WK6AssignmentBanerjeeJoseph
Microeconomics – Course Reflection
Joseph Banerjee
Walden University
Larry P. Palur
ECON-1002-3/MGMT-3503-3-Microeconomics2014
08/20/2014
The Context To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Managers must also balance the pressures to react in the short term and plan for the medium term and long term. The objective of this paper is to reflect on the learnings imbibed from the course and enunciate as to how the theories and principles learnt have deepened my thinking about economic behavior.
The behavior of the consumer and producer in the market place is enunciated in the study of microeconomics. It is the study of individual choices and group behavior in the individual market. The dynamics of decision making with the available information in the market place is imperative for both the consumers and producers. Maximizing profits and minimizing costs is the producer theory that enables producers gain the required market share. I learnt the myriad elements that help to determine the quantities and prices of services and goods. The basic underlying assumption of economics is that “people are rational”. I was able to appreciate the dynamics of decision making made by rational people among the various alternatives that were available to them. I learnt although in spite of having boundless wants and needs, the available resources are limited – “the scarcity principle”.
At an individual level I learnt that the comparative advantage exists from differences in ability and talent or differences in education and training; everyone performs best when individual concentrates on activities where the opportunity cost is the lowest – “the principle of comparative advantage”. The low handing fruity principle made me learn that in order to expand the output of any good, at first we should deploy resources or
Joseph Banerjee
Walden University
Larry P. Palur
ECON-1002-3/MGMT-3503-3-Microeconomics2014
08/20/2014
The Context To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Managers must also balance the pressures to react in the short term and plan for the medium term and long term. The objective of this paper is to reflect on the learnings imbibed from the course and enunciate as to how the theories and principles learnt have deepened my thinking about economic behavior.
The behavior of the consumer and producer in the market place is enunciated in the study of microeconomics. It is the study of individual choices and group behavior in the individual market. The dynamics of decision making with the available information in the market place is imperative for both the consumers and producers. Maximizing profits and minimizing costs is the producer theory that enables producers gain the required market share. I learnt the myriad elements that help to determine the quantities and prices of services and goods. The basic underlying assumption of economics is that “people are rational”. I was able to appreciate the dynamics of decision making made by rational people among the various alternatives that were available to them. I learnt although in spite of having boundless wants and needs, the available resources are limited – “the scarcity principle”.
At an individual level I learnt that the comparative advantage exists from differences in ability and talent or differences in education and training; everyone performs best when individual concentrates on activities where the opportunity cost is the lowest – “the principle of comparative advantage”. The low handing fruity principle made me learn that in order to expand the output of any good, at first we should deploy resources or
References: Snyder, C and Nicholson W (2008), Microeconomic Theory: Basic Principles and extensions, 10th edition, Cengage Learning. Franks, R. H. & Bernanke, B. S. (2012) Economics: Microeconomics 1002 (Laureate Education, Inc., custom ed.). New York: McGraw-Hill