FPT UNIVERSITY DA NANG

DIGITAL MARKETING

INDIVIDUAL ESSAY
ECO 111

Name: Trần Uyên Thư

ID: DS70481
Class: BA17D03
Lecture: Nguyễn Quốc Quân
1. What does Economics and Microeconomics study for?
Economics is understood as a social science. Economics is the study of scarcity, the study of how
people use resources and respond to incentives, or the study of decision making. Economics is divided
into two separate main branches, parallel and mutually developing, namely microeconomics and
macroeconomics. Economics is often misunderstood as money and investment, but in reality it is often
concerned with financial issues, strengthening markets, and defining the line between rich and poor. In
this course, it will help researchers grasp the process of transformation and rotation of the economy,
grasp the market and create outstanding promotion opportunities in business. In addition to methods to
help solve business problems, economics also clearly demonstrates the importance of economic
development following the trend of the world. In a nutshell, economics is a broad discipline that helps
us understand historical trends, interpret today's headlines, and make predictions about future economic
swings.
In economics, there are two main groups: microeconomics and macroeconomics. But we will clearly
state the concept, characteristics and properties of microeconomics. Microeconomics is briefly
understood as a way to study the individual behavior of consumers and organizations to make decisions
about resource allocation. This study analyzes how and signed by individuals, households or business
groups react to changes in fish prices, quantity of goods, external factors and find out the reasons why.
they allocate resources at that price or at that time. Microeconomics uses many different principles such
as the law of supply and demand or consumer demand to predict individual or business behaviors. In
conclusion, microeconomics helps to understand the behavior of consumers or businesses to satisfy
customer needs.
2. What are the concepts you like the most in ECO111 and why?
In the microeconomics course (ECO111), most of the concepts that I was exposed to were interesting
and highly useful to apply in future work. But the two concepts that gave me the most insight and
insight into microeconomics were "Elasticity" and "the concept of supply and demand".
Chapter 5 -Elasticity and its Application:
First of all, the concept of Elasticity, it is understood as a general
measure of the responsiveness of one economic variable to a change in
another economic variable. When an event occurs that changes the
economic course of price or quantity of supply or demand, it directly
affects the economic demand of users and vice versa. I am impressed
with Elasticity because it will directly affect changes in the economy
without any rules. Elasticity will help me understand the importance of
understanding market trends in economics and making accurate decisions in the nature of work.
Chapter 6 -Supply Demand and Government Policies:
The law of supply and demand is the next concept that I find
most interesting when exposed. The law of supply and
demand is an extremely important law to form a market. This
law states that it is through the market that an equilibrium
price and an equilibrium quantity of goods traded are
determined. Thereby, investors can consider and choose the market that is suitable for the capabilities
of the business. Moreover, the law of supply and demand also helps us to determine the equilibrium
price and quantity of a good to determine consumer demand for essential goods. Therefore, I really like
the law of supply and demand, it not only helps me grasp the market's commodity trends but also
understand the needs of customers through their buying behavior.
3. After graduation, you will become a staff of a company or run your own business, how can
Microeconomics’s knowledge be useful for your future work?
The question that is always asked after graduation is whether to go to work for a large enterprise or
start a business. For me, the baggage after graduation will be a very little collision, so after I graduate, I
will go to work for the business with what I have. After that, I will try to accumulate the experience I
have gained while working at the enterprise so that I can start a small business as a premise for myself
to go up in the future. And microeconomics is a great knowledge when I graduate that I can apply to
businesses because, with enough knowledge, I can confidently work and improve in the corporate
environment. With practical lessons, the learning environment is able to speak for itself, understanding,
knowledge of microeconomics such as the law of supply and demand, calculation formulas, or
becoming a government to solve problems. problem-solving will be applicable in the environment I
choose. Not only the knowledge but also skills that when studying microeconomics gives me such as
acting quickly, understanding the market, and solving customer problems, will definitely help me apply
when I become an employee of the enterprise.