Write a 250 word paper answering; Week 8 Reflection Lecturer During this I have learnt how to analyze how individual choices and choices within a market are made, and their economic impact. As a result, I understand how to formulate and test hypotheses used for such analyses. Secondly, through this course, I understand the three factors of production and how they affect the economy. This has introduced me to the production possibilities model that helps in understanding resource allocation in the economy. Thirdly, I am familiar with the dynamics of demand and supply, including the demand and supply curves and the equilibrium. Through this, I understand how changes in demand and supply affect the equilibrium price and output and other market outcomes.
Finally, this course has enabled me understand how real GDP can be used to determine whether or not an economy is growing. However, two main course objectives have not been well understood. First, I do not understand the concept of circular flow model and how it relates to supply and demand. Secondly, I don’t understand the productions possibilities model and how it can be applied. In order to enhance the understanding of these objectives, tow major improvements need to be done. First, there is need to use animations in order to illustrate how these models function. Secondly, it is important to use more case studies in order to highlight the real life applications of these models and other concepts taught in class.
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