What I Have Learned On Microeconomics Essay example

1288 Words Dec 7th, 2015 6 Pages
What I have learned in microeconomics. It has been a great journey taking, and being part of the online economics class. It has been great learning more than one lesson in this class. The study of this class has taught me a lot both in the economics field, and also in life experiences. The economics class has made a different person than I was before taking the course. It has helped me increase my knowledge, skills and thus increasing my human capital. My economics class has been dealing with microeconomics, which focuses on the role consumers and businesses play in the economy, with specific attention paid to how decisions are made. This decisions focus mainly, on how a good or service is purchased by the consumer, the price the consumer pays, and how the price is determined. On purchasing a good the consumer has to make decisions based on different factors and the effects of the product on the consumer. Among the factors to be considered by the consumers, is utility. Utility is how satisfied a person is with a certain product or service which they wish to purchase. According to micro-economics, the more benefit a consumer gets, the more the consumer is willing to pay for the product or service. It is evident even in our daily life activities on purchasing goods and services. People will be willing to purchase goods and services where they are saving on their money and getting more at the same time. This explains more to me why we all want to buy…

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