Week 8 Micro DQR
Did you find the subject to be more applicable to your everyday life than you expected?
I find the subject more applicable in my everyday life. When I think of microeconomics, I think of the limited resources I have, either time or money. I noticed that time is essential but not prioritize as much as money, when in fact, both resources are valuable in our daily lives. Price discrimination is very obvious in today’s world as well, how important to have savings and investments rather than just solely depending on income. We are free to choose what decision we make, one way or another, there is an opportunity cost just like taking college classes. Also, what may be profitable at this time might not be profitable in the future so having an understanding and knowledge of what is going on in our current economy is very important to ensure we utilized our limited resources to our advantage.
What surprised you the most of the content in this course?
What surprise me the most about this course is not that content itself but how little I knew about microeconomics especially about the law of diminishing returns or the law of the marginal returns. I had a little idea on what the topic was about in the beginning but after putting it into an example with something I do every day, like studying makes it easier for me to understand. It did not occur to me that studying of more than I should be according to my ability and capability is considered an aspect or part of microeconomics.
In general, I learned lot of things from this course, from the professor and my classmates! Thank you everyone and may we all reach our educational goals.
I deflinitely feel that so much of what was taught during these past eight weeks applies to my everyday life. What surprised me the most was how it is a part of just about everything we do. Economics helps everyone be able to understand the world around them. It’s amazing really see how businesses have to take so many different factors into account when setting prices and selling their goods and services to maximize their profit, while still being able to keep consumers happy. It’s a balancing act that is constantly changing. Understanding microeconomics will really give an insight on why prices are they way that they are, even if we don’t agree with them. Understanding the movement of money is so incredibly important, so I am happy with taking this course to be able to understand it better. I was really able to retain a lot of valuable information that will be useful to me everyday.
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