Principles of Economics

Principles of Economics

REFLECTIVE ESSAY

I was given a task to write a reflective essay for portfolio FNBE march 2012 semester two, Principles of Economics. During the classes of Principles of Economics, I have learned about the important things in economics, the rise and fall of the market etc. We were asked to do a presentation of a topic of our own selection. We chose ‘money’ as our topic. We have prepared slides on everything we need to know about money. From the origin of money, to currencies and also inflation of money. By preparing for this presentation, I realized that we have come to know more about the details of the topic that we chose to talk about. It also helped us to understand Principles of Economics better. However, my favorite topic in Principles of Economics is Market Competition. In this topic, I have learned how powerful and strong a monopoly can be. It faces nearly zero competition in the process of dominating market as it has a high barrier to entry as protection. Moreover, several dominating force can act together to make maximum profit out of consumers by setting a universe high price for a certain product that is agreed upon. It makes me realize how important it is to be a monopoly of a market. To help us understand better with this topic, our lecturer has introduced a new way of teaching and in fact it is an interesting way, by giving us a chance to play board game ‘monopoly’. This game enables us to experience ourselves as a monopoly and also facing a monopoly. I have enjoyed during Principles of Economics class throughout the semester thanks to the interesting teaching of our lecturer.

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