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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