T2 System

Question 1

what’s economic system ?

Answer 1

SET of values, laws, mechanism, institutional setup & implementation in economic activities

Question 2

whats 4 main economic activities

Answer 2

consumption
production
distribution
exchange

Question 3

Feudalism

Answer 3

economic system in dark ages

king-landlord-serfs

Question 4

whats priority in IE and SE

Answer 4

IE - religion

SE - wealth

Question 5

power struggle between King and Churchers remarks _

Answer 5

the beginning of Secularism (less religion intervention)

Question 6

why different societies organize into different economic systems?

Answer 6

values, cultures, worldview, and source of authority/knowledge

Question 7

In Dark/Middle ages, the decline of Roman Empire is due to _

Answer 7

the rise of Islamic Civilization

Question 8

Karl Marx

Answer 8

founder communism/socialism

Question 9

4 factors influence economic system

Answer 9

1. historical bg
2. political system
3. size & geography
4. level of dvlpmnt

Question 10

Marthin Luther, John Calvin, Huldrych Zwingli

Answer 10

famous figure yg brgaduh dlm churches during reformation era untuk cari pengaruh agama Christian

Question 11

Adam Smith

Answer 11

founder capitalism

Question 12

Mercantilism

Answer 12

a nation’s wealth and power were best served by increasing exports and so involved increasing trade

Question 13

difference communism & socialism

Answer 13

Communism: most property and economic resources are owned and controlled by the state
Socialism: all citizens share equally in economic resources as allocated by a democratically-elected government.

Question 14

socialist agenda

Answer 14

welfare and tool to achieve communism

Question 15

communism manifesto

Answer 15

use socialist agenda to achieve end goal of communism - redistribution of wealth

Question 16

criteria that differentiate SE and IE

Answer 16

1. property ownership
2. incentive mechanism
3. organisation in DM
4. market activities

Question 17

ciri-ciri DM in capitalism (3)

Answer 17

1. decentralized
2. freedom in low level system (private firm & indiv. )
3. self-interest and rational behaviour

Question 18

self-interest in economy

Answer 18

consumer maximize

his utility & consumption while firm maximize his profit

Question 19

rational behaviour

Answer 19

consumer wants to maximize gain but at lowest price possible

Question 20

ciri-ciri DM in socialism

Answer 20

1. centralized

2. upper level has DM power to answer the 4 basic economic question

Question 21

Ciri-ciri DM in IE

Answer 21

1. gov/state as crucial agent
2. market as allocative resources and wealth mechanism
3. involuntary sector

Question 22

islamic rules of the game meaning?

Answer 22

proper islamic rule and regulation

implement shariah suitable to current context

Question 23

fx Islamic state/gov

Answer 23

1. est islamic rules of the game
2. conducive env for islamic man
3. ensure ‘adl and ihsan

Question 24

market adjustment take place by:

a) qada & qadar
b) invisible hand

Answer 24

a

Question 25

market activities in IE

Answer 25

1. efficient production (allocative and productive) 2. moderation consumption 3. social justice in distribution (social security for orphans & single mom)