Week 1 Reflection

Topics: Economics, Supply and demand, Unemployment Pages: 2 (443 words) Published: May 29, 2013
Team Weekly Reflection
Resources List
I use this site to attempt to understand the economic forecast due to politics. http://money.cnn.com/
I use this site to get a great overview of the economic status of the U.S. and the world. http://www.marketwatch.com/
I use this site to see what the stock market is doing worldwide. http://www.thestreet.com/
This website gives a great overview of the economic status of the U.S., it helps out with personal finance decision making.

This week we went over a quick overview of the basic understanding of what consist of the economy. The economy is driven by three things economy, social and political factors. All of these factors create a melodic relationship which in the end drives the economy. Colander (2010) stated, “Economics is the study of how human being coordinates their wants and desires, given the decision-making mechanisms, social customs and political realities of the society” (p. 4). In this class we will be going over macroeconomics, which drives the economy based on the trends of the economy as one. For example the unemployment rate, cost of gas, the cost of food and politics this as a whole is known as macroeconomics which sets the state of the economy ("Macroeconomics", 2013). We will slightly also go over microeconomics, it differs from macroeconomics because it is driven by individual decisions and a corporation’s decision making. We also talked about economic choices and the effect of opportunity cost. This can be easily broken down to the cost and benefit of something. I went into a basic explanation of refinancing my house. By refinancing my house my mortgage payment will drop down several hundred dollars but it will cost me a certain amount of money to get it done. Therefore I will save money in the long run at a cost. I received a great understanding of the demand curve. The demand curve is based on the cost and quantity demand of items. From my...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • ECON 312 Week 1 Quiz Essay
  • Week 1 Reading Reflection Essay
  • Week 1 Essay
  • Week 1 Essay
  • Week 1 Essay
  • Week 5 Team Reflection Essay
  • Week 1 N 2 Reflection Essay
  • Team B, Week 2 Reflection Essay

Become a StudyMode Member

Sign Up - It's Free