Macroeconomic Terms
Reflection Summary
Team A – Jaleel Akram, Jerrisha Whitmore, Joan Sancho, Paul Parker
ECO/365
Kirby Freeman
August 27, 2013
Jaleel Akram
What I took away from week two’s objectives after discussing and the topics that I feel comfortable with are the relationships between productivity and the cost of production. Productivity is being able to bring forth or produce goods and services. Understanding that there are many different types of cost that business’ incur during the production cycle. It’s important for firms, owners or managers, etc. to know about the various costs (i.e. fixed costs, variable costs and total cost). Also that accounting focuses on explicit cost and revenue; while economics focuses on both explicit and implicit cost and revenues. The topics that I struggled with are the understanding of economies of scale, diseconomies of scale and understand the shape or the different reasons that would make the curve shift. The topics relate to my field because in the healthcare industry, the company has to be productive in order to stay afloat and they are constantly looking for ways to lower the cost of services that are provided to clients in order to increase the company’s overall profit.
Jerrisha Whitmore
During week one, we discuss the difference between supply and demand and the affects that it has on prices and quantity. Example of shifts in demand would be taxes, expectations, income, and other goods. Examples of a shift in supply would be price inputs and technology. I believe that I am comfortable with supply and demand; however, I struggle with the graphs and the visuals of the shift. By taking macroeconomics before this class, in ways has prepared me to have a better understanding of microeconomics and how the economy is studied.
Joan Sancho Gathering from chapter one reading, it states “a key element in getting people to recognize that lunches aren’t free is the concept of opportunity
Team A – Jaleel Akram, Jerrisha Whitmore, Joan Sancho, Paul Parker
ECO/365
Kirby Freeman
August 27, 2013
Jaleel Akram
What I took away from week two’s objectives after discussing and the topics that I feel comfortable with are the relationships between productivity and the cost of production. Productivity is being able to bring forth or produce goods and services. Understanding that there are many different types of cost that business’ incur during the production cycle. It’s important for firms, owners or managers, etc. to know about the various costs (i.e. fixed costs, variable costs and total cost). Also that accounting focuses on explicit cost and revenue; while economics focuses on both explicit and implicit cost and revenues. The topics that I struggled with are the understanding of economies of scale, diseconomies of scale and understand the shape or the different reasons that would make the curve shift. The topics relate to my field because in the healthcare industry, the company has to be productive in order to stay afloat and they are constantly looking for ways to lower the cost of services that are provided to clients in order to increase the company’s overall profit.
Jerrisha Whitmore
During week one, we discuss the difference between supply and demand and the affects that it has on prices and quantity. Example of shifts in demand would be taxes, expectations, income, and other goods. Examples of a shift in supply would be price inputs and technology. I believe that I am comfortable with supply and demand; however, I struggle with the graphs and the visuals of the shift. By taking macroeconomics before this class, in ways has prepared me to have a better understanding of microeconomics and how the economy is studied.
Joan Sancho Gathering from chapter one reading, it states “a key element in getting people to recognize that lunches aren’t free is the concept of opportunity