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Michael Kaelin

Micro Economics
MWF: 700-7:50
Eportfolio Assignment
Reflective Writing
It is hard sometimes to judge your own growth and skill development. Hard work, over
time, builds experience and professionalism, but growth and change can be a slow process and
difficult to assess. Through critical analysis, though, I have found that since the beginning of this
semester I have learned many critical skills and acquired a knowledge base that has added to my
character and potential. By using reflective strategies, I can examine these skills and apply them
where they will help me in my life and future profession. Throughout this course I have
developed skills that will help me to make educated decisions when investing, doing business
and transferring wealth. This analysis is of the concepts and theories of microeconomics.
Economics is defined as the branch of knowledge concerned with production and
consumption. There are two ways of analyzing this knowledge: microeconomics and
macroeconomics. Macroeconomics is the study of rates and data such as inflation rates and
national productivity. Microeconomics goes into more depth by examining the incentives and
motives that drive people to make decisions. These decisions are what determine the interest
rates and principles of macroeconomics. Sometimes we see big corporations as a whole and do
not take into consideration that there are individuals behind all these decisions. This was one of
the flaws in my thinking before enrolling in this class. Now I understand that what affects our
economy is a result of many human decisions.
This understanding gave me a base knowledge to start applying principles and equations
to predict the decisions people will make. The assumption is that individuals make decisions that
will make them better off. It is assuming that people do not intentionally hurt themselves. One
example of this is the supply and demand curve. This is a perfect analysis of predictable human
decision. Decisions on manufacturing a given good are based on how much a company thinks it
can sell, or the demand for that product. This demand varies depending on the nature of the
product, the price of the product, and the supply. Decisions are constantly being made that drive
the price and supply up and down. This concept helped me to understand many of the demand
curves that we analyzed, from demands for product to demands of labor.
As the term progressed, one thing that has helped my personal growth in knowledge and
understanding was the Wall Street Journal readings. It was very helpfull to be able to apply the
principles that we were learning in class to actual current events. It also helped with my
economics vocabulary. Seeing the terms we were learning, like GDP, show up in a current
newspaper article helped me to see how these terms are used outside of the classroom. And what
more perfect time to be studying the economy than right before the 2016 election. I have a much
broader grasp of economic policies and better idea of what to look for in the economic policies
of the people I will vote for. For example, Bernie Sanders believes and advocates that Americans
should have the right to freedom from unfair competition and monopolies. Before this class I had
no credible information to support or oppose this standing. Now I know that a monopoly is a
firm that controls the whole demand for a market with very large barriers of entry. Thus I have
chosen to agree with Bernie on this idea.

Along with a grasp of economic policies, I also developed the very valuable skill of being
able to analyze the profit maximizing output for a given firm. When marginal cost is equal to
marginal revenue, any additional units you make will cost you more than the revenue gained. I
would identify this as the most useful information I have learned from this class. I can now look
at a firm's data and point out things like variable and fixed costs. I can critically analyze a firm's
ability to achieve profit maximization.
One thing that pretty much every person in this world will have to do is work. We must find a
way to sustain ourselves to supply our wants and needs. We must make profits and spend money.
It is the way our society functions. By learning about the subject of economics an individual like
myself can make wiser financial decisions and be more suited for life than someone who has no
understanding of this information. I will be able to more fully analyze what market I will choose
to enter. I am very grateful for being able to take this course, and am excited to take
macroeconomics next semester.

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