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| Discipline Specific Knowledge |
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| Communication Skills |
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| Thinking and Problem Solving Skills |
The first thing that I learn in this module is the discipline specific knowledge. As I did not study Economics subject before, thus this module provide me a solid fundational knowledge of Economics. During this module I learn about 5 main topics which are introduction of Principals of Economics, Price Theory, Elasticity of Demand & Supply, Theory of Firm Production & Cost, and Market Competition. Among these 5 topics, my favorite topics are introduction of Principals of Economics and Price Theory. This is because these 2 topic are very easy to understand. I love introduction of Principals of Economics topic because I feel that the economics principals are useful for me. For now, when I need to make a decision, I will use the principals like opportunity cost to assist me make the decision. While I like Price Theory because it is easy for me to understand, memorize and become a smart buyer as I know about the factor of affecting the demand and supply from this topic. However, I dislike the topic of Theory of Firm Production & Cost because this topic is complicated and more harder. Besides, I also learn communication skills in this module. For example, I need to explain the concept or factor that cause the demand curve or supply curve change during the class works. In additions, I need to interview the interviewers and communicate with my group members during completing the assignment. Moreover, I also practice the thinking and problem solving skills. By doing the assignment, my group met problems like rejected by the interviews, how to go to the interviewers place, how to analysis the information and so on, however at last we able to solve them by using the thinking and problem solving skills.
I feel that this module and the topic that included in this subject are importance to me and other people. This is because the main meaning of economy is learn how to manage the scare resources. I think everyone need to learn this to avoid wastage. Furthermore, the knowledge of principals of economics also enable us to know how to manage a business.
Class Work
The links below are some of my class works, you can know what did I learn during the lectures.
First, is the show of the shifts in the demand curve. The video below explains what happen to the demand curve for chicken as the price of lamb increases.
http://www.youtube.com/watch?v=cTyV1v3FfKY
Second, is the Shift and Movements. The video explains what happen to the supply curve for red ball pen when the selling price for blue ball pen has increased.
http://www.youtube.com/watch?v=ELXY1ZEjks4
Assignments
The Economics's Assignment is to form a group. Then interview 2 business that locate at 2 difference place. Next, analysis and compare the competitor traits of the 2 business. Our group choose Confectionery Business which locate at Penang and the other located at Klang Valley.
The Video Links for the assignment
Part 1 ( This video shows the introduction and the brief history of the shop that we had interviewed )
Part 2 ( This video will provide an analysis on the 2 businesses' respective markets, competitive traits and commercial sucess )
Part 3 ( This video is about the recommendation that provided by us to the businesses after we had analysed them )
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