E-portfolio: Principles of Economics

Reflective Essay

My favorite topic for this subject is topic 2 which is Price Theory (Part 1)-Demand. It is about market or buyer demand. The Law of demand states that as the price of a product increases, the quantity demanded will become lower, and vice versa. This topic explains the factors that affect the demand and under which circumstances people will demand more. Besides, I learnt to construct demand curve which has the characteristic of downward-sloping. Furthermore, I also get to know the factors that lead to the movements & shifts of demand curve. This topic is my favorite topic as I found out that it is easy to understand and not complicated when compared to other topics. It was also the topic that leads me to have interested in this subject when I was first introduced to Economics.

Topic 7- Market Competition (Part 1) is my least favorite topic. It is about types of market which the markets are divided into 4 categories according to the strength of competition in that market. This topic states about the barriers to enter for each of the market. Besides, it also states about how monopolies maximize their profit, the elasticity of demand curve and its reason. This topic as well explains about government policies toward monopoly. This is my least favorite topic as it is hard to be understood as it has some new terms that I don’t understand. To make this topic better, I would take more time to revise this topic. I would also make notes to help me in memorizing the terms in this topic.

I find Topic 4 which states about market equilibrium as most applicable to my daily life and future studies. By studying this topic, I get the idea of how selling price affect the demand and supply in the market. In my daily life, I find it useful as I am able to determine at what price and under what circumstances should I buy certain product. Whereas in my future studies, if I am a supplier, I will be able to set the appropriate price so that there will be no oversupply or shortage in the market and hence the market equilibrium can be reach. Besides, I will be able to find the solution if there is oversupply or shortage. At last, I think this subject is interesting and most of the notes are easy to understand.

Photos