BQS406 Principles Of Economics UITM Assignment Sample, Malaysia

The BQS406 Principles of Economics course at UITM, Malaysia, offers an introductory exploration of fundamental economic concepts, emphasizing their practical application. Students will develop a solid understanding of core economic principles and their relevance to the construction industry. This course equips students with the knowledge and analytical skills needed to comprehend the economic factors impacting the construction sector. It serves as a foundation for economic analysis and its real-world implications, promoting comprehensive learning and problem-solving in the context of economics within the construction industry.

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

Assignment Activity 1 involves applying fundamental concepts of economics and understanding market policies. In this assignment, you are likely required to demonstrate your knowledge and comprehension of various economic principles and their practical application in real-world scenarios. Here’s a breakdown of what this assignment might entail:

• Basic Concepts of Economics: You will need to explain and apply fundamental economic concepts, such as supply and demand, opportunity cost, elasticity, production costs, and market structures (e.g., perfect competition, monopoly, oligopoly). This might involve providing definitions, examples, and discussing how these concepts impact decision-making in the market.
• Market Policies: You may be asked to examine and discuss various policies that governments and organizations implement to regulate or influence markets. These policies could include price controls, subsidies, taxes, trade policies, and antitrust regulations.
• Real-World Scenarios: Your assignment may require you to analyze real-world examples or case studies. This could involve discussing how economic concepts and market policies are relevant in specific situations. For instance, you might analyze how government subsidies affect the agriculture industry or how monopolies impact consumer choice and pricing.
• Critical Thinking: You will likely need to demonstrate critical thinking skills by evaluating the effectiveness of market policies and the implications of economic decisions. This might involve considering the pros and cons of various policies and their impact on different stakeholders.
• Communication: You should clearly and concisely explain your ideas in written or oral form. Proper communication is essential to convey your understanding of economic concepts and policies effectively.
• Research: Depending on the assignment, you may need to conduct research to support your arguments and provide evidence for your analysis. This could involve using academic sources, data, and economic reports.
• Application: You may be asked to apply economic principles to make recommendations or predictions. For example, you might be tasked with suggesting how a government could address a specific economic issue or predicting the impact of a change in market conditions.

It’s important to carefully review the assignment instructions provided by your instructor or institution. They will specify the exact requirements, format, and any specific topics or case studies to focus on. Make sure to plan your approach, conduct research if needed, and present your analysis and findings clearly and logically.

If you have a specific question or need more guidance on a particular aspect of this assignment, please feel free to ask for further assistance.

Assignment Activity 2: Discuss the economic functions and players

Assignment Activity 2 involves discussing the economic functions and players within an economy. This assignment likely requires you to explore the various roles and activities of different economic actors and institutions. Here’s a breakdown of what this assignment might entail:

Economic Functions: You will need to explain and elaborate on the key economic functions that drive an economy. These functions typically include:

• Production: Discuss the process of creating goods and services, the factors of production (land, labor, capital, entrepreneurship), and how they contribute to economic growth.
• Consumption: Explore the role of consumers in the economy, their preferences, and the factors influencing their consumption choices.
• Distribution: Describe how resources and income are distributed among individuals and households, and the impact of income inequality.
• Exchange: Explain the mechanisms and institutions involved in buying and selling, such as markets, trade, and financial systems.
• Allocation: Discuss how resources are allocated efficiently in an economy, including concepts like opportunity cost and the price mechanism.
• Regulation: Explore the role of government and regulatory bodies in overseeing economic activities, ensuring fair competition, and implementing policies to address market failures.

Economic Players: You should identify and discuss the various economic players or agents within an economy. These players typically include:

• Households: Explain the role of individuals and families as consumers, workers, and savers.
• Firms or Businesses: Discuss the role of companies in producing goods and services, creating jobs, and making investment decisions.
• Government: Explore the functions of government in terms of setting economic policies, collecting taxes, regulating markets, and providing public goods and services.
• Financial Institutions: Highlight the role of banks and financial intermediaries in facilitating capital allocation, savings, and investment.
• International Players: If applicable, discuss the role of foreign governments, multinational corporations, and international organizations in global trade and finance.

Interactions and Dynamics: Analyze how these economic players interact with each other in the marketplace and how their actions impact the overall economy. For example, you can explore how government policies influence business decisions or how consumer behavior affects the demand for products.

Case Studies or Examples: Provide real-world examples or case studies to illustrate the roles and functions of economic players. These examples could come from recent economic events, policies, or historical contexts.

Challenges and Implications: Discuss the challenges and implications of the interactions between economic players. This could include issues like market failures, externalities, economic crises, and policy debates.

Future Trends and Developments: Consider how economic functions and the roles of economic players might evolve in the future, given changing technological, social, and environmental factors.

Make sure to follow the assignment guidelines and structure your discussion logically. It’s also important to support your analysis with relevant data, research, and credible sources when applicable. This will help you provide a well-rounded and informed discussion of the economic functions and players.

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