Microeconomics Reflective Journal (0310205) Section 05

            Based on my degree major in International Business and Marketing first year, I have gain a lot of knowledge by learning microeconomics in this first semester. Microeconomics is part of economies that study the behavior of every individual. Microeconomics could teach us on making decisions that could affect the demand and supply of goods and services in which could determine the price. Not only that but it also determine the quantity of supply and quantity of demand. In opportunity cost, it is one way to measure the cost of something. Any decision that is made is allocation capital likewise. Opportunity cost is very important in understanding microeconomics. Besides opportunity cost, we also learned about demand and supply. Demand and supply is the basic knowledge that we should learn in order to proceed to another topic. If the price increases, the quantity supply will also increase. Third topic I learn is price elasticity. Elasticity of demand is to show the elasticity of quantity demanded for a good or service to change its price. There is also price ceiling in microeconomics. It is about government that makes it illegal for people to charge a higher level than a specific price. This is so that everyone could afford it in a reasonable price. I also learn about equilibrium. Equilibrium is when the two curves meet at a point. Equilibrium can show us a lot of information as in it could affect the quantity demand and supply. Not only that, I also have gain knowledge from learning short-run and long-run. This two is very important and can be used in the future in a company. A short-run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. Long-run is a period of time in which the quantities of all inputs can be varied. This can be helpful for a company to choose a short-run or long-run in doing a project. My biggest challenge that i have occurred during this semester is assignments given in the module. In Assignments, it is not easy to do but with the help of lecture notes and consultation, i could do it confidently. Even though it is hard, I still could finish it on time and hand it up before the due date and time.  In conclusion, I have learned a lot and gain knowledge from learning microeconomics from this semester. All the information that I have gain may be useful to me. Based on microeconomics that I have learned, it might help me to solve some of my economic problems in the future. Even when after I graduate a degree, when I enter a company, I would have at least an economic background for me to apply in the company. This may be an advantage for me to show that I not only have business and marketing but I also have some economics background to solve problems occurred.