What Is Economic System
Table of Content
Table of Content 1
TASK 1 2
a) Explanation on economics system attempt to allocate resources effectively. 2
b) Assessment on the impact of fiscal and monetary policy on business organisation and their activities. 9
c) Explain Malaysian competition policy and other regulation that may impact company. 15
TASK 2 17
a) Explanation on how market structures determine pricing and output decision of business. 17
b) Illustration on the way in which market forces shape organisational responses. 20
c) Judgement on how business and cultural environments shape the behaviour of your organisation. 21
Conclusion 22
REFERENCES 23
TASK 1
a) Explanation on economics system attempt to allocate resources effectively.
What is economic system?
Economic system is about how a nation allocates the resources to produce a goods and services. It is about what is to produce? How to produce? And for whom to produce?
What is to be produced? The economy cannot produce anything without a decision. The decision is important because a nation can decide what goods and what services can be produce to use by people. For example, the minister of Ministry of Youth and Sport, Datuk Khairi Jamaluddin decide to build a sport centre in Negeri Sembilan. It will give a good impact to the community in Negeri Sembilan.
How to produce? There is a limited number in factor of production. So, the decision that has to be made must be clear and relevant with the factor of the production in order to produce the output. For example, there is a lot of products that want to produce, should the government use the employees in different sector?
For whom to produce? After produce the product, so who is the consumer? So the decision is so important in order to distribute the goods and services to right people and equally.
Types of economic system
Command
Command economics is also known as planned economy. This type of economy is totally controlled by the government. The government decide what
Table of Content 1
TASK 1 2
a) Explanation on economics system attempt to allocate resources effectively. 2
b) Assessment on the impact of fiscal and monetary policy on business organisation and their activities. 9
c) Explain Malaysian competition policy and other regulation that may impact company. 15
TASK 2 17
a) Explanation on how market structures determine pricing and output decision of business. 17
b) Illustration on the way in which market forces shape organisational responses. 20
c) Judgement on how business and cultural environments shape the behaviour of your organisation. 21
Conclusion 22
REFERENCES 23
TASK 1
a) Explanation on economics system attempt to allocate resources effectively.
What is economic system?
Economic system is about how a nation allocates the resources to produce a goods and services. It is about what is to produce? How to produce? And for whom to produce?
What is to be produced? The economy cannot produce anything without a decision. The decision is important because a nation can decide what goods and what services can be produce to use by people. For example, the minister of Ministry of Youth and Sport, Datuk Khairi Jamaluddin decide to build a sport centre in Negeri Sembilan. It will give a good impact to the community in Negeri Sembilan.
How to produce? There is a limited number in factor of production. So, the decision that has to be made must be clear and relevant with the factor of the production in order to produce the output. For example, there is a lot of products that want to produce, should the government use the employees in different sector?
For whom to produce? After produce the product, so who is the consumer? So the decision is so important in order to distribute the goods and services to right people and equally.
Types of economic system
Command
Command economics is also known as planned economy. This type of economy is totally controlled by the government. The government decide what
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