1. The Factors of Production (FOP) that comprises of land, labour, capital, and entrepreneurs are resources or inputs used to produce goods and services in an economy. Use the FOP data (since FOP can take on various forms, you may need to identify which forms of the FOP you are studying, you may find the data from the Organisation for Economic Co-operation and Development (OECD), SME Corporation Malaysia, Malaysia Productivity Corporation (MPC), Department of Statistics Malaysia, Ministry of Entrepreneur Development and Cooperatives (MEDAC) etc.) from the year 2010 to 2019.

Based on the statistics, explain:

• Background
• Government aspirations
• How they contribute to national growth

2. Market structures, such as perfect competition and monopoly belong to the extreme sides of an economy. In terms of economic welfare, both the market structures act differently in benefiting the consumers and suppliers. There are two types of Marginal Cost (MC); a horizontal MC and an upward sloping MC from left to right.

The coronavirus pandemic and containment measures have plunged the global economy into deep contraction. Amid the pandemic, there have been many research and development to find vaccines. With the many clinical trials, a few coronavirus vaccine candidates are showing encouraging results, and hopefully, everyone can get the vaccines soon. The government is trying to devise policies on the allocation of the vaccines. Of course, there will be different pricing strategies that have been considered. Through government intervention, there could be some possible shifts of economic welfare on both the consumer and suppliers. By combining both the perfect competition and monopoly (two diagrams, for both the two types of MC), discuss how government policies can benefit the economy in terms of efficient allocation of resources (from the supplier to the consumer).