Friday, 7 June 2013

Economics Reflective Journal

             Economics is the study of consumers’ behavior in the market and how do they react in consequences to the price changes. During my learning journey in Taylor’s University, I took microeconomics in my first semester and I personally feel that it is a fascinating yet a subject which requires a lot of reading in order to master it because it consist a lot of theories.
            The foundation chapters which are demand and supply, factors affecting demand and supply, scarcity, elasticity of demand are quite easy to handle as my lecturers have explained them very clearly during the lecture hours, provided that I have to complete the tutorial questions which are given to understand the syllabus better. Besides, I have also learnt about how and when the government should intervene the market to sustain the economy of a particular country by introducing maximum price and minimum price.
            In the other hand, economics requires me to draw and do a lot of graphs and calculations, which can be quite frustrating sometimes. But as I going on, I realized that the graphs actually helps me to comprehend the subject greater while also act as support and evidence to my answer when I was doing my previous assignment. However, in chapters like market competitions, long run and short run, the graphs are really confusing because they are many of them which look almost similar to each other such as AC, AVC, AFC, MC, MP, TP and so on. I actually took up quite a long time to recognize them and be able to draw them accordingly.
            While I was doing my case-study assignment, I have faced a lot of difficulties because I could not understand what the question expects from me. After getting advice from my lecturer, I slowly began to start my assignment. In fact, I have to apply the all theories that I have gained in my assignment to make it presentable. Bits by bits, I strongly agree that economics is the hardest subject among all because it always involves problem solving of complicated question which needs critical thinking rather than applying all the knowledge I have learnt and paste it as my answer. In economics, understanding outweighs memorizing if one wants to do well in this subject.

            To summarize everything, in my opinion, although economics is a tough subject, it is undeniable that it reveals me more about how the world works and how does a decision can have a huge impact on firms, markets, industries and national level. By learning economics, I have becoming more concern about the world’s issues and the causes-consequences of them, which was something I never bother at all last time. From this subject, I have gained precious knowledge and personal skills which that would aid me in future so that I have an edge over others regardless what sector of job will I be working in.

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