Microeconomics Application

P‌‍‍‌‌‍‌‌‌‌‌‍‍‍‌‌‌‌‍repare a 4 page paper that identifies and discuss the three (3) most important insights you gained (from a list below) during Principles of Microeconomics ENCU202. The paper should be specific; consider your assessment of their implications, and how your thinking and/or behavior has changed. While the paper should focus on your personal learning and important insights, it must be based on course concepts (listed below) and supported by 3 or more reliable sources. Microeconomics Application Paper Guidelines In preparing the paper, reflect and respond to the following

:• What were the three most valuable and important insights you gained into microeconomics during ENCU 202? Using your text and/or other expert sources, define, describe and discuss the importance of the insights to you as a consumer.

• What are the implications of your learning as a consumer? H‌‍‍‌‌‍‌‌‌‌‌‍‍‍‌‌‌‌‍ow has your behavior and/or thinking changed to integrate your learning?

• What specific action(s) will you take to apply insights gained to enhance your professional and/or personal effectiveness? Pick three (3) of the following topics to use during the essay

1. Scarcity and the World of Trade-Offs

2. Demand and Supply

3. Extensions of Demand and Supply Analysis

4. Public Spending and Public Choice

5. Funding the Public Sector

6. Demand and Supply Elasticity

7. Consumer Choice

8. Rents, Profits, and the Financial Environment of Business

9. The Firm: Cost and Output Determination

10. Perfect Competition

11. Monopoly

12. Monopolistic Competition

13. Oligopoly and Strategic Behavior

14. Regulation and Antitrust Policy in a Globalized Economy

15. The Labor Market

16. Income, Poverty, and Health Care

17. Environmental Ec‌‍‍‌‌‍‌‌‌‌‌‍‍‍‌‌‌‌‍onomics

I had no ambitions of studying and using the fundamentals of microeconomics before enrolling in this semester's course. I'm pleased I had the chance to learn about the importance of microeconomics and how it affects our companies, society, and—most importantly—consumers as the spring semester winds to a close. In microeconomics, we examine how companies and people make decisions with restricted means. The concepts it lays forth apply to daily decision-making and may improve one's life. Like any individual, a company has finite resources. Decisions are made inside businesses to improve the company as a whole, which may include increasing profits. Three significant lessons from this training jumped out to me the most. They included the labour market, consumer choice, and supply and demand. My appreciation for my few resources has increased due to better comprehension of microeconomics concepts, and I now know how to utilize them wisely rather than wastefully.

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