Learning the Basic Principles and Concepts of Microeconomics: A Response

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I feel that I have learned a lot in this course, and understanding these basic principles of microeconomics has changed the way that I view everyday activities and transactions. I have a better understanding of the key concepts that go into decisions we make, whereas before I think I accepted a lot of everyday decision-making at face value. Now I understand that even if it is subconscious we are making tradeoffs in our decision making. Going into the course I could easily have repeated concepts like "supply and demand" without actually knowing what they really meant, in particular in relation to price and utility. For example when I see things like the recent talk about gas prices, I can understand the issue much more clearly now. Whereas before we would loosely think of a concept like gas prices and accept what we hear as to how those prices come about, I can see now that a lot of what we hear especially from politicians simply does not match up with reality. Supply is more or less fixed, global demand is rising, and that is why gas prices are rising. Having a lot more knowledge about how markets really work in this world allows me to cut through some of the nonsense people say more easily, and I can combat economic myths I hear from my friends, too. I think that I absorbed the different concepts we learned fairly well, but unsurprisingly there were a few things that I either did not pick up as well, or maybe would have learned in a different way. For myself, I think

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