Baquing Mary Ann T.

BSBA-HRDM 1

REFLECTION TO CHAPTER 1- CHAPTER 5

INTRODUCTION The study of this subject is one that is highly valuable for
OF ECONOMIC any studying business with the provision of knowledge
THEORY that will increase understanding of different influences
and support the decision making processes. With the
knowledge gained, along with the skills in applying that
knowledge developed through class work and exercises
for the different modules, there has also been the
development of increased confidence, both personal and
in the theories, in using the relevant concepts and tools in
a practical setting. Some of the most important
knowledge gained for practical purposes concerned the
concept and application of supply and demand. Anecdotal
evidence of supply and demand can be seen all around us;
including the way that gasoline prices increase and
decrease as a result of the way oil prices, which resulted
in a basic understanding of the underlying concept. Other
areas where this can be seen include examples such as the
stock market and even web sites such as eBay with the
auction of goods. However, the ability to understand the
way this operates not only helps to explain the observed
outcomes, the ability to use this to help predict potential
outcomes for different scenarios is highly useful.
What I’ve Learned As I’ve Learned in microeconomics it takes me realized
that my skills was improving by studying those
chapter.This will be save as training grounds for what I
learned in microeconomics theory,all of this lesson gives
me ideas on how prices and labor and capital are for use.