Inspiring Stories: People Whom Have Change The World

Mr Chiang Sang Sem the founder of Bonia and his son Chiang Fong Yee (standing)

Bonia Corp. Bhd. is an investment holding company, which engages in the market retail and distribution of leatherwear footwear men's apparel and accessories. It operates through the following segments: Retailing, Manufacturing, and Investment & Property Development. The Retailing segment designs, promotes and markets apparels footwear accessories and leather goods. The Manufacturing segment engages in the manufacture and market of leather goods. The Investment & Property Development segment consists of investment holding and rental and development of commercial properties. The company was founded by Chiang Sang Sem in 1974 and is headquartered in Kuala Lumpur, Malaysia. 

He is the founder of BONIA. He was appointed to the Board on 16 June 1994 as Executive Chairman of the Company and is now the Executive Chairman cum Chief Executive Officer of the Group. His involvement in the leather industry spans a period of over 40 years. He possesses in-depth knowledge, skills and expertise in all aspects of the leatherwear trade. He is responsible for the overall business development and formulating the Group's strategic plans and policies. To ensure that the Group is very much in line with the trend of the fashion and technological changes in the leatherwear and fashion accessories industry, he travels extensively to Italy, France, Germany, Japan, Hong Kong, Taiwan, China, Bangkok, Vietnam and Indonesia.He currently holds directorships in several subsidiaries of the Company and does not have any other directorships of public companies.His brothers, Chiang Sang Bon, Datuk Chiang Heng Kieng and his sons, Chiang Fong Yee, Chiang Fong Tat and Dato' Sri Chiang Fong Seng are also members of the Board.

BONIA Group has a network of over 1,200 sales outlets and 170 standalone boutiques throughout the world including countries such as Singapore, Malaysia, China, Taiwan, Japan, Vietnam, Thailand, Myanmar, Cambodia, Indonesia, Brunei, Kuwait and the Kingdom of Saudi Arabia, the Group continues to develop its global presence by forging strong networks with key partners around the world.In addition to its flagship fashion label, BONIA, the Group is also behind successful brands such as SEMBONIA and CARLO RINO, and holds the license to distribute international labels such as Santa Barbara Polo & Racquet Club, Valentino Rudy, The Savile Row Company, Braun Buffel, Pierre Cardin, Enrico Coveri and Renoma.

-- Nadzreen Zulkilfi

Dato' Professor Jimmy Choo

Dato' Jimmy Choo, born Choo Yeang Keat, is a Malaysian fashion designer based in London, United Kingdom. He is best known for founding Jimmy Choo Ltd that became known for its handmade women's shoes.

Jimmy Choo's beginnings can be traced back to his workshop in Hackney, North London, which he opened in 1986 by renting an old hospital building. His craftsmanship and designs were soon noticed and he came to the verge of international notability when his creations were featured in a record eight pages in a 1988 issue of Vogue. Patronage from Diana, Princess of Wales, from 1990 further boosted his image.

In 1996, he co-founded Jimmy Choo Ltd with British Vogue magazine accessories editor Tamara Mellon.

In April 2001, Choo sold his 50% stake in the company for £10 million. He has since concentrated his work on the exclusive Jimmy Choo Couture line produced under license from Jimmy Choo Ltd. The Jimmy Choo London line, also known as Jimmy Choo Ready-To-Wear or, simply, Jimmy Choo, is under the purview of Mellon. The ready-to-wear line has expanded to include accessories such as handbags

Choo lives in London and is currently involved in a project to set up a shoemaking institute in Malaysia, where his iconic status is often evoked to inspire budding shoemakers and fashion designers. Jimmy Choo Ltd. produces some of the most expensive high-end shoes. His success has really put Malaysia on the map, and has made his homeland very much proud of him.

-- Alexander K. Regelmann

Robert Kuok

Among the most successful tycoons who rule the business-world, Robert Kuok, the Malaysian billionaire, is a living legend. No one would perhaps have had as many businesses as him, all of them so big. Robert Kuok, 91, had tried his hand in sugar-cane, oil, mining, flour, hotels, publishing and animal feed businesses, striking a huge success in whatever he touched. 

Kuok’s story is one of those inspiring rags-to-riches saga. His up-hill climb started as an office-boy, after which he became the clerk of a rice trading department in Singapore. Robert Kuok however, was a quick learner. Three years in the rice trading department helped him learn the trading business. He later began back the same in his home town of Johor along with his brothers and a cousin. Shortly after that, he founded the Malayan sugar manufacturing co, which quickly gained popularity. It went on to become a monopoly in sugar production space of Malaysia producing 80% of Malaysia’s sugar and 10% of world’s sugar. That’s precisely how Kuok got his nick name, ‘the sugar king of Asia’. 

Naturally, this ambitious and immensely clever businessman did not just stop at that. He started a chain of hotels, the famous ‘Shangri-la’ which is now spread out through the world and is all set to open its 71st hotel. The 91 year old now has a lot of investments in huge businesses in nearly all of the Asian countries, Indonesia, Australia, Malaysia, and Singapore, Philippines, Indonesia and lot of other non-Asian countries. With so many businesses in so many countries, this incredible business man believes that he is the “little string that ties the rings together”. Experts would often say that his speed and cleverness led to that near-impossible success. Also, the man, they say, was never afraid to collaborate with the rest of the world unlike the eastern businessmen of the early 20th century and that was one more thing that led to him being one of the most successful businessmen of the east.

As per the Forbes list, Robert Kuok was declared the Richest Man of Malaysia and the Second Richest in South East Asia. In the Forbes’ list of the richest men of 2013, he was ranked at 76th place. Kuok, who is now retired, will always be revered as one of the foremost eastern business men who gave birth to multinational business ventures for Malaysia and the world. His talent in business is unparalleled and his story continues to awe and inspire a lot of businessmen throughout the globe.

- Louis Phuah -

In 1925, a young sailor from Lho' Seumawe in Acheh by the name of Teuku Nyak Puteh settled 

in Penang to marry a quiet lass from Butterworth, Che Mah Hussein.As the modest couple began a new life in a village, it is unlikely they could in their wildest dreams have imagined that they would have a son who would some day become a legend.P. Ramlee became just that; an icon whose stature rang across the continent, the most consummate entertainer actor, director, singer, composer, storyteller – Malaysia has seen or is ever likely to.

It all began at a tiny address in Penang island – 4A Caunter Hall Road – a humble house typical of a Malay kampung structure raised on stilts with attap-thatched roofing, corrugated sheets of iron, and wooden floors.The house still stands at the road, which some 10 years after his death was renamed Jalan P. Ramlee and now draws streams of curious visitors and tourists.

Lush, open-spaced and idyllic, the environment of the place, dotted with swaying coconut trees, was ripe for nurturing the spirited, romantic passion of an artistic heart.Ramlee was born in this house of his maternal grandmother on March 22 – on the festive day of Hari Raya Aidil Fitri – of 1929. After 44 days he was taken to his parents' home in Kampung Jawa, but in later years kept coming to Caunter Hall till his groundbreaking move to the illustrious studio of the Shaw Brothers in Singapore.

Ramlee is said to have taken to singing and storytelling very naturally at a tender age. Even as a teenager, his steady resonant voice so impressed his neighbours that he was frequently asked to be the muezzin and call out daily Muslim prayers at the Kampung Jawa Baru mosque.But it was the rendition of his celebrated song Azizah, composed in his early 20s for his first love, which thrust him on the threshold towards stardom.

In 1948, B.S. Rajhans, a Singaporean director scouting for talents, attended an agricultural show in which Ramlee's band just so happened to be invited to perform.Rajhans was instantly taken with the band and Ramlee's marvellous delivery of Azizah. He asked Ramlee and his friend Sukardi if they would be interested in a screen test for the Shaw Brothers' Malay Film Productions.

On the morning of August 8, Ramlee and Sukardi boarded a train at the Butterworth railway terminal, their excited minds set on the famed studio far south in Singapore.Rajhans himself later directed Ramlee's first movie called Chinta, which featured Siput Sarawak playing the female lead. Ramlee was cast as the villain and was also the background singer.

In his element – P. Ramlee and his wife, Saloma belting out a favourite accompanied by friends.

It is said that the young Ramlee eagerly took up any task during production and was willing to be cast in any role – hero or villain. With his beautiful voice, he later became the first Malay film star not to require a background singer.

It is understood that the days preceding Ramlee's sudden demise in 1973 were filled with strains in his personal life. But the impact he had made among his admirers was by then already indelible.

When he died of a heart attack at the age of only 45 years at his last home in Kuala Lumpur, he had acted in 60 films and directed 37.He has also crooned more than 250 original songs – including tunes that are now immortal classics such as Bunyi Guitar, Malam ku Bermimpi, Jeritan Batinku and the immensely melodious Jangan Tinggal Daku.

--Gurnaam Singh

It is not news that we are at the peak of technological advancements that will change our lives. Nothing has made more impact on how we live our lives today or carry the potential to so seriously improve the human condition, as the technologies each one of us now has at our disposal, and the wonders yet to come. The inter-connectedness we have, the vast amounts of information accessible to us in less than a minute, the way in which anyone with basic knowledge can communicate with their friends and family, or even the entire world is quite impressive. The ease and convenience with which we can access almost any resource on the internet using anything from a mere personal computer to a small smart device in the pocket is highly impressive. I am encouraged and grateful to be part of such a great global innovation. I truly believe that personal and individually accessible technologies, will become an important part of humanity’s next stage of growth in the general quality of life and even survival. There is such a great potential to empower any individual to interact with people all over the world – from family and friends to new people on the other side of the planet. Nothing the human race has seen to date has the potential to empower the individual to make as much of a difference, to make as much of a connection, to make as much of himself as the technologies we have now and those technologies yet to come.

Asides from personal technological advancements, I see a great future in technology in the aspect of healthcare. It is not news that the chances of technology improving the quality and longevity of life are increasingly looking positive these years. As a matter of fact, it is proposed that the global artificial vital organs and medical bionics market is expected to reach. As an international student, the proposition of machines that provide remote treatment to countries that have no access to medical facilities is one aspect that keeps motivating me in this discipline of mine. Many people seem to ignore this part because they are not affected by these innovations. However, I have realized that technology is not just another privilege for those in developed countries but provides opportunities for those in poorly-developed countries to better their quality of life and join the rest of the world in progressing as one.

In addition, another aspect that gets me excited for technology is security. In all honesty, security issues will always be a problem everyone faces although on different levels. From security issues at home to cyber-attacks and theft to terrorist attacks. While many have insisted that technology has added to global security issues, it is hard to deny the fact that technology has a higher potential of assisting with security. Creating machines that can detect abnormal activities and even search for terrorist camps so these people can be stopped are innovations that could evolve in the nearest future.

Although, I do not ignore the problems advancement of technology has raised such as hacking and cyber theft, I must say the future of technology is very bright and I am very glad for the opportunity to be able to contribute and experience the joys of this bright future. Improving the quality of life with technology especially in developing countries is a dream dear to my heart which is why I am applying for this scholarship to assist in funding my education so I can achieve my dream.

-Gurnaam Singh

Where do you see yourself in 5 years time?

          Where do you see yourself in 5 years time? Probably this is the most challenging question in the near future of my life. But in my opinion finishing University with a degree as good as possible will be the best start you can have. Also I think it is very important to have the best basis you can reach for your future life and what would be better than an outstanding result at University. Furthermore I would probably try to finish graduate classes. Right after this big step there will be several ways possible. I haven’t decided yet, what kind of way would be the best to choose? But my time as a student will go on for at least 3-4 years if everything works exactly like I imagined it.

          So there are many days left to make my final decision. One way could be that I will try to introduce myself to several companies, such as Boeing, Airbus, Sikorsky, Lockheed Martin or Cassidian. One of my dreams is to become a part in the military aircraft sector. This whole part of the aerospace industry includes a lot of challenging topics, of which every single one is totally interesting to me. But in my case I would prefer to become an analysis in developing several new parts in the cockpit, including the HUD (Head-up display) and improvements in controlling the whole Jet (Flight Control System). After all the system is probably the most important part of an airplane, because you will not be able to fly a modern Fighter without any sort of electronically support. Although the sector I am studying now wasn’t related to the field, but it was always a dream of me to join the military and to help protecting our country from whatever there will be. Unfortunately is it not that easy to become a part of the military forces. For that reason I have to think about it twice and maybe there is the possibility to join some other forces under special circumstances. It is never easy to reach your goals especially when they seem to be untouchable in this moment. But, I like challenges.

          However, things never get enough for me. I always hope to help out my own family business but I never get the chance to do so. My dad never allowed me to do that for some reasons. Somehow when I’m matured enough to take care of my own career, I’m going to take over the business and make it more innovative. For example, if the business is all about exporting stuffs to other countries, I would like to gain publicity and attention through e-commerce system for example, through online. As far as I know, my family business is only focusing on Southeast Asia. If I get to take over the business, I’d expand it to Europe and the United States. It has always been my dream to travel around the world. So, when I’m having my business trip to those Western Countries, I can enjoy my vacation as well. It’s never too late to explore the beauty of this world that God created.

          Moreover, when I am old enough to form a family, I will do that eventually although I have no one to do with currently. I think 5 years is more than enough for me to build up my own career and a family. Maybe you will think that it’s too early for us to talk about marriage and families, but this is a part of my future plans too. I am 25 years old this year, and I am going to be 30 years old in 5 years time. Basically there’s no more time for me to waste. As a man, we should always bear the responsibility to take care of your own family and make them feel proud of you.

          Last of all, I would like to say that, dreams and plans are two totally different things. I know my plans weren’t that great, but dreams are meant to be achieved! I hope that everyone can reach their dreams and do what they want to do, living their lives to the max.

- Louis Phuah -

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Where do you see yourself in 5 years?

It is a human nature to desire for something beyond ourselves. I may not be a perfect person that wishes for a perfect life. But one thing is for sure, what I wanted is what I really deserved. Dream big. No one can say what we are going to be in our future, we are the drivers of our own lives, whatever road it may be, it’s either a smooth or even rocky road. We are the planners and doers of our own lives. I’m a kind of person that never stops on dreaming, wishing for something that I really wanted to have, material things or even something that will make me and my family happy and satisfied. Back when I was only a child, I keep on saying to myself that I want a big house, a car, and I wanted to be rich so that I can help my family. I want to travel around the world with my family, something that we can’t do before. There’s nothing wrong in dreaming, as long as we have the courage and passion to pursue all of that. Keep on dreaming, but dot forget to make it real. Hard work, perseverance, and faith to God are the key. God is the center of all things; he makes all impossible things possible.

And as I see myself 5 years from now, I’m already 24 years old whom is graduating my last year in Business and Management course from the university of Sunderland. When I graduate, I would like to apply a job that is related to my course on a prestigious company, but the one field I would really like to get into is the Human Resource Department as this would allow me to expand my expertise in helping people as I am  people person. And as my hard work was paid off, I got promoted in a higher position as the CEO of the company because I have the love and passion with my work. Due to that, I can buy now all the things that I wanted before. I really make sure for the better life of my family. And because of motivating myself that I can do all the things, me and my family have already our dream house, dream car and we can now travel wherever we want to go. But of course, happiness is not just about those material things, but rather it’s about having fun and enjoying every minute of our lives. 

Besides making it in the working environment, I would really love to make the most out of my learning experience to maybe just complete my masters and if i'm lucky enough to go through a doctrate degree sometime in my life. I feel that we only have a short live to live and we might as well just make the most of it in everything that we do. 

I also have my 2 years relationship with my girlfriend and we’re just letting thing go with the flow as we have a couple more years to get things straight or shall I say to actually stand on our own feet without depending on the need of financial support from our parents. My family is happy, I am happy. Even though i dont come from a very well to do family and my mother is the only one whom has been supporting both my sister and i, i have really come to understand what it takes for it to be a single parent. I wouldnt say whatever my mum has done has always been right or maybe the approach she has taken to bring up her kids, i have really evaluated myself by the actions i have taken upon decisions being it the right or wrong decisions. My family and all the people around me are the people that motivate me, in dealing with what makes me happy. Every moment was destined to happen in our lives but before I achieve all that I was also challenged by God. I want to thank God for all these blessing. But because of keeping faith on him and thanking him every moment in my life I am now successful for what and who I have around.

“Success isn’t measured for what I have, but for who I have.”

- Alexander Regelmann

Malaysia’s population represents almost all the main ethnic groups of Asia- Indians, Chinese, Malays, etc. Sometimes it’s hard to believe you’re still in the same country, because people and their way of living differ dramatically from one place to another!.

With Malaysia’s multicultural society, it’s hardly a surprise that the food too is a fantastically varied blend of Chinese, Indian, European and other influences. Rice is the staple cereal, but wheat noodles of different types, Indian breads and breads (a legacy of colonial times) supplement vegetables, meats (Muslims do not eat pork), fish, poultry, and a range of spices; the range and variety of flavours are enough to bewilder any Westerner. Important flavourings include the ubiquitous coconut milk, which finds its way into everything from soups and stews to gravies and sauces; and rempah, a spice mix of garlic, chillies, galangal and ginger. Malaysian desserts round off the meal but the best desserts of all are the fruits- durians, mangosteens, passionfruit, star fruit, mangoes, guavas, and more.

While in Malaysia, try some of their specialties- satay (grilled meat with a spicy peanut sauce), nasi lemak/goreng (a traditional rice dish), and a wide range of Chinese and Indian dishes you can sample at roadside stalls.

A unique cuisine of the country is that of the Nonyas or Straits Chinese (the Peranakans). A blend of Malay and Chinese cuisine, Nonya cooking has a flavour all its own, combining spices and coconut milk with typically Chinese flavours like soya sauce.

But what makes us a truly Malaysian is that everyone always having their supper at Mamak's . Maggi goreng + roti telur bawang besar washed down with a few teh o ais or limau ais at 2AM? Steady lah bro. Hahahaha .

Despite the racial conflicts within Malaysia, Malaysians are actually very much united in this multi cultural environment. Taking apart the Malaysia known as the food heaven, Malaysia also attracts quite a number of tourist each year being for a vacation, business trip or even a migration process through MM2H ( Malaysia My 2nd Home) application. I truly believe that the reason may vary from those (foreigners) whom migrate from one country to another. Lets's all put aside the skeptical views we have upon Malaysia which involves the politics, as much of us know that has tarnished the image of Malaysia. Well let me start off with what being Malaysian is to me. It is being able to speak to someone with a mixture of various languages in one sentence without trouble of being understood, and fro most of us (Malaysians), we don't even realize that we do this no matter how much of a racist you are. Not saying this is something to be proud of but it is what it is an i find it very unique, Malaysians are very much willing to help one in need ( not money wise of course! The more money you keep the richer you are mah!). Why i love being a Malaysian is because there are no barrier of relationships terms among-st Malaysian. I say this because I once went on a vacation to Europe and met a couple of elderly people and started calling everyone aunty and uncle and to have them looking at me with a very confused look later to realize that this 'tradition' is only practiced in Malaysia. 

There are few benefits of being a Malaysian. First of all, the government had come up with a few policies that truly help the poor and the students. One of the recognizable policies is the BR1M program. As far as we know, the level of poverty among Malaysians is quite high nowadays, making the year 2020 Wawasan seems to be impossible. However, the government launches the BR1M program, helping the low incomers by giving them RM600 a year. Thus, the government has also issued a RM250 voucher to each student; no matter you are from primary schools or universities. Through this BR1M program, the students from lower income families should be able to purchase their textbooks using the vouchers. 

Besides, Malaysia has one of the highest numbers of public holidays in the world, currently ranking number seven in the top ten countries after Thailand, Indonesia, India and Hong Kong. As a citizen of Malaysia, I would be enjoying at least 18 days off from work a year for free. Working in Malaysia enables us to maintain a healthy work-life balance. Compared to other countries like Singapore, they have a more hectic lifestyle while Malaysia has more flexible working lifestyle. Other than working in the office, Malaysians actually have plenty of time for their families and personal life as well. 

Moreover, Malaysians are required to make a contribution to EPF. As we all know, EPF can be fully withdraw after reaching the age of 55. It will become part of our retirement fund. In Malaysia, employed Malaysian citizen up to the age of 60, earning less than RM 5000 per month, are obligated to contribute 11% of  their wages into their respective EPF accounts. Correspondingly, the employers are required to contribute an additional amount equivalent 13% of the employee's monthly wage.

However for employee who earns more than RM 5000 per month or above, the employer is only required to contribute an additional amount equivalent 12% of the employee's monthly wage to their EPF account. For employees aged 60 and above, they may choose to continue contributing to their EPF account at a reduced 50% rate. The EPF system ensures us having more cash to spend after our retirement.

From when we were in high school, we all learnt that Malaysia is located strategically in geographical terms. We have the great privilege of being protected from certain natural disasters such as earthquakes, tornadoes and even volcanoes prior to being surrounded by mountain ranges. On top of that, being a peninsula, Malaysia is a beautifully balanced country with cityscapes, sun and pristine beaches that not only draws tourists but is a huge advantage for us to enjoy.

From KLCC to Pulau Tioman to Legoland, Malaysia have ample attractions for everyone and for any occasion. Looking for sun and sea? We have some of the most reputable beaches in the world. Not a fan of the outdoors? Malaysia has many – maybe even too many – shopping malls carrying famous designers and well-known brands. We even have one of the tallest towers in the world and we are the first in Asia to host Legoland. How awesome does it feel to lift your chin up and say “Yup, that’s my country!”?

Rich in heritage, rich in culture, rich in food – we may not realize this but we are walking on truly blessed soil. Malaysia is so full with natural resources that many other countries can only hope to have. From petroleum to palm oil, we hold in our hands some of the most desired resources in the world yet sometimes we forget just how precious and valuable our country is. On top of that, we also host some of the most majestic and rare flora and faunas like the Rafflesia flower and the hornbill. We cannot deny that these things do set us apart and it’s great to call Malaysia our home. 

Often times we may find ourselves complaining about our humid weather and sometimes we find ourselves wishing to be elsewhere – anywhere but here – but on this Merdeka, let us reflect and remember why Malaysia has been such a perfect home for all of us. The grass may always seem to be greener on the other side, but that’s only because we haven’t taken the time to look beyond the shadow casted over the grass beneath us from which we stand on.

About Economics

Nouns   Adjectives   Pronoun   Conjunction   Determiner   Articles

The word "ECONOMICS" came from a Greek Word "OIKONOMIA" meaning, "management of a household, administration" or "one person or system who manages a household." Economics is the study of how people choose to use resources.

Economics is a science as well as an art of analyzing Production, Distribution & Consumption of Goods & Services. It starts from individual to national demand & takes a stop to their consumption. But throughout the way it covers lot of things.

Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services.

Important choices involve how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services, and how to vote and shape the level of taxes and the role of government.

Often, people appear to use their resources to improve their well-being. Well-being includes the satisfaction people gain from the products and services they choose to consume, from their time spent in leisure and with family and community as well as in jobs, and the security and services provided by effective governments. Sometimes, however, people appear to use their resources in ways that don't improve their well-being.

In short, economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures. Economists seek to measure well-being, to learn how well-being may increase over time, and to evaluate the well-being of the rich and the poor. The most famous book in economics is the Inquiry into the Nature and Causes of The Wealth of Nations written by Adam Smith, and published in 1776 in Scotland.

Although the behavior of individuals is important, economics also addresses the collective behavior of businesses and industries, governments and countries, and the globe as a whole. Microeconomics starts by thinking about how individuals make decisions. Macroeconomics considers aggregate outcomes. The two points of view are essential in understanding most economic phenomena.

The necessity of economics starts from individual's daily life. Taking from the ground level it ends up at the nationally even worldwide. The study of economics starts from people's Needs & Wants which ultimately seeks the definition for Demand.

The Needs & Wants refers Individual's requirements for something that he/she doesn't have. Here 'need' refers to something that is must while 'want' refers to desire to acquire. Now the question arises *"WHY we NEED?"

A household and an economy face many decisions like, who will work? What goods and how many of them should be produced? What resources should be used in production? At what price should the goods be sold? The management of society's resources is important because resources are scarce. Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Now we have the answer to the star marked question which is 'Scarcity'.

People set their priority to fulfill their needs & wants based on some factor like- what they want most, what the cost for the specific objective & what they can afford. After determining the most important need the budget constraint determines the choice for the settlement & taking alternatives. The choice therefore varies depending on the buying power of consumers.

As we see that it is not possible to create everything as per people's requirements that means the scarcity will ultimately drive us towards Needs & Wants. And there is also a factor called Opportunity Cost which says people need to sacrifice to obtain one thing while he/she is having another. For Example- A student can either choose to study at Medical School or can choose to study at Engineering School. So the person who is up to this decision can't choose both. If he takes one have to forgo another. Here the time of choice comes.

People Make Choices Based on 10 Principles

People Face Tradeoffs. To get one thing, you have to give up something else. Making decisions requires trading off one goal against another. 

The Cost of Something is what You Give Up to Get It. Decision-makers has to consider both the obvious and implicit costs of their actions’ 

Rational People Think at the Margin. A rational decision-maker takes action if and only if the marginal benefit of the action exceeds the marginal cost.   

People Respond to Incentives. Behavior changes when costs or benefits change.

In general Economics is categorized in 2 specific areas as-

Micro Economics - Where it deals with individual's need for Production, Distribution & Consumption of Goods & Services.

Macro Economics- Where it deals with the National and/or Global need for Production, Distribution & Consumption of Goods & Services.

Task 2:

Law of demand:

If all other things remain constant (ceteris paribus) the higher the price, the lower will be the quantity demanded and vice versa.

The demand schedule

The demand schedule is a table that shows the relationship between the price of the good and the quantity demanded. A Demand Schedule for Ice Cream is given here.

Now we will be deriving a demand curve. The demand curve is a graph of relationship between the price of a good and the quantity demanded. In the graph we can see that the increase & decrease in Quantity of Ice-Cream Cones are causing fluctuations in the price of the cones.

To derive the market demand curve we need to consider all consumers in the market, add up quantity demanded by all individuals at each price to get market demand and add them horizontally.

Price

For many firms, the division of total costs between fixed and variable costs depend on the time horizon being considered. In the short run, some costs are fixed. In long run, fixed costs become variable costs. Because many costs are fixed in short run but variable in the long run, a firm's long-run cost curves differ from its short-run cost curves. Fixed cost is any cost that does not depend on the firm's level of output. These costs are incurred even if the firm is producing nothing. Variable cost is a cost that depends on the level of production chosen.

Task 3:

Equilibrium:

The economic Equilibrium is such a situation where the quantity demanded & the quantity supplied is equal. To achieve the equilibrium, we need proper price & it should match the demand. That means to achieve the equilibrium there should be equal demand & supply.

Market Equilibrium:

At any price above P supply exceeds demand, while at a price below P the quantity demanded exceeds that supplied. In other words, prices where demand and supply are out of balance are termed points of disequilibrium, creating shortages and oversupply. Changes in the conditions of demand or supply will shift the demand or supply curves. This will cause changes in the equilibrium price of Ice-cream cone and quantity in the market.

Surplus (excess supply)

When the price is greater than the price of the equilibrium, then the quantity supplied is greater than the quantity which is demanded .Then there is excess supply or we can say a surplus. The suppliers will thereby make the prices low in order to increase their sales, thereby moving towards the equilibrium.

Excess Supply

Excess supply takes place when the price of the current market is above the equilibrium. The producers are unable to sell their products as they would like at that price when there is access supply. The competition among the producers in order to increase the sales results to downward pressure on the prices.

We can show excess supply on a graph as the horizontal distance between the demand and the supply curves at a price which will be above the equilibrium price.

Shortage (higher demand)

When price is less than equilibrium price, then quantity which is demanded is less than the quantity which is supplied. Then we can say that there is excess demand or we can also call it a shortage. Suppliers will raise the price due to too many buyers chasing for few goods, henceforth it is moving toward equilibrium.

Excess demand takes place when the current market price is lower than the equilibrium price (P*). The customers will want to buy more goods than the producer will want to sell, when there is access demand. The product sells out quickly, when price is below the equilibrium and then the competition among consumers, along with recognition by producers that they could make the price high and still sell all units, leads to upward pressure on prices.