1.Understanding of Economics:-Economics is a wide term which deals with a branch of knowledge related to production, consumption and transfer of wealth.During my graduation days I learned only some basic concepts in economics but I am not able to correlate these concepts in a practical life.And even I don't understand the application part of these concepts.But When I come in IBA for the pgdm course I learned many new concepts in economics and not even learned but I understand these concepts and their application part in day to day life.Now I can say confidently that Economics is everywhere and Economics concepts exist in day to day life.Economics concepts play a very important role in the life of every human being.Business is incomplete without economics.
2.Simulation Game:-
In IBA I get the opportunity to learn Simulation game which is based on economics concepts.Simulation game gives the platform to understand the market conditions and different types of markets.It give me the knowledge how to trade in different different markets according to prices and production capacity.It gives me the knowledge how to enter in a market , and when we enter in any new market it contains some entry cost which is a one time cost.It really gives me the real idea how to do business and how to make strategies according to the competitors who are in the same market in which you are trading.
I give my special gratitude to professor. Prashant Kulkarni sir who gives me the real knowledge of economics and helps me in learning and applying these economics concepts in day to day life.Without the effort of sir , I am not able to learn and understand the practical application of economics in real life.
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