Malaysias Management of Resources

Malaysias Management of Resources1.0 entreeEconomies contri unlesse be delimit as, thrifty management of resources, such as farming, turn over, gravid and enterprenuership learned to practice deli genuinely in making turn out the ho procedurehold budget. In factors of exertion on that point ar commodities or give out used to build goods and serve. And withal explores how people and society try to use resources available , which gravel m both different uses, in order to experience different goods and distribute among people. According to economist Lionel Robbins who defined frugalals as The science which studies human behaviour as a relationship amid ends and scarce means which shake alternative uses. The primary factors facilitate issue but neither force part of the product as in the unsanded materials. unmatched of the factor of issue is principal(prenominal)ly called earth includes not solely the site of fruit but natural resources above or to a low er place the soil. What is scarcity? Scarcity is a things that has some conundrums in economic having because of serviceman nature unmeasured needs and wants. Humans were always wants more(prenominal) and more thats un exceptional goals. This universe of discourse has a limited resources which can be used. What provide happened when all of the four factor of production is limited?Factor of productions is defined as the input that used in the production of goods or services in the attempt to make an economic profit and excessively production can be defined as the resources that required to generaton of goods and services. This resources are principally classifeid into four major groups which are estate of the realm, trade union movement, nifty and enterprenuership.So what is land? One of the factor of production is mainly called land, includes not only the site of production but natural resources above or below the soil. Land is a natural resource that whose interpret is generation by generation fixed. Land contains natural resources that a production of good and to a fault a peachy goods. causa of the natural resources in land is petroleum, coal, diamond, timber, gold and many more. If this land is became limited there are huge problem leave this world faced, some of the problem is natural resources cannot be extracted or maybe become limited. Among this there a another factor of production is called capital, what is capital? Is that capital is important to our delivery? Capital is a money. Capital played main role in this factor of production because the capital is helped we to buy the raw materials, machines, equipment, tools and many more.The following factor of production is labour. What is the meaning of labour? stab is means the people is employing for a wages. The size of a labour force can be unyielding by population of bounteous in a field. Labour consists of the both physical and mental abilities of the workers to work in a comp any or in a on the job(p) place to get a wages. Lets say the labour has been limited, what result happened? They cannot produce goods and sevices, example like, if one companys labour is limited the production of product will stopped and will effect the company, because of this the frugality will be effect. The lead things in factor of production is entrepeurnership is a defined as a businessman, is a individual who uses all the resources effectively to run production. He should be risk taker and wiling to accept new challengers or wiling to accept lost or profits on their business.1.2 WHAT IS SCARCITY?In other word for scarcity is means not enough resources. The main cause this scarcity is happened because of unlimited needs and wants of human. For an example just ask with the people out there would you like more luxury life nearly of them will answered Yes. plenty were looking foe more money for buy more goods and services. This problem not only carried by poor people its al so to most wealthy people were include in this problem. In any magazine this world can be limited amount of goods and services such as for land when we compared Malaysia and Singapore, Malaysia has big land then Singapore, so the land is so limited to Singapore then Malaysia. In Singapore the singaporeans can built their birth property like houses and more this is called scarcity. The example of capital became limited is to run one company he must have capital for the production if its limited there are dont have any company industry. Limitation of third factor of production is labour, for example if the labour became limited the are no one to work at companies, and the companies will not run any production. Lastly about enterprenuer, lets take that the enterprenuer is became limited what wiil happened, there are no new production of product, the procduction not run as planned and more.To outcome these factor of production problem, must tasks on the evidence of scarcity, the eviden ce of plenty and research why this problems were created. What is really the prospect cost means? Opportunity cost is a cost of next best alternatives from all.CONCLUSIONAs a conclude, every country has it own resource, we must balanced the factor of production and if one of this factor of production land, capital, labour or enterprenuership is limited is must cause the growth of economic. If dont have land they move built any company, if capital became limited we cant pay wages to labour, if labour became limited no workers in companies if enterprenuer no new product, so must balanced and protect our factor of production. distrust 2Malaysia, a mixed economy attempts to combine the advantages of Free initiative System and the Central Command System. The price mechanism is allowed to operate but in some cases the price mechanism fails or works against familiar interest. Identify the ways by which the State can intervene to gear up the defects.1.1 INTRODUCTIONProduction, distribu tion, and consumption of good and service were a branches of economics in science. What is ecomomy formation? Economy system is a planned organization and structure of production. Allocate of economic inputs, distribute of economic outputs and consumption of goods and services in an economy. Economy system are separated into three major economy thats named planned economy, mixed economy and lastly free market economy. in that respect are three different types of organization economy plan that also very tight and some confortable and some of economy plan is very freedom.As I told the three economy system, this is first economy system called planned or command economy, this system is fully statementled by the goverment. at that place are no arguement or such things in that country because the country is very strict and on the mission and vision to come across so when the country planned system the mission and vision will achieve more quickly. Free Market Economy is an system bas ed on power of division of labour in which the prices of the goods and services are determined in a free prices system set by supply and demand and the decision taken by individual household and firms and with no goverment interpolation. The price also as how much they produce. Mixed ecomony were controlled by part goverment and partly through the market.1.2 CONTENTIn our Malaysia country is the mixed economic system. Mixed economy reflects the characteristics of both capitalism and socialism. In this mixed economy system there are all real world economies are mixture of the two system. In mixed economy goverment will intervention like some relative prises because the goods and inputs by taxing or settling them or by direct price controls. Most mixed economies also can be described as market economies with strong regulatory oversight, in addition to having a variety of government sponsored aspects. Government also must have the rights to control the price of products and services in our Malaysia country. Example of Malaysian government control item are like rice, oil, sugar, petrol, dredge and more. SIRIM is a not goverment company but the goverment intervention because they have to roll in the hay is th product is really good. Mixed economies as an economic nonpareil are supported by people of various political persuasions. another(prenominal) example of Malaysian goverment intervention in the market by set up tax on goods, for example goverment taxed on cigarretes, petrol, alcohol drinks and more.ConclusionAs conclusion, Malaysian economic system is mixed economic system. Mixed economy reflects the characteristics of both capitalism and socialism. Malaysian government intervene in the economic in many ways such imposed tax og good, control the price of the product, make sure the price of the product is not lofty and many more.