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Econ 12 Reflection Paper

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Jessiel Munda Cruz
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14 views

Econ 12 Reflection Paper

Uploaded by

Jessiel Munda Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Munda Cruz, Jessiel B.

BSM 120-0321

ECON 12 REFLECTION PAPER

Economics is the study of how people and societies decide how to use the limited
resources that nature and earlier generations have provided. It is crucial to study economics in
order to learn a way of thinking that teaches and help us to make a decision. On the other hand,
studying economics will make us understand the society better. As economics provides a
methodological framework for examining and comprehending governmental decisions in order
to guarantee steady economic expansion, low inflation, and the highest level of employment.
Moreover, to be an informed citizen that people can act appropriately based on their knowledge
when they are informed about their rights and obligations as citizens.

Learning economics can be a useful tool in my future career as a business manager. A


business manager essentially involves in the decision-making and future planning processes.
On the other hand, making decisions and managing are two interrelated processes. As all
managerial activities, including planning, organizing, staffing, directing, and controlling, are
handled by this intellectual process and intentional activity at different times. Moreover, in
business organizations, managerial economics is important. It provides a clear understanding of
market conditions as well as analytical tools through which the competition that is currently
prevailing in the markets can be studied, at the same time allowing the market behavior to be
predicted, which is extremely helpful to management in decision making and forward planning in
relation to the internal operations of a business. As it makes it possible to analyze data
pertaining to the commercial setting in which a business is operated and intended to carry out a
methodical course of business plans by making potential forecasts. By transforming the
economic scenario into viable business opportunities for business organizations, managerial
economics helps to promote the profitable expansion of businesses and the efficient resolution
of business problems. It also empowers managers to make the best possible business
decisions and effectively involves them in the process of forward planning. As economics is the
study of how goods and services are made, distributed, and consumed. It determines how these
groups should organize and coordinate efforts to achieve the maximum output by comparing
how individuals, businesses, governments, and nations make decisions on allocating resources
to meet their needs and requests. Macroeconomics, which examines how an economy as a
whole, and microeconomics, which concentrates on specific customers and businesses, are the
two subcomponents that make up the field. By understanding economics goes beyond being
able to model technical market phenomena or anything else that is strictly defined in the
discipline. One of the principles of economics that I have learned is the opportunity cost: what
you need to give up to attain what you want. With this, it can help me to understand the
opportunity cost involved in a situation in order for me to make a decision to achieve a better
outcome. Another principle that I learned is the everyone must make trade off. As a future
business manager, being able to analyze the cost and benefit of certain decisions is a key to
making the best tradeoffs for the greater good of the organization.
Munda Cruz, Jessiel B.
BSM 120-0321

Economics is essential to learn as it is the study of individual— it covers a wide range of


aspects of everyday life. The human interactions we are involved in are determined by how we
and a large number of other people respond to outside signals in light of our individual priorities
and values. As understanding the fundamentals of economics can make it easier for us to
resolve conflicts, be more reasonable, be more aware of your finances, and think more clearly
and deeply about the local, state, national, and international policies that keep our world
together.

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