Question: this blog is an overview of topics 24 that reflect...
This blog is an overview of topics 2-4 that reflect on what have been learnt so far throughout the term. Creating this blog has allowed me to delve down into specific points to truly understand the ins and outs of economics. Overall, the Economics subject, so far has gave me insight as to how and why the market conditions change all over the world.
Topic 2 further explored my knowledge into day to day market conditions that I before was uncertain on the exact reason on how or why ‘supply and demand’ conditions changed.
Topic 3 I enjoyed learning about market equilibrium as it studies what is happening in the now, and situations that effect the economy.
Topic 4 I was taught about elasticity. Elasticity is was important to learn as it indicates consumers’ willingness to purchase a good or service when a price changes.