BEQ1032 by Muhammad Bazli bin Salahudin https://padlet.com/bazli_75845/Bookmarks Self Reflection en-us 2021-01-20 11:37:29 UTC 2021-01-20 13:33:12 UTC hello@padlet.com Week 1 (13.10.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105331585 CONSTRUCTION ECONOMICS
Construction economics is about branch of economy which represent the pattern of development. Construction economics studies the economic performance of investment and technical innovation in construction. With a variety of special economic fields, such as finance, statistics, accounting, and economic efficiency, construction economics is correlated with national economic planning. It helps to assess the feasibility of technological solutions to construction project problems and the success of construction work.]]> 2021-01-20 11:51:48 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105331585 Week 2 (20.10.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105344235 Introduction to Economics
Economics is a study of how people use their limited resources to fulfil their unlimited wants. Basic economic concept is scarcity, choice and opportunity cost.]]> 2021-01-20 11:56:36 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105344235 Week 4 (03.11.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105349635 Roles of Government
To ensure the growth and survival of our economy, the government has its own essential functions. It is the duty of governments to build a business climate and to assist the private sector in ensuring economic stabilization. ]]> 2021-01-20 11:58:41 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105349635 Week 5 (10.11.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105358631 Microeconomics
Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.]]> 2021-01-20 12:02:25 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105358631 Week 6 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105363402 Demand & Supply
Demand is ability and willingness of consumer to buy specific quantities of goods at a particular price.
Demands are determined by either external or internal factors.
Internal factors:
1. price of goods 
2. service policies or terms of payments 
3.profit margin 
External factors:
1. price of related goods (substituted or complementary goods)
2. consumer's income
3. taste and fashions 
4.population on number of buyers
5. expectation on future prices
6. advertisements
7.festive seasons and climates 
8.level of taxation 
9.supply of money in circulation
Supply is the ability and willingness to produce and sell goods and services by either producers or suppliers at a given period of time.
Determinants of supply are external factors:
1. price of related goods
2. cost of production 
3. technological advancement 
4. expected future prices
5. number of sellers
6. improvement in infrastructure 
7. government policies

]]> 2021-01-20 12:04:22 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105363402 Week 3 (27.10.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105554937 Macroeconomics
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.]]> 2021-01-20 13:12:33 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105554937 Week 7 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105567455 MARKET EQUILIBRIUM
Market Equilibrium
A situation when quantity demanded and quantity supplied is equal, and there is no tendency for price or quantity to change.

Surplus
A situation when quantity supplied in market is greater than the quantity demanded in market.

Shortage
A situation when quantity demanded in market is greater than the quantity supplied in market.]]> 2021-01-20 13:16:05 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105567455 Week 8 (09.11.2020) bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105575479 Career Exploration
A meeting with Associate Professor Dr Nazirah Zainul Abidin who are from Universiti Sains Malaysia (USM). She talk about green construction as well as conservation works. A lot of things i learned from this session such as by applying green agenda in construction industry, there will be a lot of benefit especially to the environment. It could reduce the pollution and also imrpove the quality of water. From the talk, I realize that I can make an improvement toward the environment as a QS. Dr Nazirah said that it is everyone responsibilities to protect the earth. Today's talk really gives a lot of knowledge and information which i may apply in the future.]]> 2021-01-20 13:18:19 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105575479 Week 9 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105585401 Digital Economy
Digital economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hyperconnectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology and the internet of things. There are characteristics of digital economy which is  wealth, digitisation, virtualization, molecularization, networking, disintermediation, convergence, innovation, prosumption, immediacy, globalization, and discordance.]]> 2021-01-20 13:21:09 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105585401 Week 10 & 11 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105593875 Sarawak Digital Economy Strategy
Some action that have been taken by Sarawak government are the implementation of one-stop frontline government service, build fibre connection, and up skilling and reskilling of graduate for DE, STEM Education. Their goals are to accelerate Sarawak's economic development, reduce the socio-economic divide and increase youth jobs to transform the state into a prosperous digital economy state in the future.
]]> 2021-01-20 13:23:31 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105593875 Week 12 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105604337 Gig Economy
Gig economy is a free market system in which temporary positions are common and organizations hire independent workers for short-term commitments. There are a lot of benefits in gig economy such as it can lower payroll expenses, gives flexibility in managing hours to expected demand for their products. Some of the benefits for the workers are a flexible hours of working, provides a way to earn an extra income, and more autonomy where people can work from home.]]> 2021-01-20 13:26:33 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105604337 Week 13 bazli_75845 https://padlet.com/bazli_75845/Bookmarks/wish/1105609472 The Circular Economy
A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which we keep resources in use for as long as possible, extract the maximum value from them whilst in use, then recover and regenerate products and materials at the end of each service life. There are a lot of benefit of implementing this circular economy such as can eradicate waste, companies could get advantages from efficiency and effective use of resources, and overcome limitations of linear consumption.]]> 2021-01-20 13:27:56 UTC https://padlet.com/bazli_75845/Bookmarks/wish/1105609472