ECON6000 Highlighting Core Economic Concepts: Reflective Journal Assessment 3 Answer
A reflective journal is a summary of the work in practice, but a chance to focus on the learning process more effectively (Bassot, 2016). There are no different ways of writing journal, since the personal experience, desired learning approach and individual emphasis of work should be taken into account. From this unit, I first learnt that economics is the social science study in which the production, delivery and use of services and products are involved. It explores how citizens, corporations, states, and nations make decisions about how to distribute resources (Angelis, 2018). This assessment aims at highlighting the core economic concepts learnt through the unit and previous assessments. Also, it deals with the analysis of how these concepts can be integrated and utilized in a real job environment for growth and learning. The possible effects of decisions taken by people, corporations, and policymakers can be encouraged to make better decisions by a better interpretation of economic values.
Core concepts of economics and their application to the real job environment
Economic principles are very profound and complex and it takes a certain degree of compassion and versatility to gather information on a relevant subject in certain bit and pieces. The relation between main choices such as production and consumption explicitly governs both budgetary and market exchange from the perspective of monetary models that aim to construct this system by integrating logical steps and psycho-social appraisal (Monaco et al., 2017). The major concept I learnt is the impact of situations like pandemics. Government and the government officials are needed to be prepared for managing the economy in such crises. Also, unemployment is the major adverse effects of pandemics which need governmental supervision.
Government has adopted JobKeeper compensation in order to benefit employers so that they can afford to compensate their workers (Andrew et al., 2020). JobKeeper is a pay subsidy to firms provided by the government. Therefore, while a corporation that is severely affected by COVID-19 still keeps paying workers (Andrew et al., 2020). In the near future, I will also aim to work at such initiatives as an economist which on one hand manages the country's economy and on the other hand works in the favour of the common public. In addition to this, consultations and learning are helpful because they enable an economist to present and equate your own perspective with those of others.
This review approves steps I support that focus on different political and social problems that are extracted from economic models and planning strategies. I was amazed, for example, when macroeconomics emerged, to figure out how the currency would impact the worldwide economy, particularly when the country is facing through a COVID-19 disaster. Now I know that socio-economic effect studies assess and commercialise the economic, societal, financial and environmental risks and advantages of an initiative or public/governmental policy over the course of its lifespan for all stakeholders (Kosov et al., 2016). Socio-economic return is the net production of mutual value (socio-economic NDV).
At the time the media mentioned that a certain commodity is out of stock, I did not understand, because demand and supply definitions were unfamiliar to me. Now, these ideas have become more relatable in the COVID 19 pandemic. After the pandemic began to panic the people, the manufacturers of a certain capability became out of stock that rendered the commodity scarce, such as sanitizers and tissue papers, when a little after I managed to get hold of some of these items, I saw that the prices were increased. Now I realise that when there are a significant number of customers on the market, a customer can be required to purchase the commodity in order to prevent a stock-out problem if the availability becomes unable to maintain pace with population growth (Baker et al., 2018).
Moreover, through assessment one, I learnt the concept of change in elasticity. According to Kleven (2018), knowledge concerning elasticity is valuable in estimating prices and quantities constantly changes. Businesses need to decide whether to raise or reduce price in order to improve Gross sales. This will be beneficial in my own start-up and I can manage the gross sales effectively. In fact, this concept will help me in being a good economist employee also. Next, I will work as per the consumer and producer welfare terms as when demand for a good rise in the market economy, the price will grow in a consumer economy, which will encourage suppliers to supply more goods (Fan, 2018). The balance achieved by a market ensures economic productivity and maximises the net exchange profits represented by the combined customer and product surplus region (Fan, 2018).
Monetary policies or other government acts were like Foreign for me and I couldn't comprehend the definitions as well as I recognized the other subjects even when doing the course. When our assignments were allocated, it was a struggle to acknowledge these policies further and to consider their way of working in our country. I always assumed I didn't want an economist job, so it's okay if I forget a few ideas, and thereafter I would have a few weeks internship at a company, and it made me more aware that if I want to pursue a career in a finance company, studying various policies and international exchange are the most essential for me. It's not always accounting that can make me do the job well, but the comprehension of these principles.
This pandemic was the worst possible thing that could happen for the world, but for any economic ideas I needed to explain, it was a good example. In this case, the economic situations and actions were all very different and I had to see certain concepts being demonstrated by our government to cope with the crisis. I now realize that Australia's exchange rate was undoubtedly affected by the lockdown and transport sanctions, and I have heard that China was Australia's largest trading partner, and this immigration ban will have an effect on the global supply chain we will have with them (Liu, 2020). The dollar still dropped in value against the US dollar, and now I also realised that the government was going to take steps to restore the currency and they did.
What changed throughout this unit was that I could now grasp the governmental steps and even predict what could arise in the worst situations like a pandemic and best case possible such as rise in the gross domestic product (GDP). We used to study the principles in this course, but we also explored how these principles worked in the actual world, before this course, I never would have known how Australian commodities are influenced by the China and United States price war (Pham et al., 2017). Further, as an economist, I can grow my career in the gross domestic product area. I now understand that gross domestic product (GDP) is typically used by economists to assess economic growth (Slepov et al., 2017). The economy is in reasonable shape, with GDP growth, and the government is going ahead. On the other hand, the economy could be in difficulties if the gross domestic product is declining, and the country is losing influence. I will still wonder about what we have to do with these two nations, but now I can comprehend how the international exchange operates and what occurs if a trade ban is imposed on a product in a certain region. So in certain sectors, we have been indirectly impacted.
For me, economics was only a set of policies and principles that I figured economists needed to tin their job, but now I realise that these principles would come handy if I were to start my own company at any point. It's a problematic job to run a company without economic understanding (Chan et al., 2020). I need to know the obstacles to the business I want to access and how I'm planning to approach the market and succeed as a novice. I will also like to evaluate my capacity to produce the most impactful potential. I even assisted one of my brother with his business a lot.
From the above assessment, it can be concluded that ore concepts are important for me in order to grow as an economist and to establish my own business. I now have the skills to choose several areas where I was once reluctant to move in because they had economics in it. Now I can comprehend how the international exchange operates and what occurs if a trade ban is imposed on a product in a certain region. The technology was too complicated for me, so I wanted to be a business owner, and since statistics are fascinating, this course works as a blessing. This will be beneficial in my start up and I can manage the gross sales effectively. This review approves steps I support that focus on different political and social problems that are extracted from economic models and planning strategies. Also, economic principles are now these more relatable in the COVID 19 pandemic.