Principles of Economics

Principles of Economics

Economics is therefore “a study of how individual and economies make decisions about the use and allocation of their scarce resources”. Principles of economics helps students to know a basic about economic and its principles and prepare them to enter to world of economic.



Demand: This lesson was about demand and demand curve and its movements due to changes in price or quantity demanded. So as an example we discussed about demand for steaks of a steakhouse as residences of that area are moving to other areas.

Final Assignment

 Our final assignment topic was analysis of two businesses on different settings base on interviews by ourselves. So we chose a cafe in Penang and two other cafes in Klang Valley, one in Mont Kiara. All the cafes analyzed from different aspects such as their background, products and services, competitors, and many other. After that our task write around 2000 words report and a video version of it. For this purpose we had to choose businesses that have similarities and differences so can be comparable. This assignment really helped us in many aspects such as learning how to interview, preparing questions, organizing information, and presenting the results. At the end I think that this assignment was one the most interesting Projects I've done before.

The Report

             

The Video

Principles of economics was one the interesting subjects that we learnt many lessons which gave us some basic information about economics. During this semester we learnt about many topics such as price theory that we discussed about changes in prices and changes in quantity of demand and supply, and then market equilibrium and price regulations. After that the lessons were 
 about theory of firm production and cost. At the end our last topic was market competition and different types of it, actually I experienced fun and the most interesting classes, because we learnt this topic by playing Monopoly with our classmates and friends.