Learning the Basic Principles and Concepts of...

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 thinkShow MoreRelatedEconomics As An Area Of Study And Research1372 Words   |  6 Pages Economics Name Course Tutor Module Institution â€Æ' Introduction Economics as an area of study and research borrows from the social and scientific aspects of life. The interplay between the two principles helps in the formulation of ideals that influence distribution, production, and consumption. Right from the ancient times understanding and definition of the term dwelled on the issue of political economy. Nonetheless, developments by made scholars in the sector saw the formulation of newRead MoreMicroeconomic Theory Essay1757 Words   |  8 PagesRunning head: Module 1 Homework Module 1 Homework Michael J Feller Allied American University Author Note This paper was prepared for ECN 150: Introduction to Microeconomics, Module 1 Homework taught by Dr. Dani Babb. PART I Directions: Please draft a three page long document in APA format in which you address the questions below. You must cite at least three scholarly sources within the context of your work and cite your references according to APARead Moreintermediate accounting 2 test bank Essay8318 Words   |  34 Pagesis either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your helper. Delivery is in the next moment. Test Bank is accurate. Buy now below and the DOWNLOAD LINK WILL APPEARRead MorePrinciples of Microeconomics Fifth Canadian Edition20085 Words   |  81 PagesLicensed to: iChapters User PRINCIPLES OF MICROECONOMICS: A G U I D E D T O U R PART ONE: INTRODUCTION Chapter 1 Chapter 2 Chapter 3 Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence. PART TWO: SUPPLY AND DEMAND I: HOW MARKETSRead MoreSuperfreakonomics a Personal Review1834 Words   |  8 Pagesdone. The way the authors write all the interesting facts of today ´s modern life, including correct and simple explanations, so that anyone can understand all the topics without having doubts of the concepts and of the more difficult topics of economy. The examples they give provide us a fun way of learning, and of expanding our thoughts far beyond the theory of economics. Throughout the book, we are exposed to historical, political and sociocultural aspects of the example given, not only to give theRead MoreMicroeconomics/Macroeconomics Chapter 1 Questions and Answers5717 Words   |  23 PagesTWO PURPOSES: TO INTRODUCE STUDENTS TO SOME OF THE BASIC LANGUAGE OF ECONOMICS AND TO STIMULATE STUDENT INTEREST IN THE SUBJECT. IT CONVEYS TO STUDENTS THAT ECONOMICS IS NOT ONLY FOUND IN THE FINANCIAL SECTION OF THE NEWSPAPER, BUT ALSO IS VERY MUCH A PART OF THEIR EVERYDAY LIVE S. 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In other words who are the people or category of persons, or entities that Dr. DoRight work with and would be answerableRead MoreDoc, Docx Pdf3690 Words   |  15 Pagesa list of courses with eChapters loaded into the course shells, giving students free access as of the first day of classes. * = eChapters are forthcoming Course ID ACC100 ACC206 ACC303 ACC304 ACC305 ACC306 Text Title Accounting Principles – 9th edition Accounting Principles – 9th edition Intermediate Accounting 14e Intermediate Accounting 14e Intermediate Accounting 14e Microcomputer Applications for Accounting Excel 2010 Microsoft ® Excel 2010: A Case Approach, Complete, 1st Edition, copyright 2011Read MoreTravel and Tourism Administration Program Structure20692 Words   |  83 Pages(Beginners) TOTAL 18hrs 18cr SEMESTER THREE Compulsory subjects: 17 TOU 215 – Travel and Tourism Management 3 3 18 TOU 226 – Fares Ticketing III 3 3 19 MAR 101 – Marketing Principles 3 3 20 ACC201- Financial Accounting 3 3 21 BUS 201-Principles of Management 3 3 Electives: One of the following three 22 STA 111 – Quantitative Methods I 23 FRE 211 – French Language (Intermediate) or 24 GER 211 – German Language (Intermediate) Read MoreAre People Rational Essay3367 Words   |  14 Pagesopportunities (Sugden 1991). The Rational choice theory, also known as rational action theory, is a framework for understanding and often formally modeling social and economic behavior. Gibbons (1992) describes it as the dominant theoretical paradigm in microeconomics. He continues to explain that it is also â€Å"central to modern political science and is used by scholars in other disciplines such as sociology and philosophy.† The rationality described by rational choice theory is different from the everyday