The most important economic concept that I have learned is the idea of elasticity. I say elasticity because it is something that has been completely new to my knowledge. I never knew that each product had its own response change in demand or supply depending on a change in price. Before, I knew that some people would still purchase the same items no matter what the price changes too. On the contrary, I knew that the same people would never buy a different item when the price increases only slightly. This never occurred to me in a graphical or mathematical way and I thought this was awesome about the class.
The single most important economic concept I have been exposed to these past weeks has probably been the concept of supply and demand, and understanding what effects their curves. Understanding how the quantity produced and the price needed to produce each product can greatly explain how the market for that good or service will be affected, when it comes to daily events. Another concept I think is very interesting is the outline for market structures. I never new different industries could be broken up into different categories based on simple factors like the number of firms or how difficult the entry and exit is. I think it is important to know the market structure because it gives great insight into how the job market and employment for that industry will work, such as perfect competition and how basically anyone could go into real estate, but in an industry like southern California Edison or the Gas Company, in which these are closest to perfect monopolies, there are very strict entry and exits that they are very much the only outlets for those types of goods and services within a whole city, county, etc. Explaining that it would probably be extremely difficult for one to enter or afford to enter into those lines of businesses. -Susan S
I believe that the most important concept we have learned in economics this year is a tie. The most important ideas to me are the laws of supply and demand. Those two dictate everything in business, government, and many other places. I believe that fully understanding them can increase your sucessfulness greatly. Knowing what will affect them can better prepare you for adverse situations you may be placed in.
The most important concept I have been exposed to in the last 9 weeks is the laws of supply and demand, including elasticity. Supply and demand basically controls how the economy and markets will operate, as well as elasticity, and so these concepts have really helped me understand a lot about economy.
The most important concept that i believe i have learned is the last nine weeks is supply and demand. To me supply and demand, in other words makes the word go around. these things have made me realize that they are the back bone of how the economy works.
I already had heard the terms "supply" and "demand." In fact, I have heard those terms over and over again in so many settings. Now I feel that I really understand what these terms mean and I understand the relationship between the two of them. Understanding this relationship has helped me to understand other important concepts like elasticity and market equilibrium.
The most important concept in the past nine weeks I believe has been supply and demand. This concept is the most important because everything revolves aroung it. Companies incorporate it into their work and we do to. Supply and demand is a big part of our decission making process.
The whole class actually has been an open door of understanding concepts of how the real world works and how it relates with markets and connects to us. But what really stuck was supply and demand i knew i was a consumer but i didn't realize how much one person can actually play a part in the graph. thank for all the learning features you brought to us.
The most important concept to me is the concept of trade offs. Every decision is made by looking at the positives and negatives of a situation. I think this concept is at the core of everything.
the most important concept I have learned in your class is the how to set a price depending on what market and how much of the market a firm controls. a firm in perfect competition has to sell at equilibrium price to maximize profit and a monopoly has the power of selling over equilibrium price because they are the only providers.
the most important concept i have been exposed to is elasticity. i had no idea what elasticity was or that each product had a responsiveness to change. or that some products are priced so high because they have no response to price changes. while other products may be priced differently because there are alternatives to that said product
As a business student the most important idea that I learned in this course was the ideas of supply and demand. The main reason being that it helps business owners, manufacturers and sales people to see how much of their product is being sold at which price and how they can maximize the profits and minimize cost. Not paying attention to these curves could lead to a problem in the long run, should the companies profits start falling because of it.
I think that the most important economic concept i learned was elasticity. If you know if your product is inelastic or elastic that will tell you if you charge more or less, how your doing, and will your TR be greater than your TC. Knowledge of elasticity then connects with the law of supply and demand which i feel was a very close 2nd to being the most important thing i learned these last 9 weeks.
The most important concepts I have learned these past nine weeks would have to be supply and demand, as well as elasticity. Everything we buy is based on supply and demand as far as the pricing. And elasticity helps determine how a certain product is priced. These two concepts really helped me understand why markets set the prices the way they do.
The most important concept I have learned this quarter would have to be the different market structures such as perfect competitive and monopolistic. It was very interesting learning how they price and produce differently and to see which is more productive. It helped to understand the market structure of the businesses I deal with everyday.
The most important concept i have learned this quarter would be supply and demand. These factors effect everything from prices to production --oakford gross
The concept most important concept to me is the idea of elasticity. The price a product is set at determines the demand of the product. Just a few cents change in price can affect the whole demand for that product. Very useful in the retail or sales field.
The most important concept that I have learned would be opportunity cost because the economy is based on decisions and opportunity cost gives a good outlook on what decision to make.
I would definitely say that elasticity is the most important. The law of supply and demand revolve around this concept. I also thinks this sticks out to me the most because I feel it taught me the most about economics.
I would say the single most important economic concept I have been exposed to over the last 9 weeks, is the concept of elasticity. The concept of elasticity helps measure the sensitivity of demand for goods or services to changes in price or other marketing variables. Which has a huge impact on price setting, advertising, and many other factors in the market.
The concept of elacticty is most important due to the fact of how it's tied with almost al concepts in economics, including the most important, total revenue. The concept of elasticity affect all the factors in a companies marketing and production strategies. It helps to illustrate the current trends and the current needs of certain products that will allow companies to focus on a product vs. another with minimal opportunity cost.
The most important economic concept I have been exposed to is the concept of the market structure. The demand on suppliers to supply the goods and services, and the suppliers ability or decisions on how much goods to produce as well as the allocation of the goods and services tie in to most if not all of what we have learned in this class. For example, what to produce, how to produce it, and who gets how much is based on the type of competition between firms and the number of firms available. -Susan Lo
I believe the most important economic concept i learned is elasticity. Elasticity helps define the supply and demand curve. As a business major i believe this will help me understand the demand of consumers and will give me somewhat of an idea on how much to produce. -Cynthia Inchaurregui
The concepts that I found most important in this class were trade offs and opportunity costs. I chose these concepts because I have learned to use them outside of the classroom as a way to make decisions more efficiently. Thank you Professor Harris for a great class!
The most important concept that I learned is Elasticity. I think it is interesting to have learned how people respond to price changes. I work in a grocery store so I see a lot of price changes and how much people are willing to spend and how much they are willing to buy. Almost everything I have learned in this class I see at work.
It depends........(That's one concept I've learned), Like many others I think the concepts of the law of supply and demand and elasticity are some of the most important concepts. On a more recent note, market structures are important to me because of the field of entrepreneurship that I am going into. More specifically, the deadweight loss that is generated because of a pure monopoly over a monopolistic competition accounts for less jobs and less money to be made by more people. Sure the pure monopolies are sitting pretty by charging more, but the dead weight loss causes less growth for the sole entrepreneur to make his buck. Monopolistic competition is better for society and broadens the money out that can be made in an industry.
The most important concept that I learned in this economic class is the idea of elasticity. From my past economic class I knew the basics about supply and demand, but I didn’t know about elasticity. I didn’t know that each product had it’s own personal response to supply and demand. Seeing it visually written in graphs and mathematically really helped me understand the concept further.
the most important concept that i learned in this class is trade-offs. it is because we always have to sacrifice something in order to get something else. that theory occurs in our daily life, for example not buying ice cream in order to get chips, not fixing the route in order to build a bridge.
The most important concept i have learned and also grasped and like the best has to be about the laws of supply and demand and how elasticity affects it. Supply and demand basically control the economy and market, then when you add in elasticity and what is more elastic to you personally it makes it more personal.
The most important concept i had learned in the past 9 weeks was the supply and demand curve. It was such easy concept to get and understand because if you were able to understand it then the class session after made sense to you. I have had another econ 200 professor and I honestly didn't understand the supply and demand curve.
The most important ideas I learned in this class is the ideas of inelastic and elastic. I had no idea the meanings of these terms prior to this class and I feel that these terms are somthing that can be related to everything that I run into everyday, shoping, gas, ect. I like when there is somthing new to learn in a class that can be related to everyday life, and I feel that this class did that alot.
In my personal opinion, the most important concept for this course would have to be market structure. its incredible how firms are categorized depending on the competitiveness of their structure. It gave me a bigger picture of what type of industry is more suitable for me, given the table and examples we discussed in class.
the most important economic concept i have learned the last 9 weeks would have to be supply and demand. now i can look at different markets and understand why they are run the way they are, with regards to how much the companies supply due to demand and equilibrium price.
The single most important concept I was exposed to these last nine weeks was the concept of elasticity. Elasticity can be a big factor when we are buying things. For example, when prices of a good gets to high I stop buying that certain good because I can easily buy the same good at a cheaper price.
The most important idea that I have been exposed to would be the laws of supply and demand and elasticity because I think they are very useful when it comes to finding the approximate amounts people are willing to pay when prices are raised, lowered, and shifted. To me, the graphs for these concepts were fun and very easy to understand.
The most important idea that I was exposed to were the different types firms and how they operate with respect to profit maximization. The concept for me was the most important because I plan to operate my own business one day and knowing how different types of firms work will allow me to determine what I want to produce and then how to maximize my profit. Of course, all the concepts I was exposed to in this class will help me weigh my decisions.
The most important concept I have learned is supply and demand and how the elasticity of demand affects price and purchase habits. It helps explain many of my purchase habits, plus the purchasing habits of my customers in my business.
That in a perfect competition marginal revenue equals marginal cost but there really is no perfect competition in this world the closest would have to be agriculture but if they are hit by a plague they lose revenue and then they lose money and that certain farm or company, what have you, loses money and can not afford to keep their business and what they stand for live.
I believe that the most important concept that i have learned about in the last nine weeks has to be Trade-Offs. we always trade off items when we go to the grocery store. if an item is too expensive, then we look for the "next best thing."
I think the most important concept i have learn is the laws of supply and demand. I think this because it is the foundation and starting mark in markets and our economy. It can show me why firms make certain economic decisions and shows me more insight in understanding the decisions made. It is most important to me especially to me because one im am done with school and in the "business world" i will b able to understand and make good economic decisions. ACS
I think the most important concept that i have learn in econ 200 is elasticity. The whole idea was new to me, i always thought of supply and demand but never thought that there was something else that controlled the prices of products. Great thing to know with my major.
The most important concept i believe that i learned this quarter would have to be the law of supply and demand. As an everyday consumer i now have a more of a understanding why a certain price of a product might be too high or low or why a there is a limited amount of products in stock. A main reason of this is due to our economy.
I believe the mot important concept that i have been exposed to these past 9 weeks would have to be that of supply and demand. supply and demand lands on the want of the people and whether that want is strong enough to affect supply. the market is run by the direction of supply and demand. this very easy concept helped me understand the basics of economics and have made me more aware of how the world works when it comes to products being moved around.
The most important concept that I have learned is the law of supply and demand. This law raises the questions of what to produce, how to produce it and who gets how much.It is this observation about the way material forces behave that underlies the various models we have looked at as well as such assertion as, "incentives matter."
The most important thing I've learned this term is the equilibrium price. I think this is the most important thing because in the world we live in this concept is what drives the prices of firms. It drives them because at this price firms will be maximizing their total revenue which is the best methods of reaching maximum profits.
I think the most important thing i have learned about was elasticity. I believe so because depending on whether something is inelastic or not may depend on whether we buy it. In this economy right now, we are spending less money on things that are elastic because we dont wanna spend the money on them but other things that are inelastic such as gas prices and medicine we are still going to consume no matter what the price is set at.
The most important concept that I have been exposed to is elasticity. I heard of it, but never quite understood the full concept of it. I realized that things like gas is considered inelastic. No matter what the price is I am most likely going to pay for it because I still need to get to where I need to go. Things like fast food is elastic. If prices go up and i'n not willing to pay those prices, I can choose to eat something else.
The most important concept I have been exposed to is where profit is maximized. That is companies will produce according to the maxim that Marginal revenue is equal to marginal cost and marginal cost is increasing. This explains a lot about behavior of firms in real life! This explains how companies maximize profit even when they are not making anything but losses.
The most important concept that i have learned in the past 9 weeks in econ is the idea on supply and demand. I picked this because is what our market revolves around. If consumers aren't demanding an item, producers aren't going to supply alot of it. The same goes for producers, they won't raise the price to the maximum rate if they know the product is inelastic. The market is based upon supply and demand.
The most important concept I learned was that of supply and demand. More so because if I have a business I want the demand to be higher for my product than that of others in the the same market. I want to supply something unique and really bring something to the table that's different. The graphs themselves have been important also in seeing how revenue and costs and all those things work and how to calculate them.
What I learn the whole nine weeks was how competitive markets go bankrupt due to free exit entry and what I also learn personally was that businese go bankrupt because of high healthcare cost. I learned how buyers behave on gooods and services produce and also how producers react and behave on the cost of the production basically learning the fundamentals of the Law of Demand and the law of supply I like economics when they talk about how industries behave whether is a competive market or pure monoply.
I think the most important concept we've learned over the last 9 weeks is elasticity. It deals with every aspect of economics. It's involved in supply and demand, marginal concepts, wealth, surplus, and it shows how the market reacts to a change in price.
What I think are the most importnat concept we have learned in economics 202 are "Incentives Matter" and "Real Schocks". I think incentives do make a great difference. Our economics book gaved a great example of why incentives matter. It saved lives. Here at school you get an incentive which is a Stater Brothers gift card for carpoolong more than twice a week and working on campus. You really want to get the Stater Brothers gift car so you find a carpooling buddy that only not helps reduced how many cars are in the roads but also helps you save miles and gas. The more days you carpool the better incentive you receive. "Real Schocks" I had no clue how all the little things in our everyday lives are a real schock.
to me the most important concept that i learned over the last 9 weeks was definately the 7 big ideas[ incentives matter, good institutions align self-interest witht he social interest, trade-offs are everywhere, thinking on the margin, tampering with the laws of supply and demand has consequences, the importance of wealth and economic growth, and institutions matter]. when we were going over the ideas in class i thought that some were common sense, but then i didnt really understand the importance of them and HOW they are applied.
The single most critical economic concept I have grasped over the last 9 weeks is the Law of Demand. If there is to much supply without a consumer demand a surplus will arise. Companies need to understand the consumers demand or they will consequently lose money.
Elasticity, because I have always believed that companies and corporations only used the laws of supply and demand. I never imagined the idea of substitutes to replace other products which in turn could effect demand. I never realized that elasticity is largely the price setter within the economy.
i would say the most important thing i've learned this quarter is understanding opportunity cost. With anything thing you decide to do or buy, you are giving up something. It is important to understand what you are giving up and to weigh that out with what you are getting -Desmond Ratliff
The most important economic concept i have been exposed to over the last 9 weeks i think has been the laws of supply and demand. They can be applied to all aspects of our economy, business, and everyday life which makes them so useful and important to understand
The most important economic concept that I have learned is the laws of Supply and Demand. These laws are used for almost everything in economics. Also if you are to ignore these laws then you are going to fail at your business, and that is why the laws of Supply and Demand are very important.
One of my postive incentives, is I been really thinking about going a study abroad, it seems like I have accomplished alot here with in my community and environment and I would like to try a new place to learn and study, maybe a new tradition, or religion, and new living style that I could teach my family. However, I had to make a choice, whether to go abroad, or just wait awhile and learn more about the place I would like to syudy abroad. I felt learning more about the area would be more wiser choice, so I can plan and nest my finances into going and maybe visiting there someday, so althouogh it was my incentive to leave Cal State for one quarter, I had to look at the interest of my family and leadership as well before leaving into a country, which, I don't know much about. Now I am taking a online class besides a econo 200 to help me adjust to some of my living habits and preparing before moving into a new place, other than gaining a experience. Dina
The most important economic concept that I have learned is the idea of elasticity. I say elasticity because it is something that has been completely new to my knowledge. I never knew that each product had its own response change in demand or supply depending on a change in price. Before, I knew that some people would still purchase the same items no matter what the price changes too. On the contrary, I knew that the same people would never buy a different item when the price increases only slightly. This never occurred to me in a graphical or mathematical way and I thought this was awesome about the class.
ReplyDeleteThe single most important economic concept I have been exposed to these past weeks has probably been the concept of supply and demand, and understanding what effects their curves. Understanding how the quantity produced and the price needed to produce each product can greatly explain how the market for that good or service will be affected, when it comes to daily events. Another concept I think is very interesting is the outline for market structures. I never new different industries could be broken up into different categories based on simple factors like the number of firms or how difficult the entry and exit is. I think it is important to know the market structure because it gives great insight into how the job market and employment for that industry will work, such as perfect competition and how basically anyone could go into real estate, but in an industry like southern California Edison or the Gas Company, in which these are closest to perfect monopolies, there are very strict entry and exits that they are very much the only outlets for those types of goods and services within a whole city, county, etc. Explaining that it would probably be extremely difficult for one to enter or afford to enter into those lines of businesses.
ReplyDelete-Susan S
I believe that the most important concept we have learned in economics this year is a tie. The most important ideas to me are the laws of supply and demand. Those two dictate everything in business, government, and many other places. I believe that fully understanding them can increase your sucessfulness greatly. Knowing what will affect them can better prepare you for adverse situations you may be placed in.
ReplyDeleteThe most important concept I have been exposed to in the last 9 weeks is the laws of supply and demand, including elasticity. Supply and demand basically controls how the economy and markets will operate, as well as elasticity, and so these concepts have really helped me understand a lot about economy.
ReplyDeleteThe most important concept that i believe i have learned is the last nine weeks is supply and demand. To me supply and demand, in other words makes the word go around. these things have made me realize that they are the back bone of how the economy works.
ReplyDeleteI already had heard the terms "supply" and "demand." In fact, I have heard those terms over and over again in so many settings. Now I feel that I really understand what these terms mean and I understand the relationship between the two of them. Understanding this relationship has helped me to understand other important concepts like elasticity and market equilibrium.
ReplyDeleteThe most important concept in the past nine weeks I believe has been supply and demand. This concept is the most important because everything revolves aroung it. Companies incorporate it into their work and we do to. Supply and demand is a big part of our decission making process.
ReplyDeleteThe whole class actually has been an open door of understanding concepts of how the real world works and how it relates with markets and connects to us. But what really stuck was supply and demand i knew i was a consumer but i didn't realize how much one person can actually play a part in the graph. thank for all the learning features you brought to us.
ReplyDeleteThe most important concept to me is the concept of trade offs. Every decision is made by looking at the positives and negatives of a situation. I think this concept is at the core of everything.
ReplyDeletethe most important concept I have learned in your class is the how to set a price depending on what market and how much of the market a firm controls. a firm in perfect competition has to sell at equilibrium price to maximize profit and a monopoly has the power of selling over equilibrium price because they are the only providers.
ReplyDeletethe most important concept i have been exposed to is elasticity. i had no idea what elasticity was or that each product had a responsiveness to change. or that some products are priced so high because they have no response to price changes. while other products may be priced differently because there are alternatives to that said product
ReplyDeleteAs a business student the most important idea that I learned in this course was the ideas of supply and demand. The main reason being that it helps business owners, manufacturers and sales people to see how much of their product is being sold at which price and how they can maximize the profits and minimize cost. Not paying attention to these curves could lead to a problem in the long run, should the companies profits start falling because of it.
ReplyDeleteBreanna Montoya
I think that the most important economic concept i learned was elasticity. If you know if your product is inelastic or elastic that will tell you if you charge more or less, how your doing, and will your TR be greater than your TC. Knowledge of elasticity then connects with the law of supply and demand which i feel was a very close 2nd to being the most important thing i learned these last 9 weeks.
ReplyDeleteThe most important concepts I have learned these past nine weeks would have to be supply and demand, as well as elasticity. Everything we buy is based on supply and demand as far as the pricing. And elasticity helps determine how a certain product is priced. These two concepts really helped me understand why markets set the prices the way they do.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe most important concept I have learned this quarter would have to be the different market structures such as perfect competitive and monopolistic. It was very interesting learning how they price and produce differently and to see which is more productive. It helped to understand the market structure of the businesses I deal with everyday.
ReplyDeleteDanielle WOlf
The most important concept i have learned this quarter would be supply and demand. These factors effect everything from prices to production --oakford gross
ReplyDeleteThe concept most important concept to me is the idea of elasticity. The price a product is set at determines the demand of the product. Just a few cents change in price can affect the whole demand for that product. Very useful in the retail or sales field.
ReplyDeleteBrittany McSwain
The most important concept that I have learned would be opportunity cost because the economy is based on decisions and opportunity cost gives a good outlook on what decision to make.
ReplyDeleteChaun Calvin
I would definitely say that elasticity is the most important. The law of supply and demand revolve around this concept. I also thinks this sticks out to me the most because I feel it taught me the most about economics.
ReplyDeleteI would say the single most important economic concept I have been exposed to over the last 9 weeks, is the concept of elasticity. The concept of elasticity helps measure the sensitivity of demand for goods or services to changes in price or other marketing variables. Which has a huge impact on price setting, advertising, and many other factors in the market.
ReplyDeleteThe concept of elacticty is most important due to the fact of how it's tied with almost al concepts in economics, including the most important, total revenue. The concept of elasticity affect all the factors in a companies marketing and production strategies. It helps to illustrate the current trends and the current needs of certain products that will allow companies to focus on a product vs. another with minimal opportunity cost.
ReplyDeleteThe most important economic concept I have been exposed to is the concept of the market structure. The demand on suppliers to supply the goods and services, and the suppliers ability or decisions on how much goods to produce as well as the allocation of the goods and services tie in to most if not all of what we have learned in this class. For example, what to produce, how to produce it, and who gets how much is based on the type of competition between firms and the number of firms available.
ReplyDelete-Susan Lo
I believe the most important economic concept i learned is elasticity. Elasticity helps define the supply and demand curve. As a business major i believe this will help me understand the demand of consumers and will give me somewhat of an idea on how much to produce.
ReplyDelete-Cynthia Inchaurregui
The concepts that I found most important in this class were trade offs and opportunity costs. I chose these concepts because I have learned to use them outside of the classroom as a way to make decisions more efficiently. Thank you Professor Harris for a great class!
ReplyDeleteKatherine Hedd
The most important concept that I learned is Elasticity. I think it is interesting to have learned how people respond to price changes. I work in a grocery store so I see a lot of price changes and how much people are willing to spend and how much they are willing to buy. Almost everything I have learned in this class I see at work.
ReplyDeleteIt depends........(That's one concept I've learned), Like many others I think the concepts of the law of supply and demand and elasticity are some of the most important concepts. On a more recent note, market structures are important to me because of the field of entrepreneurship that I am going into. More specifically, the deadweight loss that is generated because of a pure monopoly over a monopolistic competition accounts for less jobs and less money to be made by more people. Sure the pure monopolies are sitting pretty by charging more, but the dead weight loss causes less growth for the sole entrepreneur to make his buck. Monopolistic competition is better for society and broadens the money out that can be made in an industry.
ReplyDeleteThe most important concept that I learned in this economic class is the idea of elasticity. From my past economic class I knew the basics about supply and demand, but I didn’t know about elasticity. I didn’t know that each product had it’s own personal response to supply and demand. Seeing it visually written in graphs and mathematically really helped me understand the concept further.
ReplyDeletethe most important concept that i learned in this class is trade-offs. it is because we always have to sacrifice something in order to get something else. that theory occurs in our daily life, for example not buying ice cream in order to get chips, not fixing the route in order to build a bridge.
ReplyDeleteThe most important concept i have learned and also grasped and like the best has to be about the laws of supply and demand and how elasticity affects it. Supply and demand basically control the economy and market, then when you add in elasticity and what is more elastic to you personally it makes it more personal.
ReplyDeleteThe most important concept i had learned in the past 9 weeks was the supply and demand curve. It was such easy concept to get and understand because if you were able to understand it then the class session after made sense to you. I have had another econ 200 professor and I honestly didn't understand the supply and demand curve.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe most important ideas I learned in this class is the ideas of inelastic and elastic. I had no idea the meanings of these terms prior to this class and I feel that these terms are somthing that can be related to everything that I run into everyday, shoping, gas, ect. I like when there is somthing new to learn in a class that can be related to everyday life, and I feel that this class did that alot.
ReplyDeleteIn my personal opinion, the most important concept for this course would have to be market structure. its incredible how firms are categorized depending on the competitiveness of their structure. It gave me a bigger picture of what type of industry is more suitable for me, given the table and examples we discussed in class.
ReplyDeletethe most important economic concept i have learned the last 9 weeks would have to be supply and demand. now i can look at different markets and understand why they are run the way they are, with regards to how much the companies supply due to demand and equilibrium price.
ReplyDeleteThe single most important concept I was exposed to these last nine weeks was the concept of elasticity. Elasticity can be a big factor when we are buying things. For example, when prices of a good gets to high I stop buying that certain good because I can easily buy the same good at a cheaper price.
ReplyDeleteThe most important idea that I have been exposed to would be the laws of supply and demand and elasticity because I think they are very useful when it comes to finding the approximate amounts people are willing to pay when prices are raised, lowered, and shifted. To me, the graphs for these concepts were fun and very easy to understand.
ReplyDeleteThe most important idea that I was exposed to were the different types firms and how they operate with respect to profit maximization. The concept for me was the most important because I plan to operate my own business one day and knowing how different types of firms work will allow me to determine what I want to produce and then how to maximize my profit. Of course, all the concepts I was exposed to in this class will help me weigh my decisions.
ReplyDeleteJustin Miller
The most important concept I have learned is supply and demand and how the elasticity of demand affects price and purchase habits. It helps explain many of my purchase habits, plus the purchasing habits of my customers in my business.
ReplyDeleteThat in a perfect competition marginal revenue equals marginal cost but there really is no perfect competition in this world the closest would have to be agriculture but if they are hit by a plague they lose revenue and then they lose money and that certain farm or company, what have you, loses money and can not afford to keep their business and what they stand for live.
ReplyDeleteI believe that the most important concept that i have learned about in the last nine weeks has to be Trade-Offs. we always trade off items when we go to the grocery store. if an item is too expensive, then we look for the "next best thing."
ReplyDeleteI think the most important concept i have learn is the laws of supply and demand. I think this because it is the foundation and starting mark in markets and our economy. It can show me why firms make certain economic decisions and shows me more insight in understanding the decisions made. It is most important to me especially to me because one im am done with school and in the "business world" i will b able to understand and make good economic decisions.
ReplyDeleteACS
I think the most important concept that i have learn in econ 200 is elasticity. The whole idea was new to me, i always thought of supply and demand but never thought that there was something else that controlled the prices of products. Great thing to know with my major.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe most important concept i believe that i learned this quarter would have to be the law of supply and demand. As an everyday consumer i now have a more of a understanding why a certain price of a product might be too high or low or why a there is a limited amount of products in stock. A main reason of this is due to our economy.
ReplyDeleteAmanda Moy
I believe the mot important concept that i have been exposed to these past 9 weeks would have to be that of supply and demand. supply and demand lands on the want of the people and whether that want is strong enough to affect supply. the market is run by the direction of supply and demand. this very easy concept helped me understand the basics of economics and have made me more aware of how the world works when it comes to products being moved around.
ReplyDeleteThe most important concept that I have learned is the law of supply and demand. This law raises the questions of what to produce, how to produce it and who gets how much.It is this observation about the way material forces behave that underlies the various models we have looked at as well as such assertion as, "incentives matter."
ReplyDeleteThe most important thing I've learned this term is the equilibrium price. I think this is the most important thing because in the world we live in this concept is what drives the prices of firms. It drives them because at this price firms will be maximizing their total revenue which is the best methods of reaching maximum profits.
ReplyDeleteI think the most important thing i have learned about was elasticity. I believe so because depending on whether something is inelastic or not may depend on whether we buy it. In this economy right now, we are spending less money on things that are elastic because we dont wanna spend the money on them but other things that are inelastic such as gas prices and medicine we are still going to consume no matter what the price is set at.
ReplyDeleteThe most important concept that I have been exposed to is elasticity. I heard of it, but never quite understood the full concept of it. I realized that things like gas is considered inelastic. No matter what the price is I am most likely going to pay for it because I still need to get to where I need to go. Things like fast food is elastic. If prices go up and i'n not willing to pay those prices, I can choose to eat something else.
ReplyDeleteThe most important concept I have been exposed to is where profit is maximized. That is companies will produce according to the maxim that Marginal revenue is equal to marginal cost and marginal cost is increasing. This explains a lot about behavior of firms in real life! This explains how companies maximize profit even when they are not making anything but losses.
ReplyDeleteThe most important concept that i have learned in the past 9 weeks in econ is the idea on supply and demand. I picked this because is what our market revolves around. If consumers aren't demanding an item, producers aren't going to supply alot of it. The same goes for producers, they won't raise the price to the maximum rate if they know the product is inelastic. The market is based upon supply and demand.
ReplyDeleteThe most important concept I learned was that of supply and demand. More so because if I have a business I want the demand to be higher for my product than that of others in the the same market. I want to supply something unique and really bring something to the table that's different. The graphs themselves have been important also in seeing how revenue and costs and all those things work and how to calculate them.
ReplyDeleteWhat I learn the whole nine weeks was how competitive markets go bankrupt due to free exit entry and what I also learn personally was that businese go bankrupt because of high healthcare cost. I learned how buyers behave on gooods and services produce and also how producers react and behave on the cost of the production basically learning the fundamentals of the Law of Demand and the law of supply I like economics when they talk about how industries behave whether is a competive market or pure monoply.
ReplyDeleteI think the most important concept we've learned over the last 9 weeks is elasticity. It deals with every aspect of economics. It's involved in supply and demand, marginal concepts, wealth, surplus, and it shows how the market reacts to a change in price.
ReplyDeleteWhat I think are the most importnat concept we have learned in economics 202 are "Incentives Matter" and "Real Schocks". I think incentives do make a great difference. Our economics book gaved a great example of why incentives matter. It saved lives. Here at school you get an incentive which is a Stater Brothers gift card for carpoolong more than twice a week and working on campus. You really want to get the Stater Brothers gift car so you find a carpooling buddy that only not helps reduced how many cars are in the roads but also helps you save miles and gas. The more days you carpool the better incentive you receive.
ReplyDelete"Real Schocks" I had no clue how all the little things in our everyday lives are a real schock.
to me the most important concept that i learned over the last 9 weeks was definately the 7 big ideas[ incentives matter, good institutions align self-interest witht he social interest, trade-offs are everywhere, thinking on the margin, tampering with the laws of supply and demand has consequences, the importance of wealth and economic growth, and institutions matter]. when we were going over the ideas in class i thought that some were common sense, but then i didnt really understand the importance of them and HOW they are applied.
ReplyDeleteThe single most critical economic concept I have grasped over the last 9 weeks is the Law of Demand. If there is to much supply without a consumer demand a surplus will arise. Companies need to understand the consumers demand or they will consequently lose money.
ReplyDeleteRaymond Beasley - 003351932
ReplyDeleteElasticity, because I have always believed that companies and corporations only used the laws of supply and demand. I never imagined the idea of substitutes to replace other products which in turn could effect demand. I never realized that elasticity is largely the price setter within the economy.
i would say the most important thing i've learned this quarter is understanding opportunity cost. With anything thing you decide to do or buy, you are giving up something. It is important to understand what you are giving up and to weigh that out with what you are getting
ReplyDelete-Desmond Ratliff
The most important economic concept i have been exposed to over the last 9 weeks i think has been the laws of supply and demand. They can be applied to all aspects of our economy, business, and everyday life which makes them so useful and important to understand
ReplyDeleteThe most important economic concept that I have learned is the laws of Supply and Demand. These laws are used for almost everything in economics. Also if you are to ignore these laws then you are going to fail at your business, and that is why the laws of Supply and Demand are very important.
ReplyDeleteOne of my postive incentives, is I been really thinking about going a study abroad, it seems like I have accomplished alot here with in my community and environment and I would like to try a new place to learn and study, maybe a new tradition, or religion, and new living style that I could teach my family. However, I had to make a choice, whether to go abroad, or just wait awhile and learn more about the place I would like to syudy abroad. I felt learning more about the area would be more wiser choice, so I can plan and nest my finances into going and maybe visiting there someday, so althouogh it was my incentive to leave Cal State for one quarter, I had to look at the interest of my family and leadership as well before leaving into a country, which, I don't know much about. Now I am taking a online class besides a econo 200 to help me adjust to some of my living habits and preparing before moving into a new place, other than gaining a experience. Dina
ReplyDelete