Question

Here is the Essay question: Briefly describe three ideas/concepts that you learned in this class(microeconomics) that you may not have thought about earlier. (I hope there were at least three…). Briefly explain how these ideas may have made you think about the world differently or at least how they might have given you a different perspective on socio/economic/political issues (or reinforced previous thinking….) There is obviously no "right" answer for this question. All you need to do is write a few sentences describing each idea. Be specific and clear about your thoughts.

I need help getting started on my end of semester essay. This class is a microeconomics course we covered the usual topics. please help me get started also some good content would be great, thank you in advance.

Answer 1

Three concepts of micro economics that I have kealea in class during this course

1) Supply and demand: It is an micro economic model which shows how price is determined in the market depending on the demand and supply of the product.

Before knowing this concept I used to think firms just keep prices and sell in the market. Now I understood that firms keep the prices depending on demand for their products in the market and also considering many other various factors which effect both supply and demand.

2) Opportunity cost : Choosing one alternative over the other and foregoing the benefit that we receive from that left alternative.

After learning this topic I understood that in every day to day decision of ours we unknowingly following this theory of opportunity cost. In every decision we take there will be an opportunity cost which we don't think as an opportunity cost but it is an opportunity cost.

Ex: Going to movie rather than staying at home. It is also an opportunity cost.

3) Market Structure: After this course I know what is the market structure and different markets that will be there in them such as monopoly, oligopoly, perfect competition and monopolistic competition and how these markets will work.