BSB132 Economics UITM Assignment Sample Malaysia

BSB132 Economics is a great course for students looking to understand the principles of microeconomics and macroeconomics, explore the connections between policy, politics, and markets, and discuss the economic impact of globalization. With an emphasis on applying economic concepts in decision-making in today’s business environment, this course provides an engaging and intellectually stimulating experience.

Critical thinking and problem-solving skills are developed through active learning approaches such as case studies and multimedia simulations. For students interested in pursuing further study in economics or those who want to broaden their understanding of how economies behave, this is the course to take!

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In this section, allow us to explain several assignment activities. These include:

Assignment Activity 1: Explain the basic definitions of economics, the problems of the economy, and the term supply and demand.

Economics is the study of how people use their resources to produce goods and services. It encompasses a variety of topics such as the production, consumption, distribution, and exchange of these commodities. Fundamental concepts within economics include scarcity, opportunity cost, and marginal utility. Scarcity refers to the finite nature of resources while opportunity cost speaks to the alternative uses available for any given resource.

Marginal utility is a measure of satisfaction derived from additional units of output. Within this framework, the problem of economics becomes how to most efficiently assign resources and manage economic activity in order to maximize rewards or minimize expenses. An integral concept in this regard is supply and demand – which is concerned with how much quantity is demanded at various prices – as this influences market equilibrium which determines if there will be a surplus or shortage in supply. These are just some basic definitions related to economics that help explain general principles within the field.

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Assignment Activity 2: Describe the relationships of supply and demand with market equilibrium, how and why national income is accounted and problems arising.

Supply and demand is the foundation of market equilibrium and understanding how both interact with each other has been key to economists over the years. National income on an aggregate scale is derived from multiple microeconomic components, such as consumer spending, taxes and business inventories, which are used to create a cumulative figure of production and wealth.

Problems arise primarily when macroeconomic supply cannot meet demand or resources become limited, contributing to market disequilibrium, which may drastically affect production output in either sustained periods or temporary spikes. Understanding how to balance both the long-term effects of decisions made and the immediate inputs of resources necessary for production is understandably a major challenge for today’s economists.

Assignment Activity 3: Differentiate the scope and function of a central and commercial bank, the demand theory of Klasic and Keynes theory and the equilibrium in the money market.

Banks play a central role in the world economy, but there are two distinct types of banks, each with its own scope and functions. Central banks are charged with controlling the amount of currency in circulation, while commercial banks provide services to customers such as deposit accounts, consumer loans, and mortgages.

Furthermore, the demand theory of Klasic and Keynes’ theory highlights the complexities of the money market by outlining how factors such as consumer behavior, supply and demand for currencies, exchange rates, and government policies can impact equilibrium in that market. As such it is important to understand both the scope and functions of central and commercial banks to gain insight into how money markets can be effectively regulated.

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