Team Reflection

Topics: Supply and demand, Monopoly, Price elasticity of demand Pages: 4 (1484 words) Published: June 22, 2013
Learning Team Reflection
Sherly Blanchard-Blot, Katrina Etheridge, Andrea Kvech, Danielle Moore, and Mark Specht ECO/561 - Economics
June 6, 2013
Instructor: Paul Updike

Learning Team Reflection

Learning Team D discussed the learning objectives provided for Week Three. Each Team Member posted a response to three informational questions posted by the Team Leader. During week three The Team Members felt comfortable with different topics. Sherly, Andrea and Katrina all felt the most comfortable with the topics dealing with Technology, R & D, and Efficiency which were covered in chapter 11W. Sherly found the topic of invention the most fascinating  because it allows people to just think up of an idea, experiment with it and develop it before finally developing it with the intent of putting it out on the market and earning some profits. An example of invention at work is a TV show on ABC called Shark Tank where inventors present their invention to members of the panel who are entrepreneurs/potential investors with the intention of selling a percentage of their business or product. Andrea felt that the chapter was an easy read and was more of a review on how businesses stay profitable and viable. From this chapter Andrea was able to learn that creating a fresh product at the optimal price is the key to success. Katrina was most interested in Technological Advance and Efficiency section covered in the chapter. The fact that improving ones technology can also contribute to economic efficiency was something that Katrina found interesting. Mark was comfortable with all the topics covered in week three and especially enjoyed learning more about the differences in operating in a monopoly, monopolistic competition, and an oligopoly. Danielle felt most comfortable with the process of supply and demand and how it plays an important role in the economy. Danielle feels that understanding how the supply and demand process works is beneficial and can be...
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