SEMESTER SEPTEMBER 2011
MUHAMMAD FARID WAJDI BIN HASSAN
Matriculation No. :
Identity Card No. :
Telephone No. :
Learning Center :
DR. RAMESH RAO
TABLE OF CONTENTS
1.0 IDENTIFICATION OF ECONOMIC SYSTEM
2.0 ROLE OF MICROECONOMICS
3.0 EFFECTS OF THE ECONOMIC SYSTEM ON PRICE
4.5 PRICE MERCHANISM
4.6 SUPPLY AND DEMAND
4.0 RECOMMENDATION OF THE BEST ECONOMIC SYSTEM
1.0 IDENTIFICATION OF ECONOMIC SYSTEM MALAYSIA & CHINA
Malaysia's Economic System, a mixture of private enterprise and soundly managed public sector, has posted a remarkable record of 8%-9% average growth in 1987-92. This growth has resulted in a substantial reduction in poverty and a marked rise in real wages. Despite sluggish growth in the major world economies in 1992, demand for Malaysian goods remained strong and foreign investors continued to commit large sums is the economy. The government is aware of the inflationary potential of this rapid development and is closely monitoring fiscal and monetary policies. Citizens of Malaysia are free from positive or pro-active control by government agencies. They are always free to move about and engage in any activity that is not prohibited by the government for good reason. Citizens of Malaysian often feel strongly about the government's movements and decisions. As said they are free to accuse, compliment and express the way they think the government is operating. Newspapers commonly publish editorials, and letters from the public on current issues. There is no punishment for this, and no fear of consequences seeing as how there usually are none. The Australian government encourages freedom and supports many activities that its citizens take part in. Business entrepreneurship and foreign investment is also highly encouraged and isn't bound by any well know laws, just the private ones that it agrees to rent payments, fair wages and others. This freedom provides the maximum opportunity to Malaysian to do many things such as create more small, medium industry or business and many more. In Malaysia, the national armed forces are strong and sufficient enough to protect the country. Malaysia there are many military branches which are created such as The Malaysian Army, Royal Malaysian Navy, Royal Malaysian Air Force, Royal Malaysian Police Field Force, Marine Police, Sarawak Border Scouts and many more. The Malaysia police forces are overall good. But somehow, the Malaysian police are corrupted. But still that doesn’t change the sense of responsibility police have for the society’s future. However, they are still efficient and fair at other times. In Malaysia the most institution are stable, there is stable governments which are quite good, courts, schools, stable law enforcement, businesses and many others. The government has created many kinds of institutions most of them are really stable and are still effective. But still there are some that changes quite frequently, only a few. Though there’re many floods and other small crisis that effects Malaysia, but still everything are quickly solved. But somehow there is also poorly functioning institutions which exist from the village to the national level. In addition, widespread and endemic corruption persists at all levels of the political, administrative, judicial and military systems. Thought there is corruption going on but it doesn’t affect the country’s institutional stability at all. Malaysia's transportation system is very good...
References: 1. Alderson, W. F. (2009). Functions of the Price Mechanism. [Online].
Available: http://directionlessbones.wordpress.com/2009/04/07/functions-of-the-price-mechanism/. [2009, April7]
2. Pinkasovitch, A. (n.d). Introduction To Supply And Demand. [Online].
Available: http://www.investopedia.com/articles/economics/11/intro-supply-demand.asp#axzz1dP1RQdRJ. [2011, October 4]
3. Habtemichael, R. (). MALAYSIA’S ECONOMIC SYSTEM. [Online].
Available: http://www.csudh.edu/global_options/375students-sp96/Malaysia/. [1996,October 12]
4. Wikipedia. (n.d). Economy of Malaysia. [Online].
Available: http://en.wikipedia.org/wiki/Economy_of_Malaysia. [2011, November 8]
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