Microeconomics - Reflective Journal

From my own engagement in this module, which is Microeconomics, I learned many basic microeconomics concepts such as scarcity, demand and supply, price elasticity and many more.

In this module, I learned about scarcity. In this concept, I learned that people have unlimited wants but the resources to fulfil consumers wants are limited. From limited resources, firm will never get to fulfill what consumers’ wants and opportunity costs occur. When there are limited resources, supplier will have to choose what to produce. For example, firm only have enough resources to produce 150 units of bread and 250 units of biscuit. If the supplier wants to produce another 120 units of bread, firm will have to produce less 120 units for biscuit. The opportunity cost will be the 120 units of biscuit.

Besides that, I also learned about demand and supply. In this concept, there are law of demand and law of supply. Price and quantity have a negative relationship in law of demand. When price increase in demand, quantity will decrease thus the demand curve is downward sloping. However, there is a positive relationship between price and quantity in law of supply. When price increase, quantity will also increase because the supply curve is upward sloping.

Other than that, there are many factors that will cause the change in demand and quantity demanded. Price factor will cause the change in quantity demanded which means a movement along the demand curve. However, the factors that will cause a change in demand are all factor except price such as expected future income, price of substitute goods and more.

From the example above, I am now able to apply the microeconomics concept into my assignment, home works and practices. Although I have learnt economics in the past few years, but I can now be more understanding when tutor is teaching in the class. I took it as a revision when tutor is repeating the same thing as I learned past few years. I think I can improve my knowledge for my future by learning this module.

This module is a very good module to let students to more understand the reality, but the one thing I dislike in this module is the Individual assignment. Based on the information given in the Module Information Booklet (MIB) is not clearly stated how and what should we conduct our research paper. The information is too general and it is very confused. I understand that lecturer and tutor would like to be more advance in handling assignment I wish lecturer or tutor will state clearly how should we hand up our assignment in a more advance way.

In conclusion, this module had helped me a lot in my studies although I am not majoring in economics. What I learned from this module is all basic things that I need to learn, I am happy that I have learned all this. It will be very helpful in my future.