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TUTORIAL 1 - Coggle Diagram
TUTORIAL 1
- There are FIVE (5) principles of consumptions according to Mannan .(5m)
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- Briefly explain the FOUR (4) economics system in the
world. (12m)
ii) Capitalist: A market of capitalist is where resources are allocated by prices without government intervention
iii) Mixed: Privately owned firms generally produce goods while the government organises the manufacture of essential goods
i) Socialist: The government owns most resources and decides on the type and quantity of good to be made
iv) Islamic Economy: Study of human falah acheved by organizing the resources of the earth on the basis of cooperation and participation
- Summarize FOUR (4) conditions of al-falah. (8m)
i) Spiritual: Khusyu, taqwa, dhikr, tawbah and tazkiyah
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- There are FOUR (4) possibilities in economic life. Explain. (8m)
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Cost and benefits- systematic process that business use to analyze which decision to make and which to forgot.
Scarcity- Scarscity explains the basic economic problem that the world has limited. This force prople to make decision on how to allocate resource in most efficient way
Incentives- Can be anything that motivate person to do something. Incentives can help to motivate people to perform to the best of their abilities or do things that they though they couldnt do it.
- Define consumer and consumer behaviour. (5m)
Consumer : person who decides on the purchase of a good or a service for personal use, based on personal preferences, beliefs, and needs or the influence of advertising.
Consumer behaviour: study of how consumers will make their buying decision and what those factors which support or influence these decisions.
- Elaborate basic Islamic principles related to the consumption with an example.(12m)
Consumption in islam is limited by ethical legitimacy. Muslim should refrain themselves from spending any luxurios stuff. They also should limit themselves by not buying too much stuff so that they can refrain from any wasteful attitudes. Muslim are not permitted to be prodigal and not supposed to borrow unless it is necessary. Muslim should behave economically and only spend based oh their income. As an example. Ahmad want to buy a want to buy a house at the same time he also want to treat his parents for a trip. So in this situation Ahmad should look at his economic situation and not using his money freely as he wish. This will make him become a wasteful person. So, he should buy what is he needed first based on his income. After that, if he have extra money he can spend it some to things that he wanted to do.text