GROUP PRESENTATION

ECO162
Group member :
1. NURSAFIRAH BINTI JAMRIN
2. NUR AZMINA BINTI TORRANCE
3. UMI ELISYA BINTI HAMDAN
BASIC ECONOMIC
CONCEPTS
 PRODUCTION POSSIBILITIES
CURVE
12

CHOIC
10
10 ES
9 UNATTAINABL
E
8
ATTAINABL
E 6
6
APPLES(KG)

4
4

2
2

0
0
0 2 4 6 8 10 12

ORANGES(KG)
 CHOICES

When there is a scarcity, choices have

to be made.
Everyone cannot have what they
wants, so they have to choose from the
available alternatives.
THE ISLAMIC ECONOMIC
SYSTEM
 DEFINITION
Islamic economic (Arabic: ) , is a term
used to refer to Islamic commercial jurisprudence
or figh al-muamalat (Arabic: ) .
An ideology of economics based on the teachings of
Islam that takes a middle ground between the
system of socialism and capitalism (mixed
economy).
Economy activities - not seen from materialistic
aspect only but also spiritual aspect in this world &
life hereafter.
Only objective to achieve Al-Falah (success in
ones life in the world and also the life hereafter).
 THE CONCEPT OF TAUHID
Tauhid (Arabic: taud, meaning the oneness of
God and also transliterated as Tawheed and Touheed).
Tauhid is the religion's most fundamental concept and
holds that God (Allah) is One (Al-Aad) and Single (Al-
Wid).
Tauhid Believe that in Islam there is only one god to
be worshipped which is Allah SWT.
The belief of tauhid:
Habluminallah means that the relationship between your
God and you yourself
Habluminannas is the relationship between human beings
PRICE ELASTICITY OF
SUPPLY
 Determinants of Price
Elasticity of Supply

Time dimension
Time greatly influences the elasticity
of supply, unlike which the elasticity of
demand.
 Elastic Inelastic
Long term Short term
supply becomes more elastic. supply tend to be inelastic due
Sellers are more responsive to to insufficient time to organize
changes in price, since they can and adjust supply to demand.
adjust their supply or e.g. agricultural products
production.
e.g. manufacturing products
THE END