Principle of Economics was a very new subject to me as I was a science stream student in high school. This subjects interests me a lot as there were many new concepts that revolves around the market, and these concepts such as demand and supply are a very effective way of analysing a market. It is my favourite subject throughout this semester.
This module taught me the details about what keeps a firm up and running. Theory of firm production and cost was very interesting as it showed that it is possible to maximise profit by pushing your production to a certain level but not exceeding it. This shows how older firms can stay in business while new businesses go belly up.
The topic I like the most is Market Competition. I did not know much about types of market and their different working systems, especially in terms of demand and supply. It was also not until now that I finally understood the meaning of the 'Monopoly' board game. It never occurred to me how important each decision made in the game is.
In completing our assignment - comparative analysis of business' comparative traits - I also learnt to look at how different business use varying strategies to overcome their business limitations. Even though they could not change the market structure, they always have their own ways to keep and attract more customers.
Lastly, the purpose and effects price regulation systems are clear to me now. It was not only to increase the government's revenue, but sometimes also to protect consumers or suppliers.
The only thing I regret is to not be able to study Macroeconomics. I feel incomplete knowing only Microeconomics.
All in all, I am very thankful for a great lecturer and 21 awesome classmates.
From an Economics student
Pang Khai Shuen
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