Week Reflection free essay sample

This week we went over a quick overview of the basic understanding of what consist of the economy. The economy is driven by three things economy, social and political factors. All of these factors create a melodic relationship which in the end drives the economy. Colander (2010) stated, â€Å"Economics is the study of how human being coordinates their wants and desires, given the decision-making mechanisms, social customs and political realities of the society† (p. 4). In this class we will be going over macroeconomics, which drives the economy based on the trends of the economy as one. For example the unemployment rate, cost of gas, the cost of food and politics this as a whole is known as macroeconomics which sets the state of the economy (Macroeconomics,  2013). We will slightly also go over microeconomics, it differs from macroeconomics because it is driven by individual decisions and a corporation’s decision making. We also talked about economic choices and the effect of opportunity cost. We will write a custom essay sample on Week Reflection or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This can be easily broken down to the cost and benefit of something. I went into a basic explanation of refinancing my house. By refinancing my house my mortgage payment will drop down several hundred dollars but it will cost me a certain amount of money to get it done. Therefore I will save money in the long run at a cost. I received a great understanding of the demand curve. The demand curve is based on the cost and quantity demand of items. From my understanding the supply curve drives the price of items. If one truly understands the demand curve they can use that to their advantage because they will have an idea of when they will save money on a purchase. That thought process does not work all of the time because you will find yourself in a situation where you are forced to consume items, like gasoline this is an item that is needed by individuals and corporations. References * Colander, D. (2010). Macroeconomics  (8th ed. ). New York, New York: McGraw Hill. * Macroeconomics. (2013). Retrieved from http://www. investopedia. com/terms/m/macroeconomics. asp