Economics Reflection

This course was one of the most difficult classes I’ve taken for my business class

and it really pushed me in studying and seeking out help from tutors and family

members. What I took most out of this class was the increased understanding of

business and how I will set up my future business to be successful. From the perfect

competition module, I understood how to properly compete against similar businesses. I

also now understand how to look at trends on a graph and understand what they mean.

When I open my own business I will be able to understand trends and know when my

data is good data or bad data.

My biggest ah-ha moment during this class was learning about how to calculate

total fix costs, total variable costs, total costs, average fix costs, average variable costs,

average total cost, marginal costs, total revenue, total profit, and marginal revenue. I

was taught this in accounting but I didn’t truly understand it. When we did the signature

assignment and had to calculate each collum in the chart, it really helped me

understand how to calculate it all and how they relate to each other. This was one of the

first times that I felt like I was starting to understand economics. Then when I created

the graphs, it helped me even further with my understanding of these subjects. This was

my biggest ah-ha moment because after a little bit of struggle, understanding this

boosted my confidence in economics.

 The skill that I mastered during this course during the signature assignment is

understanding how the graphs are made. Initially, I didn’t really understand how to read

graphs during the semester, but as I was doing this assignment and creating graphs, it

became clear. I understood how total costs and total revenues relate to each other, how

to construct a short-run cost chart, what the profit maximization rule is, and what profit-

maximizing operation is. I learned how to construct graphs and understand how to

interpret them correctly and accurately. I’m now more confident in creating graphs and

understanding their meaning.