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Principles of Economics Assignment

(Module – EC101)

Submitted to:

Instructor - Mikhail ZENCHENKOV

Raffles Intrnational College

March 12, 2008




Submitted by:

Chiu Chit Ue (Uny)

Intake - RFHADE1007

Semester - January 2008


The main objective of economics is to understand why the world is like what it is. Find out how people make his choice to satisfy his unlimited wants is the reason why we need to study economics.

We each had to make choice for our life always. Once a choice being made, there should be something had given up. Apply this concept into the business world, company have to make decision carefully to take advantage among other competitor. There are many factors have to take account of, such as different market structures, price systems, degree of government intervention, demand and supply.


Economics is the social science that studies human behavior and how a society organizes its money, trade and industry. It was divided into two areas – (1) local or individual perspective - microeconomics and (2) the whole countries or area of the world – macroeconomics.

The principal aims of study economic are to maintain the economy growth, low inflation, and a high rate of employment. If view economic from the factories perspective, study economic is to predict every economic factors that would influence them in the future, so that they can improve their business plans or strategies in advance.


Internet auction was one of the most exciting emergences in markets for the last decade, and then now I am going to use this market for illustrate,

- How the elastic of demand and supply affect a decision making upon a market.

The stock market was one of the most interesting and dynamic market, and now I am going to,

- Discuss about it market structure and find out what reason would cause a changing in market prices.

Nowadays, most markets are running under a mixed economics system, in other words,...