You are required to critically reflect your
engagement with the module, such as your comments on the syllabus, learning
challenges, experiences, etc… The task has to be submitted to your e-portfolio which
needs to be established in advance.
Being a pure art stream student in high school, I was lucky
enough to be exposed to Economics at such an early stage. This subject easily
became my favorite unexpectedly despite the fact that I am weak in Mathematics.
However, I realized and learnt that the basic rule of excelling in Economics is
by understanding its core principles and applying it to real life situation,
and not by memorizing them.
The first lecture was interesting and I could understand and
catch up easily due to some basic knowledge during my high school years.
However, since it has been a long time, my Economics knowledge was a little bit
rusty here and there. Ms. Marina
explained the four factors of production which is labor, land, capital and
entrepreneur. When these factors are put together, it gives us a better
understanding on how these inputs causes an economic profit.
In lecture 2, my knowledge expended on how to explain the
influences on demand and supply and also how to use demand and supply models to
make predictions about changes in prices and quantities. Besides that, I also learnt about law of
demand, law of supply, change in quantity demanded and quantity supplied,
change in demand and supply and lastly about normal good and inferior good.
In lecture 3, I successfully learnt how to define, explain
and calculate the factors that influence the price elasticity of demand, cross
elasticity of demand and the income elasticity of demand and as well as
explaining the factors that influence the elasticity of supply.
In lecture 4, this module thought me how to explain and
elaborate the concept of consumer surplus and procedure surplus, the effects of
a taxes and its connection with the price elasticity of demand. Furthermore, I
also learnt about how price ceiling and price floor can bring about an effect
to the market equilibrium. Deadweight loss and tax incidence are two new terms
I picked up from this chapter.
In lecture 5, I learnt about background to demand and how to
differentiate between the short run and long run production time frames,
describe the law of diminishing marginal returns, and determine the increasing,
constant and decreasing returns to scale. I also learnt about the preferences
and indifference curves.
In lecture 6 and lecture 7, I learnt how to explain the relationship
between a firm’s output and costs in the short run, derivation of long run cost
curves and how to explain the relationship between firms output and costs in
the long run. I also now know how to produce the short run cost curves.
In lecture 8, I learnt how to explain how price and output
is determined in this market structure, define competition, explain why firms
in this market may shut down temporarily, and exhibit the implication of free
entry in the market structure.
In lecture 9, I learnt to define monopoly, explain how a
single price monopoly and a price discrimination monopoly, compare performance
and efficiency of a single price-monopoly and perfect competition and lastly
understand how a regulated monopoly influences price, output, economic profit
and efficiency.
In this module, I was also required to do an economics
weblog as an individual assignment. From this assignment, I was able to
demonstrate the ability to effectively communicate in writing the application
of microeconomics, understanding various concepts and principles and also
presenting and analyzing the microeconomics ideas and statement in a clear
form. I learnt how to apply the concept of demand and supply to a real life
situation. From my extensive research, I successfully matched the theory of my
choice to the history of the infamous Tickle Me Elmo.
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