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    A Reflection On Microeconomics

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    Cassie took a microeconomics course to further her goal of opening an after-school music program business. She learned key concepts like market structures, elasticity, and externalities that will help her understand how to operate and make decisions for her business. She was able to apply what she learned to her current job at a dental office by helping the office manager and coworkers consider costs, customer service, and total utility. While initially intimidated, assignments on graphs and discussions on behavioral economics helped Cassie better understand concepts and their real-world relevance to consumerism and marketing. She now feels prepared to approach future microeconomics study and entrepreneurship with knowledge of costs, markets, and how industries work.

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    A Reflection On Microeconomics

    Uploaded by

    api-546628554
    633 views3 pages
    Cassie took a microeconomics course to further her goal of opening an after-school music program business. She learned key concepts like market structures, elasticity, and externalities that will help her understand how to operate and make decisions for her business. She was able to apply what she learned to her current job at a dental office by helping the office manager and coworkers consider costs, customer service, and total utility. While initially intimidated, assignments on graphs and discussions on behavioral economics helped Cassie better understand concepts and their real-world relevance to consumerism and marketing. She now feels prepared to approach future microeconomics study and entrepreneurship with knowledge of costs, markets, and how industries work.

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    a reflection on microeconomics

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    Cassie took a microeconomics course to further her goal of opening an after-school music program business. She learned key concepts like market structures, elasticity, and externalities that will help her understand how to operate and make decisions for her business. She was able to apply what she learned to her current job at a dental office by helping the office manager and coworkers consider costs, customer service, and total utility. While initially intimidated, assignments on graphs and discussions on behavioral economics helped Cassie better understand concepts and their real-world relevance to consumerism and marketing. She now feels prepared to approach future microeconomics study and entrepreneurship with knowledge of costs, markets, and how industries work.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    633 views3 pages

    A Reflection On Microeconomics

    Uploaded by

    api-546628554
    Cassie took a microeconomics course to further her goal of opening an after-school music program business. She learned key concepts like market structures, elasticity, and externalities that will help her understand how to operate and make decisions for her business. She was able to apply what she learned to her current job at a dental office by helping the office manager and coworkers consider costs, customer service, and total utility. While initially intimidated, assignments on graphs and discussions on behavioral economics helped Cassie better understand concepts and their real-world relevance to consumerism and marketing. She now feels prepared to approach future microeconomics study and entrepreneurship with knowledge of costs, markets, and how industries work.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    A Reflection on Microeconomics

    By Cassie Peay

    Econ 2010
    July 25th, 2021
    I. I have developed quantitative literacies necessary for my chosen field of
    study by taking Microeconomics this semester. My chosen field of study is
    business management and entrepreneurship. I want to open my own small
    business and Microeconomics has gotten me one step closer to my goals of
    owning and operating a business. My ultimate plan is to open an after-
    school music program, where youth can come and get the necessary
    homework help they need, emotional support they may be in search of,
    and developmental skills learned through music education, whether they
    want to pursue music long-term or not. After having taken this course, I
    now understand what market structure I can expect to be operating in. I
    also know how elasticity of demand and supply works and I can use that to
    my financial benefit. Another concept I learned that I had never thought
    about before, was the idea of externalities, positive and negative. We all
    deal with externalities, but I never realized how they may impact a
    business’ success or downfall. I learned about many different graphs and
    how different they all look, depending on supply, demand, price increases
    and decreases, and market structure. All these new concepts have
    contributed substantially to my entrepreneurship endeavors.

    I have developed new knowledge and skills to work with others in a


    professional and constructive manner. Understanding market structures
    better, I’m now able to understand why it’s so important, in my current job,
    to set ourselves apart. I work for a dental office, the one that’s in my
    business analysis, and I’ve always put excellent patient service first but now
    I can see even more reasons why we need to stand out. I’ve been able to
    communicate with my office manager about business dealings and
    questions throughout this summer, while taking Microeconomics. It’s been
    so enlightening to apply my accounting classes, and now this one, to our
    firm and help her adjust costs where we can and operate more efficiently.
    I’ve also been able to help my coworkers in staff meetings with new ideas
    and better ways to maintain relationships with our patients. I also work
    with them to consider how externalities could affect our income, from
    dental treatment plans to warranties and write-offs on our dentists’ work. I
    now work better with my team in the office to provide better, total utility
    for our patient base.
    II.
    When I initially enrolled for Microeconomics, I honestly didn’t know much
    about what the course would entail, and I was intimidated. I didn’t understand
    that microeconomics is literally all around me at the base my consumerism and
    spending. All my assumptions have changed. I feel like I understand so much
    more about business now.
    Throughout this process, I would say that the assignments and discussions
    were the most influential in helping me learn. The graph I created in Chapter 7
    was one of the most eye-opening assignments of all. It was incredibly interesting
    to see the things I had read about come together in a visual. I learn well from
    images and graphics so positioning the curves and seeing “total cost” and “profit”
    come together in those colored sections was very beneficial. One of the most
    influential discussions was in Chapter 5, where I was able to read terms from the
    “Mini Encyclopedia of Behavior Economics.” I referenced The Decoy Effect and
    The Framing Effect, although there were so many other terms that I read about. I
    was blown away at how many marketing ploys there are and how many I’m
    constantly facing. It’s so intriguing to understand how relevant and important
    microeconomics is.
    In the future, I will approach microeconomics with an open mind. I will also
    approach it with knowledge about costs, markets, industries, and how all their
    graphs work. I really enjoyed differentiating between every market structure and
    learning specific examples of each. This course seamlessly tied into my previous
    business foundations and accounting classes. I really enjoy seeing all the required
    courses tie in together and further my progress toward my goal of acquiring a
    degree in business.

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