If you are reading my blog and find it really stupid, I am sorry about it. This is my first time doing an 'econs blog posting'. I will try harder to make it better for the next blog. PRomise!
Blogging is like a journal to me. It's an intimate place where I can express all my thoughts and feelings. So, econs blog posting..i would conclude that it's a place for me to express whatever i feel about economics and how it relates to my real life. Every little thoughts that i haVe for econs.
Wow, everyone is doing it in such professional way. I din expect there will be graphs in a blog too. Should I use proper english for blogging as well? I hope to be as genuine as possible.
Well, up to this point..I am still not quite sure about what is economics really all about. But i formed a first image of ECONS---what it means to me personally, after the first lesson with ms. Vyna. I see economics more than a subject. Having econs class is like learning about life lesson. I truly believe it is all about LIFE in economics because the basic and most fundamental concept that i learnt from the first lesson is SCARCITY. Because of the limited resources in this world, people are forced to make a choice. Wise choice. How to produce? What to produce? FOr whom to produce?
I truly fall in love with this even it is just a basic n simple concept! That's the reason that makes me wanting to learn more and more about economics. THat's the reason I am still pressing on to read up ahead of class...when the words in the economics text book seem to know me but i do not know them!
Isnt't it like a life lesson to me? In life, it's all about decision making! Making wise choices. Using the limited resources(eg. time)that we have and get out of the most.
What to eat for tonight's dinner?
Who to spend time with this weekend?
Should I study or not tonight?
What to wear later?
What CCA should I join? How many?
What subjects to choose?
And then...every choice behind it, there is an opportunity cost. THe consequences of choosing it and the price that you have to pay for choosing it.
Today I learnt something new again. I gained an insight.
It makes me think that learning economics helps me see things and problems beneath the surface.
Today in class we talked about the application of demand and supply curve. It's About what can government do to the effects of price floors. THe pros and cons of of increasing demand by advertising or through import substitution. Ms vyna was trying to illustrate to us what is' import substitution'. I particularly like a question that ms Vyna raised up to us. Let's say Vietnam is producing alot of rice. They have surplus of rice. THey do not need to buy it from other country anymore. The growth of trading partners will decrease. So what are they going to do with the surplus? THe country can either choose to keep it, sell it or discard it. What about selling to a country that is much poorer? THe country that desperate for rice like Africa?
It looks like Vietnam is helping them...but, is it really true??????????
What about the producers of the rice in Africa? Is this beneficial to them?
It will be a great disadvantage to them because there are lots more competition from the outside of the country.
It makes me pondering about life.
In life, there are many things we choose to do...seem to be out of good motives, but is it really so?
We think we can help but actually it turn out to be another way round.
Or maybe we think that there is a 'short-cut' we can go to get to the same destination(it takes less effort for ourselves) but in the mean while it could cause a lot troubles to others(without we ourselves realising it).
As we grow older, things become more complicated.
When we give money to the beggars along the street, are we helping them or destroying them?
thanks for your patience in reading my blog.
Here's come to end of my sharing.
I hope i will gain more insights as i venture on the journey of learning economics. And Hopefully i will get to relate to my own life and share more with you!
See you next time!
I like your reflections on the topics that you have learnt, and how you put thought into some dilemma that we encounter in real life. You have gotten some of the fundamental lessons of economics – that when we do something, there is always a trade off and a price to pay!
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