The three concepts that were most significant to me in this course are equilibrium price and quantity, risks in banking and operational failures. The first concept which is equilibrium price refers to the intersection point in a market demand and supply curve. At an equilibrium price, the number of goods supplied is equal to the number of goods required (Cabral & Fishman, 2012). The second concept which is risks in banking refers to uncertainties that banks are exposed to while carrying out its operations. Such risks include liquidity, market, operational and credit risks. The third concept that was of great significance to me in this course is operational failures. According to Rothman & Penkert (2013), operational failures refers to instances where there is a lack of necessary information, equipment, and other supplies that are needed to complete some tasks.
Conclusively, the three aspects have altered my perspectives significantly. I can apply the concept of equilibrium price in my personal life by determining the best time to buy some items when their supply is high. On professional life, the concept is relevant to production processes of the industry. Similarly, I can apply the concept of banking risks by avoiding risks that are economically unviable, reduce, mitigate and retain those which are economically viable. Moreover, I can use the knowledge I have gained from the operational failure concept in both my professional and personal life through taking the initiative of identifying potential and actual operational failures, and taking the fundamental problem-solving measures to prevent the operational failure.
References
Cabral, L., & Fishman, A. (2012). Business as usual: A consumer search theory of sticky prices and asymmetric price adjustment. International Journal of Industrial Organization, 30(4), 371-376.
Hull, J. (2012). Risk Management and Financial Institutions,+ Web Site (Vol. 733). John Wiley & Sons.
Rothman, J. A., & Penkert, E. D. (2013). Employee Benefit Plan Failures and Correction Opportunities. Fed. Law., 60, 13.
