Research Assignment of Micro-economics
Added on 2022-03-11
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ZAHID HOSSAIN SHAHBAZ
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ZS0291
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UFP)
IFP (BUSINESS PATHWAY)
Programme Start
Date (e.g.
September 2018) 2nd November 2020
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Planning my First Economics Coursework
box at the bottom of the page to confirm that you understand and accept the
ONCAMPUS academic regulations regarding coursework.
Student name:
ZAHID HOSSAIN SHAHBAZ
CEG number:
ZS0291
Programme (e.g.
UFP)
IFP (BUSINESS PATHWAY)
Programme Start
Date (e.g.
September 2018) 2nd November 2020
Please confirm your understanding that:
1. At ONCAMPUS, we recognise that English may not be your first language. Our
assessments are designed to allow you to achieve while continuing to develop your
academic English skills. We expect all submitted work to be your own words (apart
from in-text quotations), written in a style that reflects your English language level.
2. At any time, you may be asked to attend an interview with at least two members of
academic staff to discuss the content of your submitted coursework. It is likely that
one interviewer will be the Centre Head or Deputy Centre Head. Interviews may be
requested as part of a random check, or if there is suspicion that an academic offence
has been committed. We expect all students to be able to discuss and/or explain the
main ideas and vocabulary used in submitted coursework.
3. It is your responsibility to read the programme handbook, including the policy on
late submission, and information on available support if you are finding your studies
difficult.
4. If you are unsure about any part of your coursework, you must ask your tutors for
help before the submission deadline.
Please read the statement below and click once in the box to confirm your
understanding.
I confirm that I understand and accept all of the information above. I understand that
all submitted coursework must include this coursework submission sheet and that
submissions without the sheet included will be rejected. ☒
Planning my First Economics Coursework
Title Page
Report/Essay Title: Assignment 1 - Research assignment: Micro-economics
Your Name: ZAHID HOSSAIN SHAHBAZ
Programme title: ECONOMICS
Tutor’s name: Benjamin Anosike
Word counts: 1770
Date 2020
Table of Contents
1.0 Introduction
2.0 The economic nature of my given country
3.0 Specialisation and division of labour
4.0 Supply and demand in the economy
5.0 Market failure and government intervention
6.0 Conclusions
7.0 References
1.0 Introduction
Thailand is found within the middle of the geographic area with a locality of 510890
km². It consists of 2 broad geographic areas, a bigger main sector within the north
and a smaller earth extension within the south. Secondly, the population of Thailand
is 69875158 (December 5, 2020) that is equivalent to 0.9% of the overall world
population and its population density is 137/km².
Its gross domestic product size is some USD500 billion (by the market rate of
exchange method) and that is the second-largest economy in the Association of
Southeast Asian Nations behind Indonesia. The unemployment rate in Thailand is a
pair of 0.9%. Therefore, the amount of jobless jumped by 342.8 thousand from the
previous year to 723.9 thousand people thanks to prolonged COVID-19 Shocks.
Finally, the three principal economic sectors of the country are agriculture, services
and producing.
Report/Essay Title: Assignment 1 - Research assignment: Micro-economics
Your Name: ZAHID HOSSAIN SHAHBAZ
Programme title: ECONOMICS
Tutor’s name: Benjamin Anosike
Word counts: 1770
Date 2020
Table of Contents
1.0 Introduction
2.0 The economic nature of my given country
3.0 Specialisation and division of labour
4.0 Supply and demand in the economy
5.0 Market failure and government intervention
6.0 Conclusions
7.0 References
1.0 Introduction
Thailand is found within the middle of the geographic area with a locality of 510890
km². It consists of 2 broad geographic areas, a bigger main sector within the north
and a smaller earth extension within the south. Secondly, the population of Thailand
is 69875158 (December 5, 2020) that is equivalent to 0.9% of the overall world
population and its population density is 137/km².
Its gross domestic product size is some USD500 billion (by the market rate of
exchange method) and that is the second-largest economy in the Association of
Southeast Asian Nations behind Indonesia. The unemployment rate in Thailand is a
pair of 0.9%. Therefore, the amount of jobless jumped by 342.8 thousand from the
previous year to 723.9 thousand people thanks to prolonged COVID-19 Shocks.
Finally, the three principal economic sectors of the country are agriculture, services
and producing.
Main Body
2.0 Describe the economic nature of your given country
An economy is a system whereby goods are made and exchanged. While not a
variable economy, a state can collapse. Therefore, there are 3 main kinds of
economies free market, command, and mixed economy. Besides a traditional
economy relies on ancient times and is the most basic type of economy and such
economies focus on agriculture, cattle herding, fishing, etc. A free-market economy
typically happens in democratic states and individuals and businesses will make their
own decisions. Whereas, a command economy is where the state’s central
government make all of the country’s economic decisions. Finally, a mixed economy
combines elements of free-market and command economies. Therefore, Thailand
follows a mixed economy system in which a variety of private freedom combined
with centralized economic planning and government regulation with the private
sector, the main engine of growth (GDP around USD500billion).
Food, water, healthcare, and, housing are the fundamental needs of a country
(Needs are limited). On the opposite hand, wants are desires that can be glad by
goods and services (Wants are unlimited). However, in Thailand location, wellbeing,
and socio-economic standing are what people say they need, and the extent to
which they feel they have satisfied their needs [Gough et al, 2007].
The main factor of production in Thailand are agriculture, medicine, electronics,
and many others. Thailand has a labour force of 38.9 million people and its economy
is heavily based on agriculture which contributes 8.1% of the GDP and employs
20.4% of the active population. The country is the largest producer of rubber and
one of the leading producers and exporters of rice. The manufacturing sector
accounts for 34.9% of the GDP and is well-diversified, employing 23.4% of the active
population.
The economic system of Thailand incorporates both renewable and no-renewable
resources/energy which includes wind power, hydropower, and many others. The
Thai government has emphasized renewable energy sources within the country. The
ministry of energy issued a revised Power development plan (PDP). Specializing in a
goal that generating capacity of renewable projects will represent 15-20% of total
power consumption in the country by 2036. By the tip of 2017, Thailand's existing
power generation capacity was 49,047.54MW.
2.0 Describe the economic nature of your given country
An economy is a system whereby goods are made and exchanged. While not a
variable economy, a state can collapse. Therefore, there are 3 main kinds of
economies free market, command, and mixed economy. Besides a traditional
economy relies on ancient times and is the most basic type of economy and such
economies focus on agriculture, cattle herding, fishing, etc. A free-market economy
typically happens in democratic states and individuals and businesses will make their
own decisions. Whereas, a command economy is where the state’s central
government make all of the country’s economic decisions. Finally, a mixed economy
combines elements of free-market and command economies. Therefore, Thailand
follows a mixed economy system in which a variety of private freedom combined
with centralized economic planning and government regulation with the private
sector, the main engine of growth (GDP around USD500billion).
Food, water, healthcare, and, housing are the fundamental needs of a country
(Needs are limited). On the opposite hand, wants are desires that can be glad by
goods and services (Wants are unlimited). However, in Thailand location, wellbeing,
and socio-economic standing are what people say they need, and the extent to
which they feel they have satisfied their needs [Gough et al, 2007].
The main factor of production in Thailand are agriculture, medicine, electronics,
and many others. Thailand has a labour force of 38.9 million people and its economy
is heavily based on agriculture which contributes 8.1% of the GDP and employs
20.4% of the active population. The country is the largest producer of rubber and
one of the leading producers and exporters of rice. The manufacturing sector
accounts for 34.9% of the GDP and is well-diversified, employing 23.4% of the active
population.
The economic system of Thailand incorporates both renewable and no-renewable
resources/energy which includes wind power, hydropower, and many others. The
Thai government has emphasized renewable energy sources within the country. The
ministry of energy issued a revised Power development plan (PDP). Specializing in a
goal that generating capacity of renewable projects will represent 15-20% of total
power consumption in the country by 2036. By the tip of 2017, Thailand's existing
power generation capacity was 49,047.54MW.
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