implement to effectively address the 3 macroeconomic issues identified. . Empathise, state the key recommendations to be implemented for each of the 3 macroeconomic issues, and explain the implications with appropriate economic analysis on the relevant groups of stakeholders such as households, businesses, government, etc.Incorporate the following steps in the "Design Thinking" process: i. Define: Identify 3 macroeconomic issues in the case article. Identify actionable problem statements that focuses on the insights that you have uncovered from the different groups of households, businesses, government, etc. ii. Ideate: Brainstorm and indicate in your report 7 or more ideas, policies or solutions that the households, businesses, government, etc may adopt or execute to effectively address the economic issues at hand. Elaborate the details of each of the ideas, policies or solutions you have listed. iii. Empathise: Put yourself in the shoes and viewpoints of the different groups of households, businesses, government, etc, and assess the viability of the list of ideas/policies/solutions you have brainstormed in the Ideate section and determine which are the applicableThere have been growing concerns about the increase in prices in Singapore. On a year-on-year basis, Singapore's headline inflation increased to 4 per cent in December 221 - a near nine-year high. This has had a huge impacton household budgets. From higher utility bills to higher prices of coffee in the coffeeshops, Singaporeans are now paying more and saving less. In 221 , Singapore's private home prices increased by 1D.S per cent and HDS resale prices increased by 12.? per cent. The Straits Times Index [STll enjoyed a total return of 13.6 percent. Sales of shophouses also rose to an all-time high of S319 billion, with freehold shophouses seeing a rise in the average unit price by 19.6 per cent year-on- year. Through their impact on rents. this will have a domino effect on other aspects of the economy. Demand for Singapore's houses will continue to rise if property continues to be seen as a stable. appreciating asset, relative to other countries. Another key difference about the current ination is how they are also driven by supply bottlenecks due to the unprecedented pandemic curbs as factories were closed and workers were unable to work. These shutdowns led to a shortfall in raw materials. impacting other related industries. For instancer semiconductor shortages have hindered the production of automobiles, driving up prices. Furthermore. freight rates have increased by more than 1f} times due to port disruptions and a lack of shipping containers. These have led to an increase in cost of production in Singapore forfirms, causing firms to raise their prices to protect their profit margins or go out of business. Singapore has maintained its 2022 GDP growth forecast for this year at S to 5 per cent. lvloving fonnvard, Ministry of Trade S Industry said the economy will continue to grow. albeit unevenly, in 2322. It noted that the outlook for Singapore's external demand has \"deteriorated slightly" since its last report in November. as many economies tightened restrictions to combat the highly transmissible Dmicron variant. Global supply bottlenecks remain and are expected to persist throughout the rst half of this year. This may constrain industrial production and growth in some external economies in the near term. These persistent supply chain snarls, alongside rising energy prices due to geopolitical tensions, have also exacerbated global inationary pressures