The information that about Principles of Economics is statement of inter-relationships among economic factors that explains what may cause what, or what may happen under certain circumstances. It also call economic law.
Lecture that who is teaching me are Mr Chang Jau Ho. He was a good lecture that always give many idea and suggestion.
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Project One: ( Class presentation) - Show the shifts in the demand curve for [Question Given] and give a definition about WHY?
Question given: Chicken as the price of lamb increase
Video:
The video explains what happens to the Demand Curve of chicken as the price of lamb increase. These is because the people who buy the lamb before are switching to buy chicken as the chicken is cheaper.
Reflect on one's actions and learning
Another way, I had know the reason why the shifts would be move to whether right or left side and this knowledge can bring it to my future.
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Project Two: ( Class presentation) - Show the shifts in the demand curve for [Question Given] and give a definition about WHY?
Question given: Red ball pen when the selling price of blue ball pen has increased.
Video:
The video explains what happens to the Supply curve of red ball pen when the selling price of blue ball pen has increased. These is caused by the supply of red ball pen decrease in order to increase the supply of blue pen. As the price of blue ball pen increase, it is more profitable.
Reflect on one's actions and learning
Lets say when increase supply of a product, then the graph should be move to right side or when you reduce supply of a product then the graph would be move to left side.
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Assignment:
This assignments required to form a group of four persons and interview two business that located in two different place. Next, we need to analysis and compare about two business that we interview.
Two business ( Confectionery Business):
- Ming Xiang Tai (Penang based)
-Tk Bakery ( Subang based)
Report for the assignments:
Video links:
(Part 1- Introduction and brief of both shop)
(Part 2- Analysis on two businesses through their competitive traits, commercial success and respective markets)
(Part 3- Recommendation part on two shops after analysis)
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Reflective essay:
As we know that economics is statement of inter-relationships among economic factors that explains what may cause what, or what may happen under certain circumstances. It also call economic law.
First, I will give some reflection for the project I had done. As continues, I had learned from the topic of Price Theory that undertaking of demand. As revision, when you choose anything you should be think about the benefits you loss and make a compare to make sure that the benefits you loose is lower. So, opportunity cost is the good way to let you learn about it. In addition, demand curve only explain the relationship between price of a product and its quantity of demand and the above topic also as one of my favourite topic because I knew that when the price of the object increase then its demand will be decrease. For the other lesson is part two of price theory and it's undertaking supply. So, I had learn about when some of the product's selling price is better than another product, then we need to increase the product that have a best selling price and reduce supply of the lower selling price product.In this module, its so hard for me to set the least favourite topics because I enjoy all my classes and it increase my knowledge and it will be useful for my future as I planning to run a business.
As conclusion, the overall experience of these module was I have a class trip to Penang to complete our assignment. It was a memory able and happy moment when having fun with a class while doing my group assignment.
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