Learning the Basic Principles and Concepts of Microeconomics: A Response

I did learn a lot from the classes. Every week, the person who delivered the speech would give really useful information. The lady Veronica from CCO gave us the tips on how to create our resume and what will be useful when you are having an interview. Although I am not going to get a job after graduation, I still got a lot of useful information.

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When I first looked into finding this book I didn’t think much of it as I just thought it was just another type of text book or some sort. I was thinking that this would be some kind of auto biography or something I would not be interested in. In fact after reading this book I was stunned by the different views and aspects of economics that was explain and I would had never thought about them in that sort of way. This book covers a lot about we discussed in class. This book explains different examples of economic concepts that may be used in our daily lives. They

1. All firms, no matter what type of firm structure they are producing in, make their production decisions based on where:

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

Small business are said to be the backbone of the United States economy. It said that small businesses contribute to growth and vitality in the specific area of the United States economic development. Small businesses play a huge role in how the business world is shaped. Entrepreneurs are smart, creative and innovative however, those same entrepreneurs need to have some knowledge that the study of microeconomics focuses on. With the study of microeconomics, their product or future business will succeed in an economic view point.

Entering this class, I was a little concerned as to whether or not I could keep up. I have previously had economics classes, but it has been over 15 years. However, what I found was that as I got into the reading, many of the concepts and procedures came back to me. I recently took graduate level accounting and statistics classes, and that is helping me understand much more in this class. However, it has also caused me to go a little overboard and work problems further through than necessary. The two most important new things that I have learned are price elasticity of demand and relevant costs.

Over the course of this class I have pieced together many things about my own life that before went unnoticed. I am now able to see things in a bit of a different light. Now that I have been introduced to the realm of psychology I understand some of the reasons for behavior around me. I have learned that there is a reason for most everything and a lot of our behaviors and mental processes can be explained through psychology. Studies have been conducted for many years to try and pinpoint the source of our behavior and it is not something that most people think about every day. Having a better understanding of why we operate the way we do will help me to better understand myself and the others around me.

Simon is a hardworking and confident contributor to class discussions who unfortunately performed poorly in the Unit 1 Assessment where he confused key areas of microeconomics. Nevertheless, Simon has a lot of potential in the subject if he can master the technical detail of Microeconomics. To do this, I would encourage him to sort out his notes on Microeconomics and to seek help if there are topics he is unsure of. In January, Simon will resit the areas of the Unit Assessment where he did not pass. Following my advice will ensure a successful

The favorite courses I took in graduate school were my labor economics classes, and I eventually got to be Prof. Jesse Rothstein's teaching assistant (TA) for one semester of the sequence, which was focused on the economics of education. This course was offered for graduate students from four different departments, Economics, Public Policy, Business and Epidemiology. My job as TA was to get all students to the same page in econometrics in office hours and to help them understand of economics research papers, write their referee reports, research proposals and replication projects.

I have learned so much in this class to prepare me for a successful college experience. There were some topics that caught my attention more than others. Such as, time and stress management, University resources, and critical thinking.

I feel like I learned a lot from this course. I think, overall, this course was very eye-opening and made me understand, and want to better understand, issues involving gender and how they effect society. I would say the one of the most important pieces of information I learned was just how much the idea of gender and gender roles influences everyday life. I had never really thought too much about the determents of gender or traditional masculine and feminine ideals before this class, and how we as a society promote and encourage the belief that a person’s gender or sex creates different innate, natural attitudes and attributes. Learning about how important society’s views of gender is, and how it affects the way we learn and think, makes me look at our culture in a different way. For example, before this class I never realized how much women are objectified and put under intense Photoshop in advertisements. This better understanding of the way society is helps me take a step back and look at our culture in a different way, and allows me to become more aware of the issues surrounding gender, sex, and the ideals of masculinity and femininity.

Microeconomics is the economic influences that impact at the micro, or firm, rather than macro level. The study of this subject is one that is highly valuable for any studying business with the provision of knowledge that will increase understanding of different influences and support the decision making processes. With the knowledge gained, along with the skills in applying that knowledge developed through class work and exercises for the different modules, there has also been the development of increased confidence, both personal and in the theories, in using the relevant concepts and tools in a practical setting.

I have gained much respect for Economics as a field of study during this course. Being a political science major, I can honestly say that there isn’t all that much science in many of the topics. Conversation in political science can be argumentative and normative without concrete reason or evidence. Economics, on the other hand, is intuitive and backed by research. More refreshingly, economics simply puts its research out for the world to see, and sure individual economists may voice their opinions about public policy, but as a field, it is based mainly on positive statements; it tells it like it is without venturing into how it should be. Economists do have a rough job in a way, they can’t simply do research by conducting regular experiments like altering the nation’s monetary supply or increasing the minimum wage to study the effects on unemployment. It is impressive that they find a way to use existing data to draw their conclusions. They really make the most out of what they are given. Additionally, it is nice that assumptions about complex economic topics are made so even students in basic principles courses can understand the concepts in simple economic models.

Some of the most compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by combing mathematical principles and psycho-social evaluation. All in all, this was very interesting introduction to some of the complex drivers that propel society.