Test 1 ECO261 ZULFA

BA111/BMEWCDA 5 & 6/MARCH 2024/ECO 261
EAST WEST INTERNATIONAL COLLEGE
QUESTION – TEST
PROGRAMME : BA111/BMEWCDA 5 &6
COURSE NAME : DIPLOMA IN BUSINESS
COURSE CODE : ECO 261 – MALAYSIAN ECONOMICS
SEMESTER : MARCH 2024
TIME : 2 HOUR
ANSWER SCHEME
1. This is answer scheme for ECO 261 - Malaysian Economics - Test. ( 40 marks )
NAME : MUHAMMAD ZULFA ZAINI BIN ZAIDI
STUDENT ID : 2021613808
Question 1
1 What types of Social and Economic factors which Malaysia faces? Explain.
3
2 Define Poverty
3
3 State the Phases of Poverty in Malaysia
3
Illustrate the Primary Sector…….

3
4 Outline the Following :- 3

i. Agriculture
ii. Fishery
iii. Forestry
5 State the difference between Challenge and Problem. 3
6 Briefly explain the Development of Primary Sector

3 mark
7 Explain Traditional methods of farming and Modern methods of farming

3 mark
8 What is Secondary Sector ? 3 mark
9 There are Four (4) kinds of Phases. List out the following:-
8 mark
i. Introduction Phases
ii. Growth
iii. Maturity
iv. Decline Phase
10 State the background of Malaysian Economy. 5 mark

ANSWER :
1) Malaysia faces a variety of social and economic factors that influence its development and
societal dynamics. This are some key factors, first is for social factors. Malaysia deals with
ethnic diversity, religious pluralism, and disparities in education and healthcare access.
Second is for economic factors. The country's challenges include dependency on
international trade, managing industrialization, and addressing income inequality.
2) The term poverty refers to the state or condition in which people or communities lack the
financial resources and essentials for a minimum standard of living. As such, their basic
human needs cannot be met. Poverty refers to the lack of adequate financial resources such
that individuals, households, and entire communities don't have the means to subsist or
acquire the basic necessities for a flourishing life. This means being so poor as to struggle to
obtain food, clothing, shelter, and medicines.
3) There are three main phases of poverty in Malaysia. Firstly, the absolute poverty concept,
one is having less than objectively-defined thresholds. Secondly, the relative poverty
concept, one is having less than others have in the same society. For example, the B40
group, particularly in Kuala Lumpur, with household income less that RM4,850 often
struggles to meet the cost of living. Lastly is urban and rural poverty. For example, in the
Klang Valley has been attributed to an increased migration of low income and low skilled
groups from rural areas.
4) The primary sector is the first phase of any manufacturing process covering raw material
acquisition and includes all those activities the end purpose of which consists in exploiting
natural resources. In the primary sector of the economy, activities involve using natural
resources, which include land, water, forest, raw materials and minerals.
5) i) Farming and its various forms fall under the primary sector.
ii) Commercial fishing is a primary sector job where fishers catch and sell fish.
iii) The forestry industry harvests trees from forests or tree farms.
6) They difference between a challenge and a problem is that while a challenge is a demanding
task that an individual wishes to overcome, a problem is something difficult to deal with or
understand that hinders the progress of the individual. Some barrier that one person
conceives as a challenge can be conceived as a problem by another.
7) The primary sector is usually most important in less developed countries, and typically less
important in industrial countries. Most primary sector goods are sold in commodity markets,
the development of the market often makes the primary sector less important as the
economics begin to tip more towards the tertiary and secondary. However, the primary
sector is vulnerable to price fluctuations.
8) Traditional methods of farming is a primitive type of food production and farming that
makes extensive use of indigenous knowledge, land use, traditional equipment, natural
resources, organic fertilizer, and farmers' cultural values while modern methods of farming
are the farming practices that make considerable use of manpower, capital, and equipment
such as winnowing machines, threshers, and harvesters.
9) The secondary sector covers all those activities consisting in varying degrees of processing of
raw materials. The secondary sector transforms natural resources, raw materials collected
from nature, into artificial resources, human-created objects for use by people. The
secondary sector may also be called the manufacturing sector or industries.
10) i) The introduction, or start-up, phase involves the development and early marketing of a
new product or service. Consumers of the goods and services need to learn more about
them, while the new providers are still developing and honing the offering.
ii) Consumers in the new industry have come to understand the value of the new offering,
and demand grows rapidly. A handful of important players usually become apparent, and
they compete to establish a share of the new market.
iii) The maturity phase begins with a shakeout period, during which growth slows, focus
shifts toward expense reduction, and consolidation occurs.
iv) The decline phase marks the end of an industry's ability to support growth.
11) The Malaysian economy has evolved significantly since gaining independence in 1957.
Initially reliant on agriculture, particularly rubber and tin, the country later pursued
industrialization under the New Economic Policy (NEP) from the 1970s. This policy aimed to
boost manufacturing, focusing on sectors like electronics and automotive. In the 1980s and
1990s, Malaysia embraced economic liberalization, privatizing industries and opening up to
foreign investment. Despite challenges such as the Asian Financial Crisis in the late 1990s,
Malaysia implemented reforms to stabilize the economy and promote sustainable growth.
Today, Malaysia continues to strive towards becoming a high-income nation by emphasizing
innovation, digitalization, and inclusive economic development.
END

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BA111/BMEWCDA 5 & 6/MARCH 2024/ECO 261

EAST WEST INTERNATIONAL COLLEGE

PROGRAMME : BA111/BMEWCDA 5 &6

COURSE NAME : DIPLOMA IN BUSINESS

COURSE CODE : ECO 261 – MALAYSIAN ECONOMICS

SEMESTER : MARCH 2024

NAME : MUHAMMAD ZULFA ZAINI BIN ZAIDI

Illustrate the Primary Sector…….

4 Outline the Following :- 3

5 State the difference between Challenge and Problem. 3

6 Briefly explain the Development of Primary Sector

7 Explain Traditional methods of farming and Modern methods of farming

10 State the background of Malaysian Economy. 5 mark

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