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BDY521 Natural Resources Economics UITM Assignment Answer Malaysia

The subject category for the course “BDY521 Natural Resources Economics” at UITM in Malaysia would typically fall under the field of economics or environmental studies. It focuses on the economic aspects of natural resources and covers topics such as efficient resource utilization, sustainability, conservation, and preservation. The BDY521 course utilizes various teaching methods, including case studies, lectures, laboratory work, and fieldwork to enhance students’ understanding of these concepts.

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Assignment Brief 1 : To explain the concepts and approach of basic economic.

Economics is a social science that studies how individuals, businesses, and societies allocate scarce resources to satisfy unlimited wants and needs. It encompasses the production, distribution, and consumption of goods and services. Here is an overview of some key concepts and approaches in basic economics:

  • Supply and Demand: The fundamental principle of economics is the interaction between supply and demand. Supply refers to the quantity of goods and services producers are willing to offer at different prices, while demand represents the quantity consumers are willing to purchase at various Supply refers to the amount of goods and services that producers are willing and able to provide at different prices. It represents the quantity that producers are ready to offer to the market. On the other hand, demand refers to the quantity of goods and services that consumers are willing and able to buy at various prices. It represents the quantity that consumers want to purchase from the market. The interaction between supply and demand determines the price and quantity of goods and services exchanged in a market.
  • s prices. The equilibrium between supply and demand determines the market price and quantity.
  • Scarcity: Scarcity refers to the limited availability of resources relative to unlimited wants and needs. It necessitates choices and trade-offs, as individuals and societies must decide how to allocate resources efficiently.
  • Opportunity Cost: Opportunity cost is the value of the next best alternative foregone when making a choice. Whenever a decision is made, there are alternative options that must be sacrificed. Understanding opportunity cost helps assess the trade-offs involved in different choices.
  • Production Possibilities Frontier (PPF): The PPF illustrates the maximum combination of goods and services that can be produced within an economy, given its resources and technology. It demonstrates the concept of trade-offs and efficiency by showing that producing more of one good requires sacrificing the production of another.
  • Market Structures: Different market structures exist, including perfect competition, monopolistic competition, oligopoly, and monopoly. Each structure has distinct characteristics that affect pricing, competition, and market behavior.
  • Macroeconomics and Microeconomics: Macroeconomics examines the overall performance of an economy, focusing on aggregate variables like GDP, inflation, and unemployment. Microeconomics analyzes individual economic units, such as households, firms, and industries, to understand their behavior and decision-making processes.

Approaching basic economics involves understanding these concepts and applying them to real-world scenarios. Economic theories and models are utilized to study various economic phenomena, develop policies, and make informed decisions.

Assignment Brief 2 : To identify the theories of efficient utilization of natural

Efficient utilization of natural resources refers to the optimal use of resources while minimizing waste and negative environmental impacts. Several theories and approaches address this topic. Here are three key theories related to the efficient utilization of natural resources:

  • Sustainable Development: The theory of sustainable development advocates for the use of resources in a manner that meets present needs without compromising the ability of future generations to meet their own needs. It recognizes the interdependence between economic growth, social development, and environmental protection.
  • Environmental Economics: Environmental economics examines the economic implications of environmental policies and the allocation of natural resources. It seeks to internalize environmental costs and benefits into economic decision-making through tools such as market-based instruments (e.g., carbon pricing) and cost-benefit analysis.
  • Ecological Economics: Ecological economics emphasizes the interconnections between the economy and the ecosystem. It recognizes that the economy is embedded within the natural environment and seeks to integrate ecological principles into economic theory and practice. It emphasizes the importance of maintaining the integrity and resilience of natural systems.

These theories, among others, provide frameworks for understanding and promoting the efficient utilization of natural resources. They highlight the need to balance economic growth with environmental sustainability and recognize the long-term consequences of resource use.

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Assignment Brief 3 : To analyze issues related to current practices of use of natural resources

The use of natural resources is essential for economic development but often presents challenges and issues. Analyzing these issues can help identify potential solutions and strategies for sustainable resource management. Here are some key issues related to the current practices of natural resource use:

  • Overexploitation: Overexploitation occurs when natural resources are used at an unsustainable rate, depleting their availability. This can lead to environmental degradation, loss of biodiversity, and economic instability. Examples include overfishing, deforestation, and excessive groundwater extraction.
  • Pollution and Environmental Degradation: Many resource extraction and utilization processes result in pollution and environmental degradation. Industrial activities, mining, and agriculture can release pollutants into air, water, and soil, causing harm to ecosystems, human health, and biodiversity.
  • Unsustainable Agriculture: Modern agricultural practices often rely on intensive use of resources, such as water, land, and fertilizers. Unsustainable agricultural practices contribute to soil erosion, water pollution, and loss of biodiversity. Transitioning to sustainable agriculture is crucial for long-term food security and environmental conservation.
  • Energy Consumption and Climate Change: Fossil fuel-based energy systems contribute to greenhouse gas emissions and climate change. Transitioning to renewable energy sources and improving energy efficiency are vital to reduce the environmental impact of energy consumption.
  • Lack of Regulation and Governance: Weak regulations and ineffective governance can exacerbate issues related to natural resource use. Insufficient enforcement of environmental laws, corruption, and inadequate resource management can hinder sustainable practices.

Analyzing these issues involves assessing their causes, impacts, and potential solutions. It requires interdisciplinary approaches, considering economic, environmental, and social factors, and engaging stakeholders to develop effective strategies for sustainable resource use.

Assignment Brief 4 : To describe sustainability, conservation, and preservation

Sustainability, conservation, and preservation are concepts related to the responsible management and protection of natural resources. Although interconnected, they have distinct focuses and approaches:

  • Sustainability: Sustainability refers to the ability to meet present needs without compromising the ability of future generations to meet their own needs. It involves balancing economic development, social progress, and environmental protection. Sustainable practices aim to minimize resource depletion, reduce pollution, promote social equity, and foster long-term ecological resilience.
  • Conservation: Conservation involves the wise use and management of natural resources to ensure their sustainable utilization. It emphasizes maintaining the productivity and integrity of ecosystems while meeting human needs. Conservation practices may include the establishment of protected areas, sustainable harvesting of resources, habitat restoration, and biodiversity conservation.
  • Preservation: Preservation emphasizes protecting natural resources and ecosystems in their pristine or unaltered state. It focuses on safeguarding natural areas, landscapes, and species from human exploitation and disturbance. Preservation often involves designating protected areas with strict regulations to maintain their ecological integrity and biodiversity.

While conservation and preservation share the goal of safeguarding natural resources, their approaches differ. Conservation often involves sustainable use and management, while preservation aims to maintain areas free from human interference. Sustainability provides a broader framework that integrates economic, social, and environmental considerations to ensure long-term well-being. In summary, sustainability, conservation, and preservation are key principles for responsible natural resource management. They aim to address environmental challenges, promote sustainable development, and ensure the long-term availability of resources for future generations.

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