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Economics Culminating

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Manvir Manku

on 20 January 2013

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Transcript of Economics Culminating

Manvir Manku The Journey of Economics Before Entering Ciarrocchistan Where My Journey Led Me Beginning of the Adventure The Invisible Hand Self Interest As I previously stated, this course wasn't initally in my interests. This course however altered my mindset on economics. Economics is a course I can actually understand. In fact, I actually applied to an economics program because after doing some reasearch I noticed there is an actual demand for economists. I see the world connected not by land masses and techtonic plates but by trade, money, and self interest now. I beleive my decision to take on an undergraduate economics course is one that will not only help me be financialy more stable but will be a course of actual interest to me. Another concept I have taken from this class is the concpet of dead money. Compared to before where I just watched my money pile in my bank account I started to do small investments, and actual spendings. The mindset that economists have is they predict future economic struggles and prosperity by analyzing what is currently going on. This mindset is now falling upon me. Me and my dad have actually analyzed a growing market and a shortage of real estate in an area of India where we plan in purchasing property expecting prices to rise. All in all from this course I have the ability to take atleast basic analytical skills and financial skills that will definately reflect some of my decision making in the future. Lost. Before this class I had no idea what Economics even was. In my mind it was just a class that I might need for university. My previous encounter with economics was the fact that my dad majored in it when he studied at his state university. Remember This? When we started to learn about opportunity costs my initial reaction was
"What the heck is this". It wasn't hard, confusing, or boring at all it was just ridiculously simple. With a name like economics I thought there would be a bit more difficult material in this class. The most important thing in this unit for me was opportunity cost, because it teaches you about how when you gain one thing you must lose a certain quantity of another. This plays effect in the real world too. For instance, say I could digest 2 Bananas or 1 apple. The opportunity cost of eating 1 apple would be not being able to eat 2 bananas From the introduction to economics the only new thing that I learned
outside of my current knowledge is that economics isn't technically a business course it's a social science, which really fascinated me because now I had a totally new perspective on it The Graphs... This was the first steps towards the graphs. These graphs were really simple. We learned how a curve bowed out in a perfect competition and represented opportunity cost. C is when there is low production than possible and B is when your production increases What You NEED & What You Got. [Supply&Demand] This diagram shows the major, and most important focus of this unit. The supply and demand graphs. These graphs show the direct relationship between how much a certain good is demanded and how much is supplied. The changes in the supply and demand on this graph show its effects on the price of the good and the quantity produced. This was a really good unit because it gave me an understanding on how companies function, why certain products cost a fortune over others, and what effects the supply and demand. ED Another short lesson in this class was on the Elasticity of Demand. By calculating this you could see if the price of a product changes, would there be a big reaction or not. If the ED number is big then any changes to price can
intimidate customers. (ED >1) If ED is small then changes to the price do not affect costumers reaction to making a purchase. (ED<1) Out Goes Mr.C In comes Mr.D So this nice fellow Adam Smith, considered to be the
founding father of modern economics, stated his theory
that the government didn't have to interfere with businesses
because of self interest. He believed that we all wanted
to be rich so we would be efficient and make money one
way or another. This ideology is in fact accurate in my
opinion, because if I were to run a business with my
money, I would be able to source profit without anyone
governing my decisions. What is globalization ? Globalization The act of globalizing and expanding worldwide into other countries through business and trade Economic Institutions Examples Private Public Sectors Public Sector is government controlled Private Sector is controlled by firms The Last Unit The last unit was definately my favourite. This is not because I learned alot in this unit. This is because this is the unit that allowed me to build my research skills. In addition to this I learned how to complete an anotated bibliography. Prior to this unit I never heard of an anotated bibliography before and I realized it's an important skill to have. Sobeys

Wal-Mart

Honda

Microsoft

Apple Hospitals

LCBO

Bank of Canada

VIA Rail

Suncor Energy THE END !
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