Throughout the nine week of learning “Microeconomic”,
I have a better understanding on how economic works in the world and it
actually applied into our real world. I did my basic economic since my
foundation year and I enjoy learning it is an interesting and fun subject for
me. Although Microeconomics since more tougher in degree but somehow I learnt
to cope with it and gained deeper knowledge on it.
In general, economy is a social organization through
which decisions about what, how and for whom to produce are made. Besides,
there are four factors of production which is labor, land, capital and
entrepreneur which enables us to have a better understanding on how these
inputs made economic profit through output produced. Conclusion of chapter one
is I have more familiar with economic term such as allocative efficiency and
productive efficiency throughout the first topic. I learnt to think more deeply
and applied it in my future studies such as investment.
What’s more, demand and supply makes me have a better
understanding on the market structure and how equilibrium system works. In
lecture 2, I get to learnt how people respond to prices and how demand and
supply affects prices as well as quantity demanded and quantity supplied.
Linking to lecture 2, lecture 3 explores us to the business environment through
price elasticity and the important in making economics decisions. After
tutorial class, I manage to differentiate price elasticity in inelasticity,
unit elastic, or elastic, and range them from zero to infinity.
Different from other lecture, Chapter 4 involves more
government interaction and critical thinking. The concept of consumer surplus,
producer surplus, total surplus and the effect of tax and its connection with the
price elasticity of demand, as well as how price ceiling and price floor affect
the market equilibrium help me gaining knowledge on how an illegal market
operates enables me to have a better scope of understanding in complex world
economy. Moreover, critical thinking is
significant because there required many employers regardless of the job
prospect.
Apart from able to distinguish between short run and
long run production time frames, I’m also able to describe the law of
diminishing return, determine increasing, constant and decreasing returns to
scale. I still remember that in lecture 5 & 6, I nearly give up when went
through the progressive tough of dealing and calculate with TFC, TVC, MC, AFC,
AVC and ATC. Somehow, I get used with it after tutorial section and I believed
that it will benefit me in determining the outcome condition of the company I
work with more easily through graph, product schedules and product curves.
For some people, the competition world in microeconomic
such as perfect competition, monopoly and monopolistic competition might be a
toughest subject among all due to its application questions which involve
critical thinking compared to management which is just memorizing and applying.
For me, in term of reading, learning and understanding, I able to analyse
various economic, political, and social issue that had a significant impact on
business world. Overall, this module had taught me to be a smart producer and
rational consumer while helping me solve uncounted problem when facing economic
uncertainty.
(531 words)
(531 words)
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