Microeconomics Reflective Journal

 

There were a lot of groups had undertook Fresh Mart activity. Before starting the activity, we had asked some advices from the previous groups’ members as well as discussing the policies of selling. Upon the discussion, we realized that the demand of goods has declined slowly. Obviously, the essential factor in this issue is that most of the groups selling the identical goods. They did not make any changes. There is no much choice of goods for consumers to select, they feel bored in buying. Besides, the Fresh Mart is a weekly activity, some customers has the stock of goods they bought. It is common for them not to buy the same product in the following week. In order to solve this issue, particular factors should be taken into consideration. We reduced the quality of goods we intended to sell, which means that the supply of goods is decreased.

 

Furthermore, for the goods’ price, we determine it in relation to the law of demand. The rule provides that when the selling price of a product falls, the quantity demanded of the good will increase, and when the market price of a product goes up, the quantity demanded will fall. It can be seen that there is a closer relationship between the price and quantity of the goods which runs opposite. No other than that, the field of our consumer is students. Due to their financial problems, we set a price which is lower than the previous group. For example, the former group sold the goods at RM5; we lower the price to RM4.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Through studying Microeconomics, I have improved the thinking and problem solving skill as well as the communication skill. Relating to the first skill, I had learned it from my subject which is Microeconomics. For example, while doing a Fresh Mart activity, I apply the law of demand and elastic’s theory to determine both supply and demand of fruits. Moreover, we figured out what made the quantity of products felled. When I face any problem, Economics concepts always help me to solve it easily. It is because Economics always can apply into our real life.

 

For the communication skill, I had learned how to communicate with different people who has different background in my group after Microeconomics classes. As this is a group work, I cannot simply make a decision of reducing the price and supply of fruits. I should come out a proper explanation for them to accept my suggestion by passing a majority vote. Communication to supplier in ordering products make me learned how to communicate with people from the commercial market.

 

After finishing my study, it is definitely that I would get involved in working area. Different workers coming from different counties, having different cultures, I truly believe that it should not be a matter for me to communicate with them because I am getting improved in communication skill. The skill helps me in getting rid of my shyness; I dare to talk to strangers. Besides that, I might think critically and thus established a better solution to solve the problem I faced, to achieve the goal I set. Before learning the module, I always felt shy to ask for a helping hand from friends when needy, not to mention that how to solve the difficulties I was facing. However, I changed after learning Microeconomics.

 

X-space is the future smart classroom. There are purposely designed to facilitate a diverse learning experience. The table in X-space is shaped round which is easier for us to discuss something than a square table. As a result, the traditional learning style has been changed because of the round table. Instead of doing the work individually, we gather together to finish the work. Also, a lot of cable was built around the table. When we need some online resources, no doubt, we can get what we want by accessing to relevant websites immediately. We no longer need to other places having cables for us to search online information. It helps us to keep in touch with those who absent to the class, we can still discuss the relevant subject with absented person through Skype or others online material. If we continue to fully utilize X-space, it is reasonable that the communication skill will be improved. Gathering different views from different people and, discussing it’s both adverse and positive effects, a perfect judgement will be produced. It makes the work done more efficient.