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Eleni Filley
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The most important thing that I learned in Econ 100 this semester was the concept of opportunity cost. While relatively simple to grasp, I think it is especially important to understand because of its applications to everyday life. Many times when making a decision, whether in business or personal life, we all tend to evaluate what we would be giving up to make one decision or another. The power to understand that there is always an opportunity cost, even if it just time itself, is incredibly useful in comprehending how businesses collectively, and individually, as regular day people, can make a choice. Continuing with that, we got to discuss several times in class that people at times are irrational. In the context of Economics, I think that is a vital idea to understand – that people are not always predictable. In that sense, it has taught me to keep an open mind and to understand that the models are just that – models. We have had thorough discussions about the special case scenarios that I think are vital to remember: oftentimes the answer to an economical question, in Professor Casey’s words, is that “it depends”. It has been a great opportunity to be in a smaller classroom so we have had the time and flexibility to discuss special case topics in more detail. For example, the ability we had to talk through how raising the minimum wage does not necessarily cause unemployment was an eye opening discussion that allowed me to see the power of “it depends”, so to say. I have thoroughly enjoyed learning about opportunity costs, the difficulties of predicting people’s choices, and the consideration of special case scenarios. I believe they are all incredibly important concepts from Econ 100 this winter, especially in context with each other. Thank you, Profesor Casey!
Toggle Commented Apr 22, 2020 on ECON 100 Final Exam at Jolly Green General
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Apr 22, 2020