Economics Assignment: Reflection on Economics Course Experience

This economics assignment is a reflective piece detailing a student's learning journey in an economics course. Initially, the student's understanding of economics was limited to basic concepts like production, consumption, and taxation. However, the course introduced the student to more complex ideas, including the impact of environmental factors on production, the dynamics of demand and supply, and the influence of various factors on market prices. The student gained a deeper understanding of how environmental economics plays a crucial role in decision-making related to resource management and policy development. The assignment highlights how the course changed the student's perspective on economics, enabling them to apply the learned concepts in their environmental studies and future career, particularly in assessing environmental quality, meeting environmental goals, and evaluating the costs and benefits of environmental programs. References to relevant economics literature are also included, enhancing the academic rigor of the assignment.

Economics
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Economics 1
Economics
Before taking the course related to the economies, I was not aware about the economies and its
role within the economy as much. I consider economics as study that provides the details related
to the economy of the country that includes the different activities. The production, distribution,
and consumption are the major factors but I was not aware about in depth concept (Cowell
2018). I used to think that companies produce products and sell to customers then finally
consumer consumes it. This concepts seems to be every easy and simple without any as such
loopholes in it. Further, I used to think that economics in the environments talks about the natural
resources that are used by the company in performing the operations. In addition to this, I only
know that the companies are required to pay the taxes on the profit that is attained by them.
However, when I enrolled in the course, I got to know the fact that how the environment in
which the business performs the activities like production, distribution, and consumption
influences the working. I gained the knowledge about the concepts of the production which
might be influences due to lack of availability of natural resources as this can affect the
production as well as the supply of products. In addition, I learned that consumption of the
products is dependent on the demand and supply of the products. The demand and supply of the
products rely on the different issues in the environment (Karl, Case, Oster, and Sharon2019). I
came to known that demand and supply is influenced by different factors that include income,
customer preferences (habits, choices and many others), prices, substitute products, and many
others. This factor either increase the demand or supply or decreased it due to which there is
direct impact on the consumption of the products in the market (Krugman, Obstfeld & Melitz,

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2017). Further, I understood how the demand and supply of the product affects the price that
shows the concepts like elasticity of demand, supply, inelastic and many others.
In addition, I gained the knowledge and understood the role of the economics in environment, as
it is essential for making the decisions related to the use, conservation, and protection of the
natural resources. This decision show about the selection of the resources include the cost and
benefits related to the different proposed measures with the likely outcomes of the environmental
as well as other policies (Romer, 2018). Thus, after taking the course my perception towards the
economics totally changed.
I can apply the knowledge gained from the course as I am doing my masters in the environment
field. I can apply the knowledge in identifying the appropriate level of the environment quality at
the workplace that is related to the economics. Further, the course of economics helps me in
understanding the way to meet the environmental quality goals that are required to divide.
Considering this, I can perform the responsibility of the leader in the organisation and the
chances of the promotion will increase. Adding to this, I gained the knowledge about the costs
and benefits of the environmental programs that are require distributing among the society. This
knowledge will help that which programs are beneficial in the environmental field or not.

Economics 3
References
Krugman, P., Obstfeld, M., & Melitz, M. (2017). International Economics: Theory and Policy,
the latest edition. Addison-Wesley.
Romer, D. (2018). Macroeconomic theory. UNIVERSITY OF CALIFORNIA, Berkeley.
Cowell, F. (2018). Microeconomics: principles and analysis. Oxford University Press.
Karl, E., Case, F., Oster, R., and Sharon, E. (2019). Principles Of Microeconomics. New York:
Pearson.