Microeconomics reflective journal

Microeconomics is one of my modules for this semester. Basically what I have learnt from this module is the definition of some economics and put it on the graphs. Besides that, we were given some examples related to the cases that happened on the society with the lesson we have been taught on the tutorial. On the lesson one until lesson three we were taught about economics basic definition, demand and supply, and the elasticity that I have learned before on the high school. The things that different is the way to understand it, now as a degree student I must use English to understand the lesson; usually back on my hometown I used to use Indonesian to absorb any lesson on the study. It was a little hard at the first, but now I think I am slightly better than before, hopefully I can be at a level that the teachers wished in the future.

On the fourth, fifth, and the sixth lesson, I can honestly say that the real problem came. I was so hard to understand about the short run and long run but thanks to Alexis (one of the world scholarship student that live on the same apartment with me) I can understand about it clearer than before. He just taught me that to differentiate about long run and short run is long run only has the variable cost and only on the short run it has something called fixed cost. He also told me that actually long run also got the fixed cost which are the factors of production. On these lecture I also learnt about the EOS (economic of scales) and the DOS (diseconomies of scales) which can determined why is an average cost on the long run is decrease or increase.

The next few chapters that are lecture seventh, eighth, ninth, and tenth is all about the market competition. I was taught that market competitions are divided into many markets like for example monopoly and oligopoly. Monopoly, each times I heard that word, it keeps remembering me of the monopoly board game I used to play. It was very fun; if you are rich enough you will try to buy as many land as you can in order to conquer the whole game; you can confiscate your friend’s houses and lands whenever they stepped on your area and cannot paying the bills. That is where I got the definition of the monopoly, but if we compare to the lecture taught, there is no big difference; the meaning are basically the same, just on the lecture it is more economic which on the board game it is more social because people can understand easier.

That all about my experience on learning Microeconomics module, hopefully I can maximize what I have learnt on the university and contribute it to the society. I also wish that the lecturer would try their best on teaching their student so they can understand whole the topic they are talking about. I would suggest some games on that related to microeconomics, I think it can make the lesson seem more interesting.