Reflective Essay
In the module Principle of Economics, I've learned a lot of
topics that I never heard before which made it interesting. Although there were
a lot of confusing topics, the lectures presented were straightforward and
understandable that simplified all the complicated topics. My most favorite
topic was 'Oligopoly’. The topic included on the barriers to entry to
oligopolies and the above average profits that they make. Because of this topic
too, I now can identify when an oligopoly decides to agree to collusion.
There were many in-class tutorial questions and assignments
that were carried out throughout the semester. One of the more memorable ones
involved the game famous board game, Monopoly.
I played the game with my classmates in order to understand how a monopoly
works. Not only do we get to see how it feels like to be in the shoes of
businesses aiming for monopoly, it was a really fun game that refers back to
the topic effectively. After the game
had ended, then we were introduced to monopoly in more detail and explained to
about the strategies that we used in order to make the most profits.
In conclusion, Principle of Economics was an enjoyable
module to go through. ‘Production Theory’ to be a useful topic to learn in
order to learn to use strategies that maximize profits while reducing the total
costs.
Tutorial Questions & Answers
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