After completing the module, I am in a better position to explain the price determination of various products in the market. Unlike previously when I had vague ideas about market principles and processes, I am now able to express myself well and articulately using terms that best explain market processes. For example, I have understood how market equilibrium price and quantity are determined and what forces determine the prices at which different commodities in the market sell. Furthermore, the module has enabled me to explain to a layperson what surplus and shortage are in economics, long-run and short-run periods in production, and decision-making within these periods. The skills that I have acquired would enable me to understand other production terminologies, including marginal change and how it affects changes in the prices of various goods and services. Besides, the principles that affect other areas of the economy such as labor and production in industries were well covered in the module, hence giving me the confidence of tackling production issues should I be given a chance to work in the companies in the future. The course helps prepare learners to grasp important concepts useful that are applicable in many industries.
In the class, my performance was above average, showing how well I understood these concepts. However, I found that the use of more diagrams and practical examples always works for me improving my retention capacity of taught concepts. As Mankiw (2011) explained, models and equations make the concepts taught to settle better in the mind by relating with the real-world issues that are related to the world. A good example where practical examples were used to explain the concepts was in implicit and explicit costs, types of inputs, and the relationship between the marginal and average total cost of production. I have found out that I can use similar examples given in class to explain concepts that are examined and to assure the tutor of my level of understanding of the topic.
Some topics required additional effort for them to be understood well. This is usual to every learner and I am not an exception. At first, I did not understand the marginal cost and diminishing returns. I did not understand why outputs would increase steadily and reduce after some time, making the graph level off. What determined this point and how do firms know when it is reached? How should managers react to this? These are some of the questions that required me to do additional research from the internet before I understood the topic quite well. Later, I understood that the law defines the relationship between fixed and variable assets in which additional variable inputs added to fixed inputs for production will increase and reduce at a certain level (Tucker, 2010). The relationship holds in the short run and is assumed that some inputs are fixed. The law applies to both agricultural and non-agricultural production. This extra commitment to studying the subject enabled me to realize various areas of application of the principle. Specifically, I realized that at the time marginal product declines, variable inputs should not be added because they would not result in any returns. However, another topic such as supply and cost of production was easy to understand and needed a few hours of study, though I revised all other topics equally.
Assessment of the courses that I have studied is a good way of ensuring what I learned and understood. The most important way of measuring that I understood is through exams and analysis of case studies. In my final year, I would want to include components that require analysis of issues using learned principles of economics. Economics is a social science. It means it will be applied in various aspects of life as well as in other courses. I would find many other areas in which I would use qualitative analysis and economics would be applied. The principles of microeconomics will be applicable in government and private organizations. These are basic principles that will be used in learning advanced microeconomics. Considering advanced concepts such as price elasticities and controls, tax incidences, consumer behavior, and other related studies, they all use foundational knowledge gained in the course. As Dwiveldi (2002) explains, basic laws as diminishing utility are useful in understanding the related concepts such as consumer behavior. The module has equipped me with foundational knowledge that I would use to apply in other areas of studies as well as advanced microeconomic principles.
Given what I learned in the module and what I know now, I have accomplished all its expectations. Though at the beginning of the module, definitions of the words and the module, in general, seemed to be far from practical reality in the world, I understand how scarce resources are allocated and more importantly, how decisions on these allocations can be made for a better performance of business organizations. Microeconomic principles learned in the course will be applied in businesses that make intelligent decisions on levels of production and allocation of resources.
References
Dwiveldi, D. N., (2006). Microeconomics: Theory and applications. New Delhi: Dorling Kindersley.
Mankiw, N.G., (2011). Principles of Microeconomics. New York: Cengage Learning.
Tucker, I. B., (2010). Economics for Today. New York: Cengage Learning.