Our group encountered and learned a lot of meaningful things this week. For me, it was really effective that we were exposed to the microeconomic concepts of the economy first before we proceeded to the macroeconomic concepts which enabled us to see how businesses fit in the overall economy and how their individual performances contribute to the different economic factors.
I became interested with the week 29 topic about Aggregate Demand and Aggregate Supply. It immediately got my attention after seeing it on the syllabus. I have always been fascinated by how these two things could change an entire economy’s behavior. Being already interested in the topic, I became comfortable discussing it with my group mates and other members of the class. It was such an interesting and meaningful topic for me. Everything in that discussion seemed so simple to me and I know very well that mastering this topic can help me analyze what really is happening in the economy macro-economically.
I did not really feel like I struggled with any one of the topic. All of them were easy to comprehend and picture out—thanks to our instructor and to my group mates. I was just kind of disturbed by the week 24 topic about domestic output and national income. The approaches (expenditures and income) were kind of confusing but once I completely got the concept, everything became easy.
For me all the week 24 topics from chapters 24-30 can all be used by students like us to better understand how different factors affect the overall economy. Most people would normally think that the main things to consider when there is inflation are the supply and demand of a particular commodity. This week’s topics, in my opinion, can be of great help to us whenever we are trying to figure out why a particular economy behaves the way it does.
