PRESENTATION 1 - SHIFT OF THE DEMAND CURVE

This is a mini class presentation of what we have learnt throughout the day. We are divided into groups of 4 and given the topic where the quantity of demand is affected by certain factor. We need to choose one of the factor and discuss about it and explain how it affects the demand curve by writing out the important points on a mahjong paper to present in class.

PRESENTATION 2 - SHIFT OF SUPPLY CURVE

After the lecture given, we are required to form a group consisting of four members and present what we have learnt about a specific topic. A few situation is given to us to discuss about how those situations affect the shift of supply curve. As a group, we discussed and listed out the important points as well as drawing the graph showing how the supply curve is affected in a mahjong paper. Then, we have to present the information briefly to the class to show our understanding of the topic.

ASSIGNMENT - A TALE OF 2 BUSINESSES

A Comparative Analysis of 2 Businesses of Similar Industry in Different Geographical Locations

Basically, this assignment will focus on comparative research by interviewing two businesses. In this assignment, we have to form a group of 5 members and select 2 businesses of the same industry in different geographical locations for comparison purpose. First, we had our discussion on which industry of business to choose for our research and then contact both shop owners to make appointment ahead of the interview. We came up with a conclusion to choose a more interesting industry which is wedding industry in the SS/2 area. Besides, we are required to prepare suitable questions for out interview. Moreover, we also required to compile those information in a report of 2000 words based on our chosen industry after the interview and research is done.

This is the photo taken with the owner of Micasa Bridal Studio that we have interviewed.

This is the photo taken with the owner of Bridal Concept.

The report of comparative analysis of 2 businesses of the same industry.

 Upon completing this assignment, i have learnt to locate, extract, synthesize and utilize the information we have gathered effectively. For example, this report requires comparison of two business. Therefore, we have to utilize the information we have gathered from published materials and interview.

I have learnt how to communicate appropriately in various settings and modes. As we need to interview both bridal shops, we need to communicate with the shop owners in an appropriate way to ask for the permission of interview and make an appointment before hand.

As this is a group assignment, I have improved my interpersonal skills. I understand more about team dynamics and the importance of completing the work given in harmony. Communication and cooperation is very important in completing a group work.

Reflection

There are many important lessons that I have learnt from Principle of Economics. This module is very new for me as I have never taken this subject in my high school. I have learnt that managing an economy is almost the same as managing a household where both involve making decisions which involve the managing of scarce resources, also known as limited resources. Economics is divided into two which are Microeconomics and Macroeconomics.

My favorite topic from this module is Price Theory. This topic is very easy for me to understand as it is very simple and only involves logical thinking. The quantity of supply or demand is affected by the price of product. For example, when the other factor is involved, then the quantity of demand will be affected by shifting to the left or right. I also learnt that how the price affects the decision of buyers as well as the suppliers and sellers throughout the business.

The least topic that I like the most is the theory of firm production and cost. This topic involves the law of diminishing returns. It also involves the costs in short runs and long runs. I find that this topic is very boring for me and also confusing. Therefore, for me, this topic makes me feel reluctant and less interested to know more about the principles involve in firm production and cost.

In a nutshell, before this I thought I would not be able to cope with it and always thought that this subject is a hard one. However, after taking this module in this foundation, I feel that this subject is quite interesting. It has much in common in managing a household and it only involves common sense and logical facts. I feel that taken this subject can also help me in the future as this is a very general and lifelong knowledge for us that we can carry with us through our life and apply in our daily life. I am also grateful to have such an interesting lecturer where he explained things in a funny and clear way for us to learn more easily about this subject.