De Dios, Tristan John A.

12 ABM-1 Applied Economics

“A Journey through Applied Economics”

As a student studying Applied economics, I have gained valuable insights into various aspects of
economics, including economic problems, the law of demand and supply, elasticity, and market
structure and many more. As I continue through this reflection paper, I will enumerate some of my
learning experiences and highlight the significance of these concepts in real-world and real life
application .

One of the fundamental topics we explored in applied economics was understanding economics
and the economic problems. These problems involve scarcity, microeconomic issues like poverty, social
inequality, monopoly, and environmental issues, and macroeconomic issues like recession,
unemployment, inflation, and trade deficit. I have learned that individuals, businesses, and governments
face the challenge of allocating limited resources efficiently to satisfy unlimited wants and needs. This
understanding has helped me analyze economic issues critically and helped me realize to be a wise
consumer as we have limited resources but unlimited wants and needs that is why we need to be wise
upon how we spend and allocate the resources or the budget that we have.

Some of the topic that we also discuss is the law of demand and supply, it is the fundamental
principle in economics that explains the relationship between the price of a product and the quantity
demanded or supplied. Through Ma’am Glaiz explanation about this topics and provides various
scenarios and examples, I gained a deeper understanding of how changes in demand and supply affect
market equilibrium. This knowledge has allowed me to comprehend the dynamics of pricing,
production, and consumer behavior in different market scenarios.

We also learned about Elasticity where it measures the responsiveness of demand or supply to
changes in price, income, or other factors. Studying elasticity has provided me with a comprehensive
understanding of how sensitive consumers and producers are to price changes. It has also enabled me to
analyze the impact of government policies and external factors on market outcomes. The concept of
elasticity has proven to be an invaluable tool in predicting market behavior and formulating effective
strategies.

Upon further discussion we also tackled Market structure where it refers to the organizational
characteristics of a market, such as the number of buyers and sellers, type of products, entry and exit of
firms in the market, pricing power, and degree of knowledge. Through a detailed explanation of Ma’am
Glaiz of various market structures, including perfect competition, monopolistic competition, oligopoly,
and monopoly, I have gained insights into the advantages, disadvantages, and implications of each
structure. Understanding market structure has broadened my perspective on market efficiency, pricing
strategies, and the role of competition in driving innovation.

Overall studying applied economics has been a transformative experience for me as a student. It
has equipped me with a comprehensive understanding of economic and economic problems, the law of
demand and supply, elasticity, and market structure and many more. These concepts have proven to be
invaluable in analyzing real-world economic scenarios and applying it to real life. As I move forward in
De Dios, Tristan John A. 12 ABM-1 Applied Economics

my academic journey, I am excited to continue exploring the multifaceted world of economics and its
practical applications in shaping our society.