“Economics is just a subject, maximum
concepts of it is hypothetical, there is no connection with real world and
maximum decisions are taken on the basis of assumption.” – this was my concept
on economics before joining IBA. But it didn’t take much time to change this
concept. In the first day of Business Economics class, when sir described how
the concepts of economics worked even in my college selection, I became astonished.
That was the starting and after that I never feel that it’s a worthless
subject. I started applying various types of economics concept in different
situation. From a junk subject, it turned into a fun subject. Now when I read newspaper,
I find how concepts of economics are applied in industries, companies and
corporate, how those concepts help marketers to take decisions in marketing
field and how we apply economics in our daily life.
I
learned so many concepts of micro economics. Among them, “Diminishing Marginal Utility”
and “Economies of Scale & Diseconomies of Scale” are two concepts which I
like most.
It
is very interesting when you learned that you can’t eat your favourite food for
a long time because of diminishing marginal utility! You also become amazed
when you learned that companies marge for getting the advantage of economies of
scale but when they become too large they suffer from diseconomies of scale!
So
economics is totally fun and interesting. Now I’m eager to learn ‘Business
Economics 2’ which is Macro Economics.
No comments:
Post a Comment