Economic Journal

Section I

The first section of the course haws three topics that are very influential in my future major and professional career. The topics discussed in the section are adequate and well in line with the plan to study economics for my majors. Essentially, the concept of economics as defined in the first topic is equally important in my understanding of the entire discipline. Most importantly, the belief that economics is solely the study of money that I harbored for a long time was corrected after the introduction. Now, I can boldly define economics as the science that examines choices that are forced by constraints. This understanding of economic concepts is influential in all the choices I make in my life. For instance, I can well decide whether to study or go out with friends and make the right choice depending on what is most important to me. In addition, the limits of resources as explained in the coursework are an important concept that resonates well with the career choice that I make in future.

An important aspect that the coursework taught is the availability of the economic problem and how one can adequately handle it. This is a common scenario in the day to day life of most people. Over the course of my study and career, I anticipate to encounter countless of these problems occasioned by the scarcity of available resources. In addition, the thinking that economics is not that interesting has been quashed over time thus leading me on a positive academic and career trajectory. In essence, I now have a better understanding of the subject and can adequately explain to my peers who think of the subject as odd. Moreover, I now consider the consequences of every action beforehand to ascertain that I make the right choices. This habit has developed in me over time as has been taught in the course. I now look beyond the obvious occurrence and question outcomes that are unforeseen.

I have further learnt to appreciate the fact that every decision has a cost and benefit implication on the parties involved. It therefore means to me that the choices I make do not necessarily guarantee victory even when they seem to be the right ones. As a result, I am now more conscious of the choices made and take due diligence in making my career and academic choices so as not to get affected in the process. For instance, I understand that working hard in class at the expense of having fun is a marginal cost that will be offset by a successful career in future. This knowledge helps me in making the right choices since the benefits may not always be immediate.

The knowledge from this section is also important in widening my understanding of the different economic systems and the pros and cons of each. The same is true of my academic and career path. I can now analyze the different career paths that are available and choose on the most appropriate one. Essentially, the choice of a career path does not mean that it is superior to the other. Rather, it only means that my energies and those of others are best suited for the different career choices that they make.


Section II

The understanding of the concepts of supply and demand and the implication that this has on the decisions made is quite astounding to say the least. The coursework has taught me that demand for certain products drives the supply of the same products. It is this same demand that dictates the price at which the buyers are willing to purchase the products depending on the satisfaction they get from these products. Applying this in my academic life, it is clear that the time I use in my study is commensurate with the needs I have. This means that if I want to achieve high grades, then I must be willing to work harder in class and even put more time to my study. The results that I achieve will be dictated by the hard work that I key in my studies. Moreover, the fact that I have a single career path, and therefore less substitutes, demands that I put much more hard work to ensure that I gain more.

The coursework has also taught that me decisions are determined by the interaction of different factors and their implications. This virtue is well summarized in the fact that prices of commodities are determined by the forces of demand and supply and not just by emotional thinking. This means that different factors will always be in competition within my academic and career spheres. The choices I make should be determined by the interaction of these factors and not mere preference of one outcome.

In addition, the role of governance in economics is well explored in this study; the absence of which would result to anarchy. Even when the decisions involve an individual’s choice of career, the governance is a determinant of the decision. I have learned to appreciate the fact that what I may want for a career may not be availed and I have to therefore live with the decisions. I may not, for instance get a job in a company that I so much admire and I have to understand that the outcome is not only dependent on me but on external factors far beyond my control.

The coursework has in extension helped me to appreciate the importance of growth and development in my academic and career life. I must always present an economic problem in my life whether in academics or career life. This can only be done by yearning for more than those that are already available. This hunger for resources that are scarce is the epitome of growth and development be it personally, academically or in terms of career. In this manner, I can achieve development through uptake of only the best available resources and the creation of new opportunities for growth. In addition, I have come to appreciate the interplay of factors that produce a better living standard. The availability of better resources is one sure way of generating better living standards for self and others. This can only be achieved through satisfactory choices and decisions.


Section III

The third section provides an understanding of the macroeconomic picture and the relevance of the same for any business. It is not in vain that modeling for the macroeconomic concepts was done in the coursework. Each of the different indicators in the different sectors of the economy is important in pointing out the value of understanding macroeconomics. In particular, the financial intermediaries as a sector is very important in my academic and career life as it form the bulk of my interest in economics. The understanding that I achieved from the coursework is therefore pivotal in my undertaking of the career choice in relation to this sector of the macroeconomics. Further, the different markets provided a larger insight into the areas that I would love to work in future. The foreign exchange market of currencies was more interesting for me and this coursework provided the requisite framework for my career path.

The difference and interplay between firms and households was equally explored in the section and a better understanding of the same achieved. While firms acquire resources from the households, they also offer their inputs to the same households. In contrast, households acquire income from the firms while giving expenditure away to the firms. The circular flow therefore shows the mobility of both materials and money from the households to the firms and vice versa. This understanding portrays income as a necessity for expenditures and that expenditures in turn create more income. The difference between the two incomes is what determines the profits or losses that a firm makes from its interactions with the households.

The fluctuations in the macro economies are also analyzed in the study and the implication that this has on individual businesses. In summary, companies can only prepare for these fluctuations through understanding of the economy. In this respect, businesses must collect as much information about the economy as possible to help them make the right choices and decisions. This information about the fluctuations will be important in my career in future as it provides an understanding of how business performance can be gauged. Everybody wants to own a business and I am no exception. In future, I will use this information to determine the best strategic plans through dissection of the business cycles of the economy.

The importance of forecasting is then outlined as a prediction tool to prepare the business for impending shocks in the economy. Specifically, the short-run outlook of the forecasting process is analyzed in terms of its importance in a business. Undoubtedly, the key to accurate and precise forecasting is based on the use of sound economic analysis of the economy. It is therefore very important that businesses invest in efforts to forecast happenings in the short run. This way, managers can anticipate changes in demand and supply of different materials and the repercussions that the same poses to their businesses. This knowledge will be of significance in my future career as it will help in making amicable decisions regarding the direction that the businesses take.


Section IV

The last section of this coursework is presented in the form of two topics detailing the fiscal and monetary policy and how they both influence the economy. The fiscal policy is simply the intervention measures that governments put in place in a bid to control the economy. I have therefore appreciated the importance of government interventions in attempting to remedy problems during a business cycle. Ideally, there are times when the economy suffers badly and the government has to put in place measures to cushion its citizenry form the negative impacts.

All the fiscal measures are geared towards ensuring that the economy continues to thrive even in the face of lapses in the business cycle. Through these interventions, the government is for instance able to secure employment for job seeking youths. This information is important as it helps in understanding the rationale behind the different tax regimes proffered by the government. In view of the same, I can take advantage of the different subsidies and incentives that the government provides in the course of my economics career.

One important fiscal policy is the use of supply-side fiscal policy to influence economic growth. This is a common feature of many governments and is manifested in reduction of tax rates for specific businesses to spur growth. In my career, I will always look forward to gaps in the government taxation to help in growing the companies and businesses that I manage. In addition, the decisions of governments can influence the business growth in certain sections of the economy. Using this knowledge, I can adequately analyze prospects of business growth and look for ways of guaranteeing the same in future. Moreover, the same information is useful in the field of monetary control that I aim to exploit in my career.

The monetary policy is equally important in affecting the performance of individual businesses. The most used methods of monetary policy are the issuance of securities and bonds. By so doing, governments can control, to a large extent, the amount of money in circulation during a given period of time. For instance, the government can issue bonds to the people to help in reducing the rate of inflation by reducing the supply of currency among the population. The regulation of commercial banks by the government also influences the economy through the regulation of interest rates on money borrowed. For instance, the government can put high interest rates to discourage people from borrowing more money from the banks. This could be in an attempt to reduce the level of inflation.

An understanding of how banks function is important in gaining insights on how money is made. The coursework explains that money is made from interest from loans is accrued by commercial banks and thus extending to the government. The elements of monetary policy are further explained in detail giving the reader an understanding of the same. This information is useful in my career prospects as it helps in forming an important foundation. I intend to use the information in the career field of foreign exchange markets to understand the different currencies and how they fluctuate in value. Overall, this section is important in understanding the financial aspects of the economy and how they shape the growth and development of individual business.



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