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1) social welfare

2) planned economy

3) Freedom - free market with govt intervention

4) private sector - free to do business

5) Inequality

Gabungan private (business) and public (govt)

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1) Promote control equality

2) safeguards private property

3) stability

4) encourage private iniative

5) economics efficiency

medical - govt hospital (HRPB) + private (KPJ/Pantai?IMC)

education - polytechnic (govt) + private (KPTM)

Recreational park - govt (free)-Taman rekreasi + private (Tambun - Lost World)

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1. Public enterprises

2. Centrally planned economy

3. Societal classes

4. Price mechanism - very minimal

5. Minimal competition- enterprise dimiliki oleh govt

everything decided by govt

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1) policy shifts - cth GST --> SST

2) corruption risk - 1MDB,

3) complex decision making -

4) inefficiency in services - implementation of SISPAA

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1. Behavioral norms and moral foundations derived from Quran & Sunnah

2. Collection of zakat and other Islamic taxed

3. Prohibition of interest (riba')charged on loans

4. Justice and balance in protecting the interest of individuals and society

5. Individuals freedom guaranteed in islam

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1. economic planning

2. public ownership of resources

3. no/ very limited economic freedom

4. price mechanism of lesser importance

5. central planning authority

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1) Private property

2) Self interest

3) Free markets

4) Competition

5) Division of labour

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1)Efficient resources allocation

2)Technological progress

3)Global economic growth

4)Social mobility

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1) Income Inequality

2) Exploitation of Labor

3)Monopoly Power

4) Short -term focus

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1.Lowering Economic Inequality

2.Increasing Market Participation

3.Linking Savings and Investment

4.Encouraging Economic Growth

5.Reducing Adverse Effects of Harmful Product & Practices

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1) Complexity in Implementation - different school of thought

2) Global Integration Challenges

3) Market Efficiency concerns

4) Politicial and Governance Challenges

5) Potential for reduced Investment - due to prohibition of RIba

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1.Production according to basic needs

2.Equal distribution of income and wealth

3.Better allocation of resources

4. No serious unemployment Or recession/inflation

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1.Lack of incentives and initiative by individuals

2.Loss of economic freedom and consumer sovereignty

3.Absence of competition

4.Waste of economic resources

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Characteristics

1. Private Ownership: Individuals or entities own and control resources and businesses.

2. Market-Based Economy: Prices and production determined by supply and demand.

3. Profit Motive: Goal of generating profit and economic growth.

4. Competition: Multiple businesses compete for market share and consumers.

5. Limited Government Intervention: Minimal regulation in economic transactions.

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1. economy free from serious problems - tiada pengangguran

2. equitable income distribution -

3. minimal externalities -

4. better allocation of resources - pengagihan sumber yang adil

5. rapid economic developmentc

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1.economy planning - both public + govt

2.market mechanism - free market but have govt intervention

3.public ownership + private ownership

4.social welfare program = YES

5.income distribution -

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1. lower economic growth

2. loss of economic freedom

3. lack of incentive and initiative by individuals

4. absence of competition

5. errors in decision making

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1) Social welfare neglected

2) Social good insufficiently produce

3) Negative externality - pollution, environment damage

4) Wastage of resources - pembaziran sumber

5) Monopoly

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1) Efficient resource allocation.

2) Prevention of control of monopolies.

3) Guaranteed economy stability.

4) Prohibition of illegal activities and negative external influences.

5) Production of public goods.= traffic light, hospital, recreational park,

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DDM0301 characteristics

1. Ownership of resources-Allah is the sole owner; man acts as a trustee to utilize natural resources

2. Decision maker-Individuals and producers,based on Islamic principles and commandments

3. Price determination-Consumers and producers (power of the market) based on Islamic principles and commandments

4. Freedom to reap profits-Freedom to seek profit, provided that interest (riba) is not involved

5. Freedom of choice-Individuals and producers have freedom of choice, provided there is no contravention of Islamic principles and commandments

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1) Conflict of opinions between individuals and the government.

2) Complexity and confusion. - economic decision

3) Political influence and corruption. - 1MDB scandal

4) Inconsistent policies - SST- GST - SST

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1) Decisions are made quickly. All economic decisions are made through the price mechanism. - demand & supply

2) Incentive to work. In this economic system, individuals are free to accumulate as much wealth as possible. -

3) Economic efficiency. The concept of efficiency refers to the maximum output that can be produced with limited resources or input. - efisyen (sumber dan input)

4) Competition. In this economic system, firms are free to compete between themselves.

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1. Prioritises safety and happiness. The main aim of the Islamic economic system is to ensure safety and happiness on earth and in the afterlife.

2. Eliminates economic activities having elements of interest (riba). The eradication of usury is the main responsibility of the government as these practices are considered to be a form of oppression and cruelty, particularly towards the poor.

3. Ensures social welfare. Wealth and possessions belong to Allah, and man acts as a khalifah who is entrusted with responsibility to safeguard the possessions.All economic activities that are not beneficial to social welfare are forbidden.Welfare is the core of production.

4.Prohibits monopolies. Each member of the community (in particular, the weak and the poor) is ensured the necessities of life.

5. Emphasizes happiness on earth and in the afterlife. Individuals are encouraged to seek profit through halal business activities, i.e. activities that do not involve interest (riba) and are not based on fraud.

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1 Conflict of opinions between individuals (the private sector) and the government. The conflict of opinions between individuals (the private sector) and the government does exist when it comes to public welfare. For example, education, health, infrastructure, police, fire brigade and army/defence are

2. Uneven distribution of income. The rich income group will continue accumulating the wealth whereas the condition of poor group will still remain poor as it was.- zakat, sadaqah, infaq, waqaf

3 Possibility of market and economic instability. Due to the quota system that has been introduced by the government, the tendency of misconduct in order to gain profit by the party concerned lead to black market and price hike.

4 Emergence of illegal activities and negative external influences. Private sector needs more than normal profit will involve themselves in illegal activities and to avoid from paying the penalties and facing legal actions by the government, e.g. illegal selling, selling the prohibited items, and disposal of the toxic wastes. -

5 Possibility of inefficiency in the use of resources. Only few firms are interested in indulging in social activities since government intervention in business activities gives priority to the welfare of community compared to monetary gain.

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1) US

2) UK

3) Russia

4) Saudi Arabia

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1) North Korea

2) Cuba

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1) Malaysia

2) Singapore

3) Thailand

4) Poland

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pemalsnyaaaaaa!

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Production according to the needs of consumers

Economic freedom

Efficient utilization of resources

Flexibility

Variety of consumer goods

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DDM0303

Characteristics

1)Public and private ownership of resources

2)Price mechanism and economic plans in making economic decisions

3)Goverment helps to control income disparity - STR, Baucer Buku MADANI, e-wallet MADANI,

4)Goverment intervention in the economy - BNM - BLR/OPR

5)Co-operation between the government,public and business sectors - Digital economy - MDEC, SME

6)Goverment control of monopolies - TNB, Sesqo

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Inequality of distribution of wealth and income- pengagihan pendapatan yang tidak adil. cth:

Inflation and high unemployment rate (inflasi & pengangguran)

Unnecessary variety and wasteful competition -

Lack of social welfare - homeless, medical insurance )

Misallocation of resources - salahguna sumber

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Advantages of a mixed economy include:

1. Balanced Growth

2. Regulation and Stability

3. Social Welfare

4. Efficiency and Innovation

5. Public Goods and Services

6. Income Redistribution - T20, M40, B40

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1.New Zealand

2.Singapore

3.Switzerland

4.United Kingdom

5.United States Of America (USA)

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Disadvantages of a mixed economy include:

1. Inefficiency

2. Regulatory Burden

3. Tax Burden

4. Resource Allocation

5. Political Influence

6. Market Distortions

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Characteristics

1. centrally planned economy - a government body makes economic decisions regarding the production and distribution of goods.

2. collective property - owned collectively by a group of people, such as state owned enterprises, public

land, and common resources like water and air.

3. provisions of needs - the state can allocate resources based on need and provides for the needs of the people and there is no need for money.

4. no unfair gaps - the state allocates resources based on what the people need and what they are able to produce.

5. collective ownership - Communist philosophy argues against private property and supports collective ownership.

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1. Islamic economic based on the Quran and Sunnah.

2. In Islam, economic is bound by Islamic law which is sharia and morals.

3. Islamic economic doesn’t separate between daily routines with worship and other activities.

4. Islamic economic guarantee freedom for each person because Islam pays attention to the interests of individuals and the society.

5. This economic system has zakat. The purpose of zakat is to cleanse the soul of envy, misery, and revenge.

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1. In Islamic finance, the ban on interest (riba) promotes risk-sharing agreements like profit-sharing (mudarabah) and joint ventures (musharakah), which can result in more resilient and stable economic systems.

2. Risk-Sharing Mechanisms

A key feature of Islamic finance is the emphasis on risk-sharing. Unlike conventional finance, which often relies on fixed interest rates, Islamic finance promotes profit-and-loss sharing arrangements.

3. Financial Stability

The prohibition of speculative activities (gharar) in Islamic finance contributes to greater financial stability. By avoiding high-risk and uncertain transactions, Islamic financial institutions are less exposed to the volatility that can lead to economic instability.

4. Islamic economics emphasizes social justice and equitable distribution of wealth. Principles such as Zakat (obligatory charity) and Sadaqah (voluntary charity) ensure that wealth is redistributed to support those in need. This focus on social welfare helps reduce poverty and inequality, fostering a more inclusive economic system that benefits a broader segment of society.

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DDM0303

1)China

2)France

3)United Kingdom

4) MALAYSIA

5) Thailand

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1. economy equality

2. universal service

3. worker rights

4. social welfare

5. collective decision-making

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islamic country

-kuwait 🇰🇼

-brunei 🇧🇳

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1.Reduced Economic Growth

2.Restricted Economic Freedom

3:Diminished Incentives and Initiative

4.Lack of Market Competition

5.Faulty Economic Decision-Making

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Disadvantages of islamic Economy   (ddm0303)

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Disadvantages of islamic Economy   (ddm0303)

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1) it is incoherent due to different interpretations of the Quran and banking relies on an honor system which can encourage fraud and non-payment, hindering economic growth and stability.

2) One of the primary disadvantages of islamic economic is the limited ranges of financial instruments available. Conventional financial systems offer wide variety of tools and products, including interest- based loans and derivatives.

3) Islamic finance primarily appeals to Muslim populations who seek to align their financial activities with their religious beliefs. This focus can restrict the market appeal of islamic.

4) The growth potential of islamic finance institutions may be slower compared to conventional ones due to their adherence to Sharia principles.

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1.Cuba

2. North Korea

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1) Iran

2) Iraq

3) Afghanistan