Microeconomics Reflective Journal

Task II – Reflective Journal

Throughout the semester, I found that microeconomics is a very interesting subject for me. For my own view, microeconomics is an analysis made by individuals and groups, how factors affect all those decisions made by and how decisions impact on others. Economics is a subject combine with both art and science which perfect combination of numbers, words, problems and interpretation. I do enjoy economics because it allows me to employ and develop analytical skills and evaluative skills.

Not only determine how I spend my resource, it helps me to understand the world better. Before this, I was just tried to memorize everything in order to pass my examination, but things seems to be easier when I tried to understand well and learn from practical. Learning from understanding is much more important than just only memorizing the theories. Apart from that, this essay helps a lot on understating how microeconomics does play actually attached with our daily life.

Demand and supply is the chapter that I love the most because it makes me clearly understood how market structure and equilibrium works. Of course, I get to learn different people income level respond on the price changes. Microeconomics helps business in decision making. For example, selling certain goods and services in high demand, you, as a supplier, are able to increase the price in order to get higher marginal profit. However, you also need to evaluate sensitivity of consumers on different price changes. Understanding of microeconomics can helps you carefully calculate how to maximize output and revenue by minimizing inputs such as time, labour and capital. It actually benefits not only business or large organization, but also consumer and supplier like you and me.

As a result of undertaking this module, I developed few Taylor’s Graduate Capabilities that actually change my learning style. Now, I am able to put economics theories into practice such as recommending solution that can applied in the business environment. Discipline specific knowledge enables me to take the depth and breadth of knowledge, scholarly understanding, and specific subject content with me. This makes me be more capable and confident in my microeconomics. I am able to articulate the structure of knowledge of discipline and adapt to discipline-specific knowledge.

By using these skills in my studies, I have used a longer time to think wisely and take actions and solutions on all the barriers I have met to choose a best solution. By enhancing these skills, I will definitely set the priority and develop an appropriate strategy. After that, I will evaluate and costing options after research had been done.

Before stepping into my college life, I found that economics is very hard subject for me as it needs to memorize a lot. Generally, I was just reading and memorizing all the notes without understanding it. Once I have started my college life, the Taylor’s Graduates Capabilities has improved my learning style in my studies. I found that this is actually can shorten the pathway of mine to achieve goals in my studies since I enable to understanding faster and solve the problems with a quality solution.

By and large, this project helped me to make real-life connections between daily problems and economics. Thus, I believe that if I continued practice all this new skills, I will gain more knowledge that might useful for communities and my company. All these skills that I am practicing will be the priority for any employment. In Taylor’s University, the X-Space collaborative classroom is designed to accommodate learning environment as we are seated in the small groups with movable chairs. X-Space collaborative classroom impact upon my learning experience as it is classroom full with high-technology allows student connects devices with projector at each table and high speed Wi-Fi. It contributes a comfortable and holistic learning environment to student.

X-Space Coborative Classroom

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