Reflective essay for ECO 201 Coursework - 550 Words

Reflective essay for ECO 201 (Coursework Sample) Content: Reflective essay for ECO 201(Name)(Institution Affiliation) Introduction At first, before we get into this course, I used to hear rumors that economics is a very difficult course. Some people used to crack jokes saying, Economics will chop your head off. That is was some to mention but a few discouraging words that some of my friends (especially my age mates) who are currently pursuing humanities and other soft courses. It was, actually, difficult to have me enrolled here. I would not have achieved what I have if I had not enrolled in this course. All thanks to God for enabling me come this far. Ideally, this paper provides, in details, my personal reflection regarding course, giving any suggestions on how the course would have been done better or how it should be improved in the next sessions. Discussions At and before the start of this course I had little knowledge, skills and understanding on various economic concepts (scarcity, opportunity cost, marginality, sup ply and demand), which, for quite some time, I have been hearing from my friends, and the media. Moreover, I had no hint on how various firms arrive at charging a particular price. Furthermore, at first, I had no hint on how profits are computed and maximized by firms, but now I have that knowledge. The point I am bringing out, here, is that this course has tremendously enhanced my knowledge regarding various economic agents (firms and individuals) decision policies. Taking price as my reference, I now understand that most firms charge a price at a point where demand equals supply, and various factors that affect supply and demand of a firms products. In addition, I have obtained adequate knowledge on various market structures, cost structures, and product. Besides, the course has enriched my social, conceptual and economic skills. I have met new friends, and also, I now know how to relate and deal with various kinds of people. Today, unlike before I joined this course; I am a ble to think rationally, especially in handling matters relating to money. Basically, my thinking and decision making ability has significantly improved. In fact, I have witnessed substantial improvements in the recent past! In class work, I belief I have done what is required of me. I have done my best part as far as this course is concerned. Also, it is my belief that, with my current status, I will score a decent grade at the end of this course. However, if I had enough resources (especially finances and time to organize discussion groups, and visit various industries) I would have performed better than I than my current status. The topic on a firms production gave me some problems. To be specific, I did not understand, fully, the concept of marginal productivity and the law of diminishing marginal productivity. Though, I have an overview, I think I need to know more on this area. Additionally, I have issues with costs. For example, in real life situation, some costs (especi ally mixed costs) are not easily classifiable into fixed or variable costs. Thus, how do we deal with these costs in economics, given that in economics costs are mainly classified two; fixed costs and variable costs. I think on costs, in my view, we need to borrow some knowledge from cost accounting books and then integrate the two disciplines; accounting and economics. Allow me to comment that the modules have very helpful to me in understanding most economic concepts in this course. They are very clear and straight to the point. Thank you! Finally, I belief, it would have been better if the course was to be complimented by academic trips to various firms, industries, and government ministries. The first measure will be based on my...