Principles Of Economic
Content
Introduction
Introduction of economy in Malaysia, Malaysia is one of democratic country that has many race, religion and nationality. Economy in Malaysia also open-stated oriented and growing relatively also new in industry market.
In Malaysia, we practice mixed economy for our country.
There have 3 factors that responsible with economy in Malaysia:
Definition of Mixed Economy
Mixed economy means that part of economy is left to the free market and the other part is run by the government. In reality, most economic are mixed economy with varying degrees of state intervention. Mixed economies start from the basic of following private enterprise to run most business.
There have the country which practises mixed economy such as Sweden, Iceland, United Kingdom, Russia, China, Hong Kong and many more. All this country economy is manage by government and the rest left to private firms and individuals.
Characteristic of Mixed Economy
Here have many characteristic of mixed economy; the first characteristic of mixed economy is public and private ownership of resources. The public and private company may play important roles in mixed economy. Private enterprise conduct business freely and government encourages the private sectors by providing them with infrastructures and facilities.
Besides that, the other characteristic is price mechanism and economic plans in making economics decisions. The price mechanism is used to price both goods and services. However, commodities such as sugar, oil and rice are declared as controlled items in Malaysia and the government will fixed the price.
Government also will help the company in Malaysia to control income disparity. In Malaysia, government will control the income disparity through income taxes and welfare payment. The government also will control over profits, wages and rents. The government will help to narrow the income gap between rich and poor.
Besides that, government will not intervention in the company except
Introduction
Introduction of economy in Malaysia, Malaysia is one of democratic country that has many race, religion and nationality. Economy in Malaysia also open-stated oriented and growing relatively also new in industry market.
In Malaysia, we practice mixed economy for our country.
There have 3 factors that responsible with economy in Malaysia:
Definition of Mixed Economy
Mixed economy means that part of economy is left to the free market and the other part is run by the government. In reality, most economic are mixed economy with varying degrees of state intervention. Mixed economies start from the basic of following private enterprise to run most business.
There have the country which practises mixed economy such as Sweden, Iceland, United Kingdom, Russia, China, Hong Kong and many more. All this country economy is manage by government and the rest left to private firms and individuals.
Characteristic of Mixed Economy
Here have many characteristic of mixed economy; the first characteristic of mixed economy is public and private ownership of resources. The public and private company may play important roles in mixed economy. Private enterprise conduct business freely and government encourages the private sectors by providing them with infrastructures and facilities.
Besides that, the other characteristic is price mechanism and economic plans in making economics decisions. The price mechanism is used to price both goods and services. However, commodities such as sugar, oil and rice are declared as controlled items in Malaysia and the government will fixed the price.
Government also will help the company in Malaysia to control income disparity. In Malaysia, government will control the income disparity through income taxes and welfare payment. The government also will control over profits, wages and rents. The government will help to narrow the income gap between rich and poor.
Besides that, government will not intervention in the company except