IMU453 Principles Of Economics UITM Assignment Sample Malaysia
IMU453 Principles of Economics is an essential course for any student looking to gain a better understanding of the economic system. This course provides an overview of the different components that make up economics, including economic theory, market structures, economic policy, and international aspects of the economy. It gives students the opportunity to develop their skills in critical thinking and data analysis as they learn about how different economic forces interact with each other.
It also helps them understand how governments and businesses should use economic policies to shape their behavior in order to generate optimal outcomes for their citizens and markets. IMU453 Principles of Economics is truly an invaluable course for any student looking to pursue a career in economics or business.
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In this article, we will outline several specific assignment tasks. These include:
Assignment Task 1: Elaborate the important concepts and principles of economics.
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It focuses on how individuals and societies make decisions about how to use limited resources in order to maximize well-being. The three main principles of economics are scarcity, cost-benefit analysis, and marginal analysis. Scarcity means that resources such as labor, land, and capital are not enough for everyone’s desires so people must decide which uses of these resources should be a priority.
Cost-benefit analysis is the process of weighing the costs of an action versus its expected benefits to determine whether it is worth carrying out or not. Lastly, marginal analysis involves calculating which options are most desirable when evaluating choices that have both fixed and variable costs or benefits. All of these concepts must be considered when making economic decisions in order to understand what choice will best optimize productivity and efficiency while being financially sustainable in the long term.
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Assignment Brief 2: Discuss the basic theories of the economy.
There are two main economic theories that explain how markets allocate resources to satisfy people’s needs and want. The first is supply and demand theory, which argues that market prices of goods and services fluctuate in response to quantity changes of those same goods or services offered. This theory suggests that when the supply of a product rises, the cost falls; meanwhile when demand increases, the price rises. The second economic theory is the production costs theory, which explains how firms make decisions about what products or services to produce by comparing the costs of producing them with potential sales revenue.
This analysis helps businesses decide whether it makes more financial sense to manufacture certain products or invest in different endeavors. Overall, these basic theories provide an understanding of how economies function and are frequently used by corporate entities when making strategic decisions related to distribution strategies, pricing structures, and resource allocations.
Assignment Brief 3: Analyse the current economic issues and problems.
In recent years, economic issues have come to the forefront of public discussion. International organizations like the IMF and World Bank are observing a variety of concerns from increasing income inequality in many countries to eroding purchasing power due to inflation. Governments have also had to contend with larger national debt levels as a result of government expenditures and budgetary deficits.
Trade tensions between major trading countries have caused disruptions in global markets, and geopolitical risks have created instability in key regions around the world. All this has necessitated difficult choices that policymakers face when trying to address economic issues and problems. It is clear that more needs to be done to address these pressing economic concerns so that businesses can continue to flourish and individuals can enjoy greater financial security.
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