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FACULTY OF BUSINESS & MANAGEMENT SEMESTER MAY/ 2015 BBEK1103 PRINCIPLES OF MICROECONOMICS/MICROECONOMICS 1 MATRICULATION NO : 930119135158001 IDENTITY CARD NO. : 930119-13-5158 TELEPHONE NO. : 016-8946894 E-MAIL : [email protected] LEARNING CENTRE : SARAWAK LEARNING CENTRE

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BBEK 1103

FACULTY OF BUSINESS & MANAGEMENT SEMESTER MAY/ 2015 BBEK1103PRINCIPLES OF MICROECONOMICS/MICROECONOMICS 1MATRICULATION NO: 930119135158001IDENTITY CARD NO.: 930119-13-5158TELEPHONE NO.

: 016-8946894E-MAIL

: [email protected] CENTRE: SARAWAK LEARNING CENTREcontent1.0 : introduction21.0: introduction:

An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society. It includes the combination of the various institutions, agencies, entities and consumers that comprise the economic structure of a given community. A related concept is the mode of production.

The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system including property rights and the structure of management.

Among existing economic systems, distinctive methods of analysis have developed, such as socialist economics and Islamic economic jurisprudence. Today the dominant form of economic organization at the global level is based on market-oriented mixed economies.

Malaysia is a federal constitutional monarchy which lies in Southeast Asia. It is composed of 13 states and 3 federal territories and separated by the South China Sea into 2 regions including Peninsular Malaysia and Malaysian Borneo. In 2010, the Malaysia`s population was 28310000. Kuala Lumpur is the capital city, whilst Putrajaya is the administrative capital. Malaysia is a member of Commonwealth of Nations and The United Nations. The system of government is modeled on that of the Westminster parliamentary system, but in practice the power is on prime minister`s hands. The head of government is prime minister (The current prime minister is Najib Razak since 2009) and head of state is Yang dipertuan Agong who is elected to a five-year term. The power in Malaysia segregates into 3 parts including Executive, Legislative and Judiciary. The country became independent on 31 August 1957. Since then, it has been able to be as one of countries which have the best economic records in Asia, and it has been progressing with an average 6.5% for almost 50 years. From 1971 to 1990, the government strived to eradicate poverty by New Economy Policy (NEP) and outline perspective plan 1(OPP1). The NEP policy was replaced with another program known as National Development Program (NDP) from 1991 to 2000 which the NDP` target was development of a united and just society. From 2001 to 2010, National Vision Policy (NVP) based on its target which was sustainable development performed.Since its formation in 1963, Malaysia's economic performance has been one of Asia's best. Real gross domestic product (GDP) grew by an average of 6.5% per year from 1957 to 2005. Performance peaked in the early 1980s through the mid-1990s, as the economy experienced sustained rapid growth averaging almost 8% annually. High levels of foreign and domestic private investment played a significant role as the economy diversified and modernised. Once heavily dependent on primary products such as rubber and tin, Malaysia today is an upper middle-income country with a multi-sector economy based on services and manufacturing. Malaysia is one of the world's largest exporters of semiconductor components and devices, electrical goods, solar panels, and information and communication technology (ICT) products.[1]

Due to 1997 Asian ,Nation council set up to analyze this financial crisis. Bank Negara Malaysia did monetary policies to fix Ringgit exchange rate (3.80rm per $1).

According to United Nations Committee of Trade and Development`s paper written by Jomo K.S. in 2005, the controls imposed by the government neither hurt nor helped recovery. The main factor of improvement was high-volume exports of electronic components because of numerous demands of them in USA. Despite the fact that today development process in Malaysia is not similar to past, but it seems stable.

The type of economic system in Malaysia is mixed economy. The characteristics of it are an opened developing economy, middle income economy, and export dependent economy. Its product`s exports are divided into main products, non-products, minor product exports. The main products include electrical and electronic products, petroleum and gas (14th biggest world gas producer), palm oil products, rubber products, timber products; the minor products are cocoa products, pepper, pineapples, fruits, vegetable, and horticulture; moreover, the non-products involve tourism, education, ICT, and consultancy.According to United Nations Committee of Trade and Development`s paper written by Jomo K.S. in 2005, the controls imposed by the government neither hurt nor helped recovery. The main factor of improvement was high-volume exports of electronic components because of numerous demands of them in USA. Despite the fact that today development process in Malaysia is not similar to past, but it seems stable.

The type of economic system in Malaysia is mixed economy. The characteristics of it are an opened developing economy, middle income economy, and export dependent economy. Its product`s exports are divided into main products, non-products, minor product exports. The main products include electrical and electronic products, petroleum and gas (14th biggest world gas producer), palm oil products, rubber products, timber products; the minor products are cocoa products, pepper, pineapples, fruits, vegetable, and horticulture; moreover, the non-products involve tourism, education, ICT, and consultancy.

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REFERENCESAuthors name (year). Book, Title, Publication https://en.wikipedia.org/wiki/Economic_history_of_Malaysia#Asian_financial_crisis_and_recoveryhttps://payambarpour.wordpress.com/2012/03/07/discuss-some-of-the-pertinent-characteristics-of-malaysian-economy-what-do-you-think-about-malaysias-vision-of-becoming-a-developed-country-by-2020-suggest-some-of-appropriate-measures-that/4

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