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ECONOMICS - Economics is how individuals, entrepreneurs, governments and…
ECONOMICS - Economics is how individuals, entrepreneurs, governments and nations make choices to overcome the allocation of limited resources to meet the unlimited human wants and desires for the most optimal utility.
MICROECONOMICS - is to analyse the mechanisms of the market that determine the relative prices of goods and services and allocate limited resources to alternative uses.
CAPITALISM.
Capitalism also known as Free Market "Market Economy". Capitalism is a economic system which is where individuals and sellers make decisions using a price systems.
SOCIALISM or as known as Centrally-Planned is where all the economic decisions are made by government or central authority.
MIXED ECONOMY or also knows as "Keynesian Economy". Mixed economic systems is combines both capitalism and socialism.
Market Failure is a economic situation defined by an unproductive distribution of goods and services in the free market.
Impact covid-19 is the higher prices because the higher demand while the supply is limited, the higher the price. They sell goods in unexpected price and the households has to get the products in the small quantity.
MACROECONOMIC - analyses the relationship between macroeconomic variables such as national product, total employment, monetary aggregate, general price, along with others
Deflation is where the purchasing power are increase but the percentage decrease in price level of goods and services.
Unemployment is who are willing and able to work but cannot find a job at the equilibrium wage in the labor market
Inflation is the general writing of prices over time. Inflation rate illustrates the percentage increase or decrease in prices of goods and services in the aggregates economy in a given year.
Impact covid-19 is a rise in unemployment rate and a decline in the real gross domestic product (GDP)
MARKET EQUILIBRIUM - Market Equilibrium is quantity of good or service demanded by consumers equals the quantity supplied by firms and the market price is optimal for both consumers and firms. There is no tendency for prices to change when the market in equilibrium.
SHORTAGE - The quantity demand greater than quantity supplied. Purchasing power and market price is rises.
Qdd > Qss
SURPLUS - The quantity of supplied greater than quantity in market. Purchasing power and market price is less.
Qss > Qdd.
MARKET STRUCTURE.
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The nature of the competition that takes place in a market determines the good market structure to the goods market and factors
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Covid-19 has had an impact to world economy especially in Malaysia that experiencing severe downturns which cause job loss and livelihood. The economy experience a sharp contraction where Gross Domestic Product (GDP) depreciation and volatile economic structure conditions have led to a worsening economic recession. Covid19 also have a negative impact on the labor market.
DEMAND - The various quantities of goods and services that consumers are willing and able to purchase at particular price.
SUPPLY - Various quantities of goods and services that firms are willing and able to produce at particular price.
FISCAL POLICY .
Fiscal policy refers to a vital tool at the replaceable of the government to mastery each nation state’s economic growth
Government use fiscal policy to rearrange its spending and tax rates to observe the economic performance in their country.
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MONETARY POLICY.
The monetary authority of a nation to command either interest rate payable for very short-term borrowing.
The borrowing is from the banks to meet their very short-term needs or the needs in money supply. Its aim is to reduce inflation or the interest rate to guarantee price stability, trust of the value and stabilization of the nation's currency.
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The action have been take to improve economy during covid-19 is the digital economy has made it possible for retailers to allow consumers to place online orders. The digital economy has also changed the logistics industry. The government also invests of sustainability in sustainable infrastructure
DIGITAL ECONOMY - it is refers to an economy that based on digital technologies. It also known as Internet Economy.
Digital economy have 12 characteristics.
- knowledge or wealth
- digitalization
- virtualization.
- molecularization.
- integration / networking.
- disintermediation.
- convergence.
- innovation.
-presumption.
- immediacy.
- globalization.
-discordance
GIG ECONOMY. - is a fragmented work where someone is given a task for certain amount of time. People provide a service nearly always through a digital platform. Gig economy is a labour market characterised by the prevalence of short-term contracts.