ASSIGNMENT ECONOMIC.docx - FACULTY OF TECHNOLOGY MANAGEMENT...

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FACULTY OF TECHNOLOGY MANAGEMENT ANDTECHNOPRENEURSHIP(FPTT)INDIVIDUAL ASSIGNMENTPRINCIPLES OF ECONOMICSBTMP 1023SESSION 2019/2020PREPARED BY:NOR FARHANA BINTI SAIDONB061910197BTMI SECTION 1/1Page | 1
TABLE OF CONTENTNOCONTENTPAGE1.0Introduction3-52.0Concept of Microeconomic and Macroeconomic6-73.0Impact of Unemployment to the Microeconomic andMacroeconomic8-94.0Impact of Deflation to the Microeconomic and Macroeconomic9-105.0Impact of Inflation to the Microeconomic and Macroeconomic11-12Summary13References14Page | 2
1.0 INTRODUCTION OF ECONOMICSEconomics is a social science devoted to the study of how people and societies get whatthey need and want or in more formal language, economics is study of how societies divideand use their resources to produce goods and services are then distributed and consumed.Resources are the basic ingredients that are needed to produce the goods and services thatpeople buy. These ingredients can be physical things such as land and factory equipment, andthey can be intangible things such as intellectual and emotional capacities of people, whosework is necessary for the production of goods and services. Whether a society is rich or poor,large or small, resources are from the viewpoint of economics and scarce. This means thatalmost everyone in every country would like more goods and services than can be produced.Given a limited supply of resources and an unlimited desire on the part of individualconsumers and nations, choices must be made about what goods and services to produce, howto produce them and for whom.Besides, economics examines and analyses the economic activity of people in order tosatisfy their needs and desires. Human being wants are the starting point of economicactivities and provide the basic for economics. An economic activity refers to an activity thathelps the people to achieve economics gains, which is valued in terms of money. Humanbeings have certain basic needs such as foods, shelter and clothing. But human beings arenever satisfied, thus there will be no end to his or her wants. An economy is the large set ofinter-related production and consumption activities that aid in determining how scarceresources are allocated. The production and consumption of goods and services are used tofulfil the needs of those living and operating within the economy, which is also referred to asan economic system.Thus, economy covers a wide spectrum of areas in social life. Every area such aseducation, religion, housing, health transportation, defence and others has aspects that can bediscussed through the economic point of view. Besides, economy is a theory that affects thelives of individuals and society as a whole. Since the beginning of the social system,individuals have interacted with one another in order to satisfy their respective needs. Societyalso interacts with one another in order to satisfy their respective needs. Society also interacts

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