Question

1. Describe your impressions of economics before you took this course and compare/contrast that to your current ideas of economics.

2. Now that you have completed the course, reflect upon any of concerns or challenges related to the economy or businesses you may have had when you began the course. Do you think that the material you learned in this course has influenced your thinking about those concerns or challenges? Please explain why or why not.

3. Which video, assignment, reading, concept, or activity had the greatest impact on you? Explain why and how this will affect how you view the world and economics’ impact.

4. Which video, assignment, reading, concept, or activity is the most important for the domestic or global economy? Explain why and how this will affect the economy in the short and long-term.

Answer 1

1) Economics can be defined as the subject branch which studies allocation of resources, how goods are produced and the demand and supply mechanism of the market.

Before taking up Economics-

Before taking up Economics, I had the impression that economics is just about buying and selling of goods. I was only aware of inflation, demand and supply as major economics concept.

After taking up Economics-

I became aware that economics is not just confined to markets. From individuals (microeconomics) to a whole country (macroeconomics), all of these are a part of economics. Economics focuses on three problems- what to produce, how to produce and for whom to produce. Study of relationship among various economic factors like income, savings, interest rate, demand, supply, etc, give us the idea of how the economy works. There are various models under Classical and Modern Economics which gives a clarity about how the concepts of economics have evolved over the time. After studying economics, the understanding of how does the government, businesses, industries work has become clearer.

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