Economics is the study of how society manages its scarce resources. Discuss the problem of scarcity in Malaysia: Economics Assignment, UTM, Malaysia
|University||Universiti Teknologi Malaysia (UTM)|
Economics is the study of how society manages its scarce resources. Discuss the problem of scarcity in Malaysia.
Nadiah has been working as a human resource manager in a multinational corporation in Johor, earning an annual salary of RM80,000. Using her own fixed deposits of RM200,000 from a local bank which earns her 0.3% interest per month, she decides to quit her job and operate her own restaurant in Johor Bahru. Every year she pays RM24,000 for equipment leasing; RM60,000 for shop rental; and her average monthly utility bill is RM1,500. She spends RM48,000 yearly to purchase fresh raw materials for her restaurant. Nadiah hires 5 workers and each of them is paid RM2,000 each month. Her business runs very well with an average monthly sales of RM36,000. Calculate the following values on a yearly basis:
- Implicit cost and explicit cost
- Accounting profit and economic profit
Malaysia’s national debt to gross domestic product (GDP) ratio is at a worrying high of 63.8%. In your opinion, what should the Malaysian government do to reduce the country’s debt?
What are the 2 most critical economic problems in the country that you want the new Malaysian government to solve in the next five years? Justify your answer with appropriate economic theories or principles that you have learned.
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