Question

2. Sains dan teknologi melalui aktiviti penyelidikan dan pembangunan (P&P) dapat menyumbang kepada perkembangan ekonomi sesebuah negara. Science and technology through research and development (R&D) can contribute to the economic development of a country. a. Nyatakan dua faktor dalam hubungan antara sains dan ekonomi. Bezakan antara keduanya dan berikan satu contoh bagi setiap faktor. State two factors in the relationship between science and economics. Differentiate between the two and give one example each. (6 markah/marks) b Jelaskan ekonomi berasaskan pengetahuan. Bagaimana ia berbeza dengan ekonomi konvensional? Explain knowledge-based economy. How is it different from conventional economy? (8 markah/marks) c. Nyatakan tiga (3) ciri pengetahuan. State three (3) properties of knowledge. (3 markah/marks) d. Nyatakan tiga (3) contoh K-ekonomi. State three (3) examples of K-economy (3 markah/marks)

Answer 1

(a) Developments in science and technology are fundamentally changing the way people live, connect, communicate and behave. They are the key drivers to development as technological and scientific advancement which advances economy, improvements in health systems, education and infrastructure. As improvements in health services and education, these technologies have the power to better the lives of poor people in developing countries. To promote technological advances, developing countries should invest in quality education for youth, continuous skills training for workers and managers, and should ensure that knowledge is shared as widely as possible across society. Successful countries have grown their ability to innovate and learn by doing with the help of research and technology.

(b) In particular, green chemistry, the development of renewable or nontoxic materials and energy sources, drives changes in economics and commerce. The cost-benefit analysis of these new materials includes elements of both chemistry and economics.

Econophysics uses statistical modeling developed by physicists to analyze various aspects of finance, including market behavior and wealth distribution. By using such statistical models, economists are able to isolate and study specific factors within a market’s behavior.

(c) The knowledge economy is the use of knowledge to generate tangible and intangible values. Knowledge economy helps to incorporate part of human knowledge into machines. This knowledge can be used by decision support systems in various fields to generate economic value while conventional economics attempts to predict and understand the patterns of consumption of goods and services by individuals and society. A core assumption of conventional economics is that individuals and corporations seek to maximize their profit within the marketplace.

(d) Properties of knowledge are:

• the ability to transform work into productive things.
• the ability to acquire new knowledge using automatic methods wherever possible rather than reliance on human intervention.
• the ability to represent the required knowledge.

(e) K refers to knowledge here which is a system of consumption and production that is based on intellectual capital. It typically represents a large component of all economic activity in developed countries.