BQS406 Principles Of Economics UITM Assignment Sample Malaysia

BQS406 Principles Of Economics course provides an in-depth study of the key micro- and macroeconomic concepts and theories that form the basis of existing economic systems. Students taking this course will gain a strong understanding of how different economic factors such as incentives, resource allocation, investment decisions, and government policies shape the underlying economic environment.

The learning objectives also include developing an effective framework for analyzing economic data to inform decision-making processes. This course can be particularly beneficial for business professionals looking to acquire a greater awareness of market forces and strengthen their capacity for problem-solving.

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To complete this section, you must undertake the following tasks:

Assignment Task 1: Apply the basic concepts of economics and policies of the market.

Economics involves applying general principles to specific problems and analyzing particular markets in terms of how they are affected by public policy. Through an understanding of the behavior of consumers and producers, governments create market policies aimed at achieving desired outcomes such as improved productivity, reduced resource consumption, and greater market stability. In many cases, economic policies work to alleviate existing market inefficiencies, thereby creating a more equitable distribution of resources.

Policy-making can be complex due to various factors impacting the interplay between economics and the environment; however, it is important to employ sound economic reasoning when developing economic initiatives. By properly identifying the incentives within a given system and utilizing an evidence-based approach to policy formation, societies can improve their overall socio-economic performance.

Assignment Task 2: Discuss the economic functions and players.

The economic functions are the activities that drive the production, distribution and consumption of goods and services in an economy. These may include investment spending, taxation, money supply management, government borrowing, international trade and price controls.

The players within the economic system can be grouped into two major categories: those who produce (producers) and those who consume (consumers). Producers are in charge of producing goods and services, while consumers determine the demand for these items. In addition, there are intermediaries such as banks, government agencies and financial institutions that play a role in the economic system. These actors provide market participants with capital to finance investments, loans to purchase assets, credit lines to manage risk, and other services. Lastly, there are external influences that affect the economic system such as global events, trade agreements and natural disasters. All of these players interact to create a complex web of activities that influence the overall performance of an economy.

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