Throughout the whole semester, I have learnt a lot from the module subject BUS1604 Microeconomics. It is quite similar from the economics we learnt in foundation in business except it is more in depth and of course, much more difficult. However, I found that Microeconomics is actually a very interesting subject. I learnt about how businesses allocate their resources efficiently and how they face problems such as scarcity. I learnt about how scarcity is linked to opportunity cost and then linked to the demand and supply in the market. Besides that, Microeconomics also taught me on the economic problem, the type of market, and also how to draw economic graph and much more.
Within all the chapters I have learnt in this subject. The chapter that I love the most will be the concept of demand and supply. This is because that it is all logic thinking in this chapter. The law of demand teaches us on how the price change can easily affect the quantity demanded. I think that it is very easy to understand. For instance, if the price of the shoes in Aldo suddenly drops to only RM20 for a pair of shoes, I guess Aldo is going to have a stampede of ladies running to their outlets. This is because from the concept of law of demand, it is define when a price of a good decrease, the quantity demand will increase. However, there are also some chapters that I’m not very good at such as the market structures where we have to look at the complicated graph given and make assumption. For example, I am still unsure about determining the marginal social benefits and marginal social costs and what is it for.
For my microeconomics individual assignment, I did the demand and supply for cigarettes and it really requires me to do a lot of reading. I went online to search on news and articles on the rise in price of cigarettes, the illegal cigarettes sold in Malaysia and other relevant articles that can help me on completing my assignment. It is quite a rush while completing my assignment since the due date of the assignments for every subject is pack all together. But Miss Marina is kind enough to extend the due date from Friday 2pm to Sunday 8pm. I manage to complete my microeconomics assignment in time and submit it in a Saturday afternoon. After completing my assignment, I felt a sudden joy and a sense of accomplishment. Although the assignment is quite difficult, I am still joyful because I had learnt a lot from this assignment.
In conclusion, I think that Microeconomics is quite an interesting but tough subject. Although I am not majoring in Economics, but I am sure that this knowledge I learnt can be apply in my daily life and future too. There is no harm from learning microeconomics and I am glad that I have learnt this subject.
(490 words)
No comments:
Post a Comment