APPLYING FIVE ECONOMIC CONCEPTS

Applying Five Economic Concepts

Company: COKE       Sector: Beverage

1^st concept

Economics of Scale

As a company is able to produce in huge quantities it is able reduce it’s per unit cost of production thereby enjoying benefits of of producing in large quantities.

2^nd Concept

Producer Surplus

A producer is able to earn producer surplus when he/she is able to charge a price more than his minimum selling price

3^rd Concept

Production Possibility Curve

Production Possibility Curve can have termed as different combination of goods/services that can be produced by switching resources between this good/ service.

4^th Concept

Diminishing Marginal Utility

As a person consumes increased amount of a good/service marginal utility achieved from consumption of additional unit gets reduced.

5^Th Concept

Substitution Effect

It can be defined as a presence of any other good/service which can substitute the good/service, currently in use. Degree of substitutability of any good has effect on it’s pricing.

Greatest learning in Economics

This is the first time I am learning economics.Before that I don't know why restaurants provide unlimited meals, new movies keeps coming every year, telecom service provider offer free sms at night and unlimited talk time at night, fashion industry keeps on changing design of clothes,jewellery. These all are due to the economics behind this and economists leverage on this. The rationale is the LAW OF DIMINISHING MARGINAL UTILITY.
This says that with increase in usage of the product our utility keeps on decreases with time. 

The lens of Economics .

The Trimester has been very enlightening, specially some of the subjects have really challenged the grey cells. I was initially feeling a little off as far as Economics is concerned, the subject is new for me and the concepts though interesting sometimes tend to be confusing too. The practice of writing blogs in a way forced me to rethink the concepts learnt in the class for writing the blog every week. The Simulation round is the most interesting one though. I have enjoyed the course thoroughly though I really need to improve a lot as far as the concepts are concerned. 

ECONOMICS AS THE PART OF MY LIFE HOW ?

Economics as the part of MY life how ? It took time to get the answer , as I came across this after a long  time  . Economics in this life is present in each and every senerio ..its very interesting to relate the things with each economic concepts . I enjoyed LEANING one more new subject which is now part of my life  . Example given by sir is so good to get the idea about the topics . Initially it was very difficult to relate but now ..its nice .

Every subject has its significance with respet to the life . Economics helps in relating things with producer ,consumer , money , growth , demand , supply , changes , and many more . Best part in economics is that maximum use of charts and graphs help to relate the things more correctly which made the mind to learn in once .

Economics will be now our life and career friend which will be there forever as its importance in management world is so high . Lastly Economics is now my friend and I am happy that i got opportunity to learn this subject also .    

STARTLED BY ECONOMOCS

Starting with supply demand curve to economics of scope. It's been a roller coaster ride. First grasping the utility then came profit maximization it was one after one but the best part came when we started 'SIMULATION'. Slowly and steadily we started applying and understanding the concepts of economics. It have been a wonderful learning.

STEP BY STEP TOWARDS ECONOMICS

At first, I was not very sure about the idea of writing a blog that too on economics. It might be because of the fear of facing the unknown. Studying economics was totally a new experience for me. But gradually with time, I got  to  know the concepts on economics and also understand it's application in day to day life through the lectures that were discussed in the class. During the initial days, writing a blog was really a struggle for me. The struggle turned out into a nightmare, when we were asked to write and relate real life examples or life stories in addition with the economic concepts. But now it seems to be easy to relate with day to day life. Atleast, at this point of time I can add an economical point of view to any discussion. Blog and Simulation process added an extra value and urge to remain updated with the lectures.

Journey Towards Economics

• Economics is not a destination it's a journey which never ends If you keep on travelling in the world of economics there will be no Final Destination to this journey, you keep on going and learning new things.
• The Endless journey in the Economic world has started on 9th July 2018 at 9:30 AM in CR-11 at IBA by a dynamic Legend of Economica named Prof. Prashant kulkarni. 
• We started seeing economics in a different way by relating the current situations to every concept and also the effects of that concepts.
• If we start relating our daily activities of life we can see different economic concepts behind everything that was supported by economics.
• Blog Post and Simulation has taken the learnings of economic to the next level.

Learning’s in economics at IBA

As a BBM student I thought that i know the Economics before starting of syllabus
by Prof. Kulkarni sir, But after UG  Economics classes, I came to know that i know only theory that which i mug up in my class in UG Where i didn't learn how it is been applied in our daily life and outside market, which is very much important to know the market structure and study about people mind set and about companies  before you enter into a market with a product then you end up with LOSSES.
Before coming to IBA I thought the economics subject has been over till UG only but learning in IBA i came to know it is equally very important subject and our life too and will be there within our corporate life .

Now, I can easily relate Eco-concepts with the company.

Learnings On Business Economics

In past I taken three hour's to write matter in exams, Now Iam taking three hours to think what to write.

To me it was a journey from Books to thinks happening around us.

Now Iam learning to apply thing's practically, that I studied in books.

Learning of Economics Experience

Being a B tech student I thought economic is a boring and theory subject because I never studied economic basically this subject is new for me. When I started studying economic I found many new interesting concept in economic.And how economics concept applied in our day to day life. And Ofcourse Kulkarni sir also help as to understand the concept more deeper and easier ways. Sir give example to every concept which help me to understand the practice use of those concepts which is very important as a part of learning.
Because most of student don't know why they are learning these concept and where to use this concepts.
I learned so many basic concepts like demand and supply, utility , marginal cost ,  Monopoly market , budget and many more.
The simulation game help me understand the trade manufacturing. How to set a price in a market and how to deal in market.
In last I thanks to Kulkarni sir that they share there knowledge and wisdom to as about this economic subject

BEAUTY OF ECONOMICS

I had economics in my graduation but i had only bookish knowledge on economics. But because of  Prof. Prashant Kulkarni  i know real life examples of economics. When i came to Bangalore me and my friend are roaming in Electronic city. Then  my friend asked me why so many companies are there in electronic city, then i told i don't know. But now if he ask me why so many companies are there then i can say it is called ECONOMIES OF AGGLOMERATION. That's the beauty because it was easy for vendors to reach them and they can meet all suppliers. They got cost savings. Information and Innovation flows through these companies.They meet their clients and customers. So without knowing ECONOMIES OF AGGLOMERATION we don't know why so many companies are there in Electronic city. So in-order to know this concept we know about economics. Like that for everything happens around us or existed around us are related to economics.  That's the beauty of economics. The beauty of economics is not able to show in one blog. By knowing different concepts of economics we know different things in this universe. 

Experience in Economics Subject

Sir I am from B.COM Background and I don’t know about Economics subject. When you teach the concepts in class we understood some basic knowledge about economics concept and after learning all the concept and we started blog from our own and that onward I understood some concepts about the economics. In various concepts we have related to real life example also and we have written some unique blog which are related to real life also. After that we know about simulation game and we learn there also what strategies can be used in market and in there what are concepts have been used.

Thank you sir, for giving more practical concepts which we can understand economics concepts like blog and simulation.

LEARNINGS WITH ECONONOMICS

LEARNINGs WITH ECONONOMICS

First we understood the concept of demand & supply along with the consumer behaviour.

We also understood the determinants of demand & supply along with price mechanism. It also reflected how consumer’s choices effects the elasticity of the products/ services.

Utility & indifference curve measures the satisfaction & preference level of Consumers based on his income levels.

Along with the theoretical learnings, we also learnt to apply concepts of real time situation in simulations understanding the type of market and competition.

In just a matter of 3 months....

                                 

                           “Economics” – a subject which I would have never chosen if I had a choice. But the fact is my beginning with economics is what makes me feel that way. For a student like me & for a subject like economics the first impression is what initiates the curiosity & interest to learn, which in my case was bad. Though I previously knew few concepts, my understanding was confined to books, but after the economic classes in trimester 1, I’m actually able to relate all the concepts & whenever I face one, I remind them. The best part is the “Simulation”, it evoked the competitiveness & thereby trying to frame strategies’ to be on the top. I didn’t know that economics would be this interesting if we are able to relate it in our life. I can proudly say, I’m no more the same person who hated economics. All thanks to my professor who made my learning stronger & deeper.

                          My favourite topic in economics is the pricing mechanism & Profit maximization. Both of which are now in play. Let’s see what happens further. Hope the same fun learning continues.

When Economics is new to you

When I sat in the first class of economics I i felt very bored and was unable to understand anything. But after 2 classes I got interest in the subject and started to know about it. Actually economics is the social science that studies the operations of goods such as its production, distribution and the consumption of the goods or services.
I came through the basics in the subject i.e Law of demand, law of Supply, demand, supply, elasticity, the price mechanism, utility and its types and characteristics, indifferent curve, equi marginal principle, production possibility curve, cost analysis, price discrimination, etc,.
I will learn more in this subject so that i can apply it in tge real life example.

FASCINATING !!! ECONOMICS IS ACTUALLY EVERYWHERE...

        I am from B.tech stream and MBA is something that happen all of a sudden for me. We had economics in our 10th standard and it was quite interesting and easy. Later i dint come across any topic relating to economics. Here after joining IBA, when i came to know that we will be having 10 subjects out of which economics is one subject, i started relating it to my 10th class economics and felt it would be of similar type even here in PGDM. I was also quite happy that it is one among the few subjects that i already had a touch unlike marketing and accounts. At the same time i heard that there will blogging, simulation in economics and the faculty dealing with this is very very friendly but its not at all easy to get at-least half of the marks in this subject. I really thought this was very contradictory. But, after the first session of economics, i realized why seniors are telling in that way. I took time to adopt to the way sir was teaching, so for the first 2 classes, i literally spoke or responded nothing.But the best thing that i did in economics session was posing a question to sir and then i realized how nicely and clearly sir explains the concepts. Prashanth Kulkarni sir is known for his uniqueness in teaching and also setting the question papers. He is so friendly that from next class i really gained interest in listening to him and noting all the points and examples he tells in class. This helped me a lot for the blog and it is very true that we students faced a shock when we saw such type of question paper for the first time. But these are all the learning and we students came to know from him and his question paper what actually MBA style is all about. Honestly, the viva session before midterm was very tensed phase but i did well and really really felt thankful to sir for the viva session because it actually eased my preparation for my midterm. Every class of economics by Prashanth sir is like a journey with my amusements and leanings. Till now even-though i know economics can be seen in real life almost everywhere, i could not relate to it. But, now its quite fascinating how every situation and every where in our daily life,we can actually see economics. It was really a great learning and i am thankful to sir for such patience in teaching and friendliness in handling students. 

From economics I have learnt

From economic  I have learnt that the concepts which were in econiomics mainly concentrate on how consumer buys. For example budget line it will done on the basis of customer.

       Not only budget line and also many concepts which relates to production, distribution and consumption of business and cutomer.

So many situations we are in part of economics in our life, but we don't know what it is actually, but now I can understood how price fluctuation happens not totally but some how.

       On what basis price fluctuations happens, how to act accordingly to competertors.

 

ECONOMICS- A terror subject to a friendly subject!!

Learnings in economics: -

As a student from BBA background, we have economics only for the one semester, where we are not fond of the subject much. Economics is a subject where we can relate every concept to our daily situations. In my graduation, I have studied only the concepts related to the economics, but here I am relating every concept with real-life examples which happen in every individual’s lives.

And writing blogs relating to the economics concepts which is a very new technique of learning, this is the first time where I am writing blogs, where learnings of every individual are getting stronger.

When the concept of writing blogs was heard by us, we were with blank minded with lots of thoughts- what to write in the blog and how to write a blog, but our professor Prof. Prashanth Kulkarni and some other seniors helped us to get knowledge about writing the blogs. After some days we got habituated to write blogs and every week with new ideation such as

• ·        Relating economic concepts to our real-life situations.
• ·        Economics concepts used by the various companies.

Every blog was a new learning for us.

And the other main thing in learning of economics in a Simulation game, where a group of people collaborating together-trading by manufacturing goods, entering into a new market by investing money which feels like we are running any organization in our real life.

Practical learning was the main learning for us in economics where we have learnt a lot about the concepts of economics.

Thank you Prof. Prashanth Kulkarni sir for giving us an opportunity for providing us with a practical learning in the subject from the basic concepts of the economics and letting us know and take part in the simulation game.

All of us are Economist

As an individual everyone including me are an economist indirectly. When we give a demand or when we avoid a product, it actually impacts the company. We being the society have a great power of the market.


The Economic first class, I really believed that I can get through this subject very easily. As days passed on I came to know that, a PGDM level economics is something different. Now if I see my graph of concepts of economics has increased vastly. In spite of being many concepts the base on which the whole economics moves around is DEMAND and SUPPLY. All the other concepts are an improvised version of these two. The concepts which i really liked in this short span of time was, IRTS, INDIFFERENCE CURVE, UTILITY and ELASTICITY. I would say once after the midterm is completed, I really understood how badly i have understand the concepts and I also realised that i read it for marks and not for knowledge. The basic ideology how a company works on its price, customers, how does a small change in the product creates great impact in the demand for it and so on were some interesting learnings from this course

Moving on to the simulation game, it really thought me how does a firm sustains in a market, how good predictions has to be made, the most important learnings from the simulation game was there is a great difference between an ANALYST and an BUSINESS man. The differentiating factor is taking risk..

journey of economics from graduation to IBA

Economics was my greatest nightmare after quants, I would always wish and worship mighty lord to stay away from economics from graduation level to IBA, but I would like share my turning point of my life after coming to IBA, that 21 classes which I have attended in first trimester, first four classes were very scary and frankly I couldn’t understand the concepts and sirs teachings but after talking to sir in his cabin and viva process , he made me feel that those economics concepts are just simple as cake walk. My most fearful part was the viva which I have to give him in his cabin. Sir has made us learn economics through blogging, viva and simulation, Hats off to his patients as I would go and ask him doubts for (N) number of times. My learning in economics class was to look at the difficult concepts easily, though it won’t be easy but reduces the level of stress in learning economics. Punctuality, simulation (still learning) and basic economic concepts with examples and his unique way of presenting question paper. I have still many questions for him left. sir please tell us how could we meet your expectation level?? 

I have learnt economics in my under graduation, there i used to learn economics only for marks and i was able to grasp little bit concepts.By knowing the concepts also i cannot apply that in real life situations when i was in my under graduation.But now here Prof. Prashant Kulkarni sir has taught  us different concepts in economics and how to apply that in real life scenario.

                               At first  we used to learn various concepts from different books and materials, now we are able apply those concepts in real life. We can apply those concepts in day to day life.We can also connect each concept in real life and economics is everywhere.We can apply demand in simulation game there we know the demand and different markets.

LEARNING IN ECONOMICS

LEARNING IN ECONOMICS :

They are many things to learn in this world to survive . Economics is one the part in that , because our life is running with economic concepts . But we didn’t recognise that we all are using it . After coming here I got to know how to use it and what are they.

Before i found trouble in writing in the concepts and matter regarding to the subject. By writing the blog week I found my self innovating in writing the concepts with different kind of examples. slowly I improved my writing skills and understanding levels by writing the blogs. Few times I feel difficult to start the blogs. But after starting writing the blog I find few difficulties to apply and don’t know the meaning of few words . so that I go through google to make it clear. By doing this I find few new things.

And simulation games speaks a lot. Because after starting the game I got know how the market runs. How to consider a price for a product or a market . How to survive in the market . 

AND HOW ECONOMICS BECOME THE PART OF LIFE..!!

ECONOMICS… I have been studying this since from my 11^th grade but that time also I didn’t find it that much interesting. As everyone says maths is the most important part of every individual life…for commerce students ECONOMICS became life, in every thing or in every part of work economics is involved. Then in Graduation also economics became the part of life.

           Then I came to IBA, for PGDM…here I get to know the actual meaning of economics by experiencing it in real life. Some of economics concepts I can definitely relate it to my life such as, everything has a cost….like there is nothing as a free lunch here. We have to pay for everything. Even it taught me that value of time that…time has a cost we should always think twice before spending it on others or on anything. Other thing I can say is about the opportunity cost, like you can always be or may be not someone’s next best alternative.

              People are RATIONAL…..Then I also get to know the exact meaning of rational here, as people here always look there benefit in making choice. Economics also teaches me that how to maximize lifetime happiness. Like we should always thing that today is important apart from thinking about the past what we did and thinking about the future what is going to happen.

           Then in the last I learned simulation… “working with the group of people and making your own company”. I never thought of this kind of assignments in my past life. Though  It was a great experience.  So basically IBA thought me many things which are related to economics in past 4 months which I guess can’t even imagine of doing in my life.

Thank You SIR..!! for giving me the great experience and being a wonderful teacher.

My Experience with Economics

                                This is the first time in my life learning some practical knowledge with lots of efforts.After learning some basic concepts from book i feel very difficult to apply them practically,but the simulation game helped me to understand the applications of economics in virtual market.

                                 Learning economics in practical way helped me to understand and there is no law of diminishing in my interest to learn.here the opportunity cost is simulation game.

                                 In class i found producer surplus where sir is willing to share some information but due to our lack of interest he share less information.
                                 The blog also helped me to understand the concepts so that i can easily apply them in real life.I easily forget concepts teaches in class but blogger helped me to recollect and memorize the concepts.Now i am confident that atleast i know some basic concepts.

                                  thank you Prashanth kulkarni sir for providing good examples in every concept to understand easily.

Learning From Economics

      Economics, a subject that helps me a lot to know about how society behaves when there is monetary transaction and changes according to that. I am from an engineering background and I had known only what is demand and supply before coming to IBA. Hereafter studying Economics I found to know many new concepts that applied in our day to day life. Although we are using economic concept daily in our life we do not that we are using that. After studying I found to know about that concept so, now whenever I go to any shop or store and found that they are giving a discount or any other policy to increase their customer base then many of the economic concepts come into my mind as people respond to the incentive, diminishing marginal utility etc.

    One of the good things I like here about economics subject is there is no direct question in the examination. All question are application based. Which good step to test whether a student really understood the concept or not.

     Another good thing is wringing of a blog which helps me a lot to relate my life with the economic concept used and more thing I get to benefit from this is when I had to write a blog I had reached about that thing on the internet that helps me a lot to get more knowledge about that concept. Simulation helps me to know about the market competition and in such type of scenario how to decide what should be the strategy of your company to get the profit.

 My favorite topic in economics is the marginal utility. Marginal utility is defined as the extra benefit gained by consuming one extra unit of product.

Economics! & Me

Economics! & Me

Economics! First time in my life I read economics, I was very worried about this subject, for the first few class I didn’t get anything, I was totally blank. Blogs! really help me to learn various economics concepts. I have learned various concepts in economics in this trimester like Demand, supply, utility, consumer & producer surplus, production function, various types of market structure, economies of scope and scale and many more with real-life examples. My favourite concept is Diminishing marginal utility, I have written a blog on it with an example of Hilsa Fish, I really enjoyed. Sir has provided an opportunity to relate various economics principle through simulation game with the real market scenario. I play and eagerly wait for the result and plan for the various strategy for the next game because I need to win, we need to win, my team needs to win as we are TEZ, TEZ enough to smash any team and win the game.

Seeing the world with different vision

Till my under graduation economics means a subject in which I need score some marks of 100. where I don't know anything about concepts, if I know any concept there I know only the examples given chapters other than that I don't know anything about economics but today I am in a position where I can understand concepts and apply them to the real world

                        Now I can derive my own examples can see economics where ever I see . This comes with the understanding of the economic concepts clearly and adapting the habit of applying those concepts in day to day live with live situations. By going in this journey I am seeing the world around me with a new vision

ECONOMICS IN LIFE

Previously when I was in my graduation as per my knowledge and my syllabus Economics means  micro economics and macro economics.
Micro Economics is law of diminishing marginal utility and macro Economics is all about statistics.
but after coming to IBA and studying Economics I came to know taht Economics is very vast and it is applicable in each and every aspect of our daily life.
If we are clear about the concepts we can see economics in every aspect of daily activity.
As per my knowledge I have observedsome concepts relating to my daily life like opportunity cost, the fluctuations in the decisions of demand , supply and purchase of goods, consumer behaviour , marginal utility of consumer 

Journey of Economics

Economics: In economics I learnt about the utilities, Principles, Laws, Income effect, Curves, Budget lines.
Utility: There are two types of utilities. They are : 1) Ordinal Utility
                                                                                  2) Cardinal Utility
Principles: There are three types of principles. They are : 1) Marginal principle
                                                                                             2)  Trade offs
                                                                                                   a) Openess to cost
                                                                                                   b) Cost of benefit analysis
                                                                                             3) Incentives
Laws: Two main laws are present in laws. They are : 1) Law of Demand
                                                                                       2) Law of supply
Income Effect: They are of again divided into 2 types. They are : 1) MRTS( Factors of Products)
                                                                                                           2) MRT(Demand)
Curves: There are two types of curves that are present. They are : 1) Indifference curve
                                                                                                          2) Isoquants
Budgetline: two types of budgetlines. They are: 1)Consumers Behaviour
                                                                              2) Income effect and difference curve

Economics Realm...

From the beginning only i was a bit skeptical about the concept of Economics. Form me every concept has some resemblance with the other. Now after the whole trimester i can confidently say that i know something in economics and can find difference in concepts.The best thing that has happen in economics till now is the Simulation game know as Competitive Strategy Game. Its the best way to learn how a market works and how goods are produced and sold in those market. How we can use Normal Distribution to find out the best price at which all the product can be sold in the market. All thanks to Prof. Prashant Kulkarni sir to provide such a wonderful game which help use to understand the application of economics in a real life scenario. Not only that, it also made us aware about how a company works in different market situation.

EXPERIENCE OF A B.Sc student in Economics

I have completed my graduation in BSc Mathematics Hons . So basically  I am a science student and I have never studied economics in my whole life.  Usually I read about the economic condition of our country and other countries in news paper and that's the only idea I had before joining IBA about economics.

After joining IBA for PGDM I first time study ECONOMICS and its basic concepts. Initially it was really gone over my head. But after starting writing real life example about the economic concepts in the blog I realised how to analyse the concept and its use in our real life. It really helps me to understand the concepts. Initially I really hated to write the blog but after sometimes I realised that it is really very helpful for understanding.

Secondly THE SIMULATION is a great experience for us. Though me and my team are not performing well in that game but it is really a exciting game where one can use economic concept in virtual market to sell it products.

And at last Thanks Sir for the introduction of BLOG WRITING and SIMULATION in economics course which is  really helping us right now.

JOURNEY WITH ECONOMICS

Being honest, I want to say that my learnings in economics is awesome.  I studied every concept earlier in my B.B.A but I hadn’t imagined that Economics have that much application in real life.

Before midterm Exam I was confident that I know the 80/90% of the economics syllabus. But I was wrong after discussion the answer paper I get to know that I know the concept only theoretically

But to know the exact practical application I need to think extra. Thanks to Prashant sir and  IBA to give such a opportunity to learn economics practically by Simulation game.

ECONOMICS AFTER ENGINEERING

                             Back to school days, I studied about economics in a mugged up way. But that was a theory based. I did not know that I would in a B-school studying economics. To be frank, coming from engineering background the first two sessions was a nightmare for me. I could not understand what’s was happening around me. I did not understand why this economics subject was introduced to pgdm. Slowly moving from session to session I realized that this subject is very much important not only in pgdm but also in real life. This economics principles made me to introspect the situations where I used this in real life in the form of a blog. Remembered the situations Started from bargaining in a market to law of diminishing marginal utility in restaurants.

           After midterm we were introduced to simulation part. This is best way to understand economics, every week we are coming up with a new strategy by understanding different market scenarios. I cannot forget this subject because whenever I do any activity, I may link that situation to economics principles.

Thank you sir for teaching economics in easier method.

                     

Btech student's journey of economics

Economics not a subject its an ocean. There are lot of concepts in economics it wont end with few cocepts .As a btech student i am learning first time about pure economics.In my ssc we have an subject but its like a teaser for economics. In my first class of economics i really dont understand what was going on. After first class i started listening classes. Writing blogs about economics really a great initiation which helps me to learn economics which grab the intrest on economics.Economics plays huge role in real life.We can relate each concept of economics to our real life.In fact this real life examples makes me to learn more about economics. Starting i dont know atleast one concept of economics. Now the concepts which i know i can relate to the real life. Prof:Prashanth kulakarni sir's teaching style And his blogs concept helps me a lot in learning of economics.Finally i want to conclude learning of economics is not limited for studies its for life time. We will face each and every concept of economics in our future jobs.

Economic Concepts in real life

Being a hotel management graduate i was finding  it really difficult to learn economic concepts. But with time i improved by studying economic concept and relating it with real life situations. Therefore i am thank full for your guidance.  

Learnings from Economics

Well it was a wonderful experience to learn economics . Being from engineering background I don't have any idea about this subject but our respected faculty has made it possible . It all started with demand and supply followed by elasticity .I played with different curve with lots of concept embedded in it.
After that I enjoyed a lot by writing blog on weekly basis . This helped me to improve my knowledge with day to day life example . After that the major learnings were simulation session in which we have to play game .
Last but not least I just want to thank our beloved faculty Prof Prashant Kulkarni sir as without his efforts this could not be done to this extent .

Thank you sir for your support .

Learnings of Economics in IBA

Before coming to IBA whenever I studied economics I feel it’s a hard and boring subject, but by the teaching process of Prof. Prashanth Kulkarni Sir it now also looks hard but also interesting, that how we relate economics in our real life and learning about economics with all practical examples.

A journey form I to K in economics

From ignorant to getting lot of knowledge.

When this course started I was ignorant about many basis concepts of economics though I already  studied economics during my graduation days.In those days what I used to do is memorise the theory and  answer the questions in exams but now I have realized that memorising these concept and relationship will not help in understanding the economics laws and principles.
What helps is going a step further by applying those concept to various situation.
So  the concept I have learned during 1st trisemster are -:
Marginal and average cost
Concept of equilibrium
Concept of elasticity
Law of demand
Law of supply etc
To give a practice application of these concepts I have applied these concept
To different situation in day to day life.
I have learned to understand, analyse and interpret the economics concepts.
So it is nothing less than a journey form I to k(Ignorant to knowledgeable)in economics.

Learnings in economics

As a b.tech student I was very sceptical about wether or not I'll be able to understand the management subjects or not but it was really fun learning economics as I got to know how we were using economics in our daily life without even knowing that we were using economics even in the smallest of things...like diminishing marginal utility, people react to incentive, Monopoly, agglomeration....and it's interesting how these concepts are used by big companies to attract consumers and increase there production accordingly. The simulation was especially interesting as we got to have a first hand experience of how much to produce, in which market we should enter how to do the costing in real time kind of scenario.

Importance of economics in my life

                                                     

                           In my graduation I studied economics but that time I just hate economics. Before coming to IBA I had a mind-set that economics is the most boring subject I ever had. But after attending 2/3 session of economics classes of Kulkarni sir, I started learning economics. Because in every class sir taught us how to use economics in day to day life. Every concept of economics can be related to life and in day to day life we can observe economics concept in every event which we done, by taking part in class participation and by viva. The major part is BLOG, because in every week we wrote blog by different style like linking the economics concept in real life example. Another major part is simulation, due to simulation, we group of people do trade by manufacturing products and setting prices and by entering into the new markets with entry cost where I feel that I am doing trading in real life. By this all concept now we just love economics and now we are expert in economics as compare to our graduation level. Thank you Kulkarni sir for taught us economics and making us able to understand economics.

Implementation of Economics in Real Life

Before coming to IBA my Economics is not very good, I can say it’s very bad. Now I have not mastered economics but now I can relate real life things in economics and how to implement economics in our daily life and how can I use economics in my future. I wish Prof. Prashanth Kulkarni Sir teaches us like this so that we can study economics with interest.

ECONOMICS : PART OF OUR DAILY ROUTINE

I have learnt lots of economic terms and their real life examples where those applied, actually every step of our environment or surrounding there is at least one economic term related, for example eating food is an example of law of diminishing marginal utility, going to shopping mall specially on sale or some offers over there is an example of economic incentives, when price of any vegetables decreases we increases our willing to purchase this is an example of law of demand, there are some places which gives the special discount to the college students this is an example of price discrimination. There are some other terms which I have learnt like consumer equilibrium, economic of scope, supply, opportunity cost, type of markets monopoly, oligopoly, monopolistic, perfect competition etc.

Retrospection #economics

Well ! starting from the first class to the last class, there were many concepts i learnt in a new way. Actually everything that we are doing is somehow linked with the one thing or the other concept representing the economics. Previously i was not known but the practical and the interactive sessions made me to think beyond the concepts and now we were in a position where we can write about our own examples and findings and realizing about the concepts.

The teachings of economics with the real life examples made us to understand what the real scenario is! and we got know where we can apply such concepts. These concepts which we have learnt will have the great significance in the future as the upcoming managers we have to interpret the data and we must be able to know the conditions and what are concept suits the best in order to obtain a solution.

Coming to the practical experiences of the class, writing blogs where we are exploring ourselves. The game of simulation and i must say that the co coordinating with the group and the making decisions by applying the concepts of the economics in real. Till now we learnt many subjects and many concepts but we never had a practical session like this for exploring our thinking and many more strategies. The game with the competitive spirit and the fun of learning literally we are enjoying ourselves.

Concluding by saying thanks you sir is the very small word but the things you made us to learn many things will definitely help us. The whole trim-1 was very successfully done with the joyful leanings.

Miracle really happens!!

I studied science till 12^th standard then I opted for civil engineering stream, but when a year passed I realized that I am not at all good at mathematics. So, I switched my stream to BBA. In my graduation times, when I Economics was introduced to me, it was like what the hell this subject is all about. I didn’t understood the basics of it. At my exam times somehow I managed to mugged up, and use to get marks at the margin.

Now, when I came to IBA, I still remember the first class of economics I felt like Why Economics here????? But as the classes were passed through the trimester each day it was bringing up some interests as Prof Prashanth Kulkarni has its own style of teaching Economics which I found was so unique as he use to relate it with day to day life scenario. I thing I hated the most was writing up the blog every weekend. But as the weeks passed, I realized writing up the blog is only helping me out to understand the economics in real world.

Later, when sir introduced Simulation for us, it was like next level virtual game. I only knew other simulator gamest like Simcity and other driving simulation games. But it was all different and I felt like I really met one of the best teacher of Economics and it really helped me in grasping the knowledge in all aspects. I would really like to thank Prof. Prashanth Kulkarni for making me love my hatred subject. Now everwhere I visit I started relating it with the concepts of Economics.

My Counter with Economics !

Sir, as I am from B.tech Background, I knew nuts about economics but as soon as the time passed in IBA I realised that everything is related to economics either you sell purchase everything is connected to economics. I have learned a lot from you and economics that how to relate the topics which are in books to practical life by writing the blogs weekly and by the constantly guidance of yours. Simulation came up with another learning where we can see , face and challenge the real life scenario I.e how a company progress in such a competitive environment we can easily relate to the economics topic.

Insights of Economics

I want to start off by saying that you will never meet anyone who hates economics more than I do but after attending your classes I found it interesting. One of the most important lessons that I learnt was how to apply economics in real life. I learnt many concepts like demand and supply, cost, marginal utility, indifference curve, and many more. Blog writing and Stimulation are really helped me in understanding the concepts and principles of economics.

I learnt a lot in your class because you took the extra time to explain things clearly. Thank you, sir!

B.TECH STUDENT ABOUT ECONOMICS

Well Economics need lots of practical knowledge which we b.tech students have plenty enough!
For the first time in life i have learned economics , it was a bit difficult in the beginning. The concept is understood easily but the terms were so confusing.
I tried my level best to concentrate in class , which we engineers never do! but still after few minutes I found myself sleeping. ( this was in the first two classes)
From the third class I started writing running notes with the examples given by my professor.
I used to highlight the examples so that i can remember easily. Well after a few days of practice the midterm exams came into the scene. I studied whole night , each and every line of the text book and made a simple notes. The next day i entered the exam hall , I felt like i am a real MBA now. The paper that is given by my professor was extraordinary purely concept based, there was only one question for 100 marks..!
I was confident that every answer was correct and later when results came I scored 11 .
I have then understood that i did not concentrate ever .
From then I started reading the notes given by my professor applying those examples in real life, which made me understand the topics much clear. MBA student should know about the business , which is clearly explained through economics.
The Blogs which we write every week also made me get more grip on the subject. Now i am literally waiting for my paper in the end term hope i will do this time better!
Overall that was a great experience knowing about customers thoughts and producers plans.
I now strongly feel there is economics in my life from the time i was born.

I thank my professor Prashanth kulkarni sir for all his teachings, and the way he is making easy to understand us the monster economics concepts.

The Magnificent Economics

Economics was a little challenging for me but a teacher like you helped me overcoming that challenge, that is what it made my perception and understanding meaningful.

Economics has insights that anyone can apply to their daily life. It does not allow us to predict the world but it does make us see the world more clearly. Here are my some unforgettable learning of life that economics taught me.

Take Well Analyzed Risks Particularly When There Is Little To Loose More To Gain

Never be afraid of making decisions when you have examined everything with systematic approach keeping every factor in mind. So Embrace it!

Nothing Is Free

Opportunity Cost is one of the fundamentals of economics. I realized even time is not free. Whatever I'm doing doesn't matter studying, playing, watching movies I'm paying for it in some or the other way.

People Are Rational

People may not be brilliant but everyone can sense the importance of world and economics in their own way. I'm having fear of heights suffering from aerophobia but why others are ready to skydive. May be people decide it as highest rank alternatives. People respond to incentives if the price of a product falls ultimately demand increases at normal factors. They aren't dumb they sense and respond it.

Maximize Your Lifetime HappYness

People are short sighted. Avoid it! Always keep the big picture in mind. Think about it! Almost every decision has investment either its relationship, hobbies, career or goal. If rewards will pay off over the time. I should have patience. Debt plus and no debt comes into a play. Prefer to choose debt plus.

Ignore Sunk Cost

Nothing can change the past. Avoid throwing away more time and money instead focus on maximizing future benefits. Always act in the present to make this world a better place for you and me.

Journey from OEC to IBA

During engineering in 3rd semester we had a paper of basic economics, that time only I had learnt some basic economics terms and concept  but here I have learnt how these economics concepts plays a vital role in our day to day life.Even  By using these concepts we can predict certain things in business which I have learnt in simulation. How to decide price and strategy in any market and how to sustain in market with competitors.so I believe economics is everywhere starting from purchasing a simple dress to manage a business in the market. Personally I like the subject and the concept implementation in real life.

LEARNINGS FROM ECONOMICS

Economics is a subject which we can relate economic concept in our real life .
I learned various concepts in relate to our daily life . Types of market , monopoly , oligopoly , consumer behaviour , law of demand  etc. that really need to know . I never knew that economics subject turned to the important part in my life .
     Thank you so much sir to teaching  us .  And giving us the best real life examples to relate economic  concepts .

ECONOMICS:THE REAL LIFE SUBJECT.

So I feel really good to pen down my thoughts and learning regarding Economics. Being a B.Sc. Computer Science student I only came across the name Economics as a subject from my commerce friends. Never thought that one day I will be learning Economics as a subject. To the say the truth the first few class of economics was really a tough challenge for me, I was not getting a single thing because everything was new to me the economic jargon, terms etc. My batch mates who are from Commerce background were able to understand and grasp the things easily which was taught in the class, at that time I really felt left out.But thanks to you Sir you tried hard to teach the non-commerce students using easy and simpler day to day examples so that we can understand Economics without any sort of problem.

Initially I was not able to answer to Sir’s question and felt really bad. Gradually when the day passed I found Economics interesting and now I can proudly say that my concepts regarding Economics is clear not totally but I can use the concepts of in my daily life and understand it better. The second most challenging thing was writing BLOG, because I was having no clue what to write in it. But the way Sir taught us in the class it helped a lot in being creative, thinking beyond and writing blogs. It helped a lot during exams because we were used to the concepts before.

And now coming down to Simulation, never thought a subject can be used in playing games. It really helped me to understand the market, costing, capacity and profits that can be made when you use a different sort of strategy and can be in the first rank when you understand your competitors move.

Experience of economics in daily life

After writing blogs attending every sessions in class, i felt very interesting to connect our daily life incidents with economics, while earlier i used to wonder how economics works in practical. This course has helped me to develop the connection within myself about economics and daily life incidents we come across. I learned about different types of markets, returns to scale, returns to scope, diminishing marginal utility and many more by relating to real life incidents, from companies using different strategies to markets and consumer behavior according to it. Economics has always been a subject but with this exposure economics has become easy to understand, relate and connect.

Economics is not just a subject, it is Life!

Economics has been the subject that has given me nightmares prior to my entry in post graduate life. All my life I have been dreaded with terms inflation, gdp,costs, graphs and curves. But after the first three months with economics , as a student I have come to know other conceptions about economics, how closely it is related with our day to day life, in various chores of life , everything we see, we experience and yet we hardly know how unknowingly they are related to  economics. The introduction of a competitive strategy game in economics has been the most mentionworthy experience for me. It has given me a lot of insights and power to apply concepts in pricing ,entering a market , aquiring it , applying knowledge of mathematics and statistics and relentlessly trying to get maximum outputs. As an engineer this really intrigues me. Although I know I have a lot more to learn but all the knowledge I have encountered has been a treat for me and I hope to make more use of it.

Learning In Economics

At first we use to learn the various concepts from books now we are learning to apply those economics concepts in real life like the law of demand in the simulation game where we see the inverse relation of demand with prices, the types of market like monopoly, monopolistic competition etc that are really existing in the real world, an example of perfect competition is the local vegetable market where goods are homogeneous goods and where price is the main factor the determines the demand.
Some of the complex concepts can be easily explained when you try to observe those concepts in real life like economies of scale can be very well explained by iron and steel industry where fixed cost is high  and if they don't produce in high quantities  the fixed cost per unit will remain high and the average cost will also high. economics is an very interesting, even while bargaining for a product economics is there i.e consumer surplus, and when it is looked from the producer point of you that is called producer surplus, at first I use learn from the books and then apply in real world but its better to have a look around you because economics is everywhere, you will just find the terminology of the consumers and producers behaviour  in the books but the application part is best part of learning.
  

LIFE WITH ECONOMICS TILL DATE

    Yeah, Today I am supposed to share my learning in the economics by crossing so much hectic schedule in the IBA since past 3 months. Let me start with my Journey in the Economics, the very first class of economics was like ‘what is economics all about ’. I had thought I could not continue with Economics as it was really becoming tough for me to study, but thanks to Prof.Prashant Sir for your guidance, if you wouldn't be there, seriously it would be very tough for me to understand this subject so nicely. 

I am basically from commerce background so I have some basic knowledge of economics but here I got so many new concepts in the economics  like

• Economics of Agglomeration
• Isoquant map
• Economics of scope 

Here, I learned how to write a blog, how to connect the economics concepts with real-life examples which makes this subject so much easy and interesting.

One of the best learning’s here is the Simulation, ‘The Simulation Game’ which needs thinking process, calculative mind, competitive market, and strategies, how to win by beating others.

These helped me in seeing the real life from the economics point of view.

Economics: My journey of turning my greatest fear into my greatest Asset

I never knew how this subject turned from being my greatest fear to being the most important subject in my whole academic life. I’m a commerce student let me tell you that first so that you can understand why I was scared of this subject before. Back in high school, the subject was just theory. We mugged up theories and dumped them in the paper. A similar trend followed when I was in undergrad. We studied economics just for the sake of passing the paper. But I never understood how could I apply these theories in real life. When we were in school we always had this rebellious attitude that made us ask the question how can we apply these theories in real life or will it ever be useful to us?

But back then I didn’t know that I would be in a B-school. Studying economics here was different. We didn’t just study economics we applied it. And boy oh! Boy, we applied it everywhere. From restaurants to big business houses to even on ourselves. We didn’t realise that economics could be applied in such ways.

But don’t think that’s the only way we applied economics. After my mid-term exam in my 1^st trimester, my economics teacher introduced us to a thing called Simulation. To be honest it is one of the best ways to understand economics. I wonder why didn’t our school and undergrad colleges teach us economics in this way. Every week playing the simulation has made my understanding of economic theories even better. It has made my understanding of the market even stronger. We just don’t study economics anymore; we apply economics in every possible way. In my MBA life, I was able to turn my greatest fear into my biggest year. Maybe that’s why MBA’s are in such high demand.

Experience in Economics

Economic was just a subject to learn,before i actually came to know about what economics mean in real life.
We can relate Economics to societies,government,businesses,households, and individuals.
Economics can actually give value to knowledge for making decisions in everyday life.
In class of economics the bundles of examples was given related to concepts which was easy for us to understand, and interpret in everyday life.
The concepts was more clear when activity of simulation took place, at first i was not able to understand whats gking on, but as the time passed,it was very intersecting and addictive to play situmation.

It has made a ray of interest in me to learn more about economics. It is a wide spead of knowledge and eagerly waiting to expand my knowledge further.

ECONOMICS IN PRACTICAL LIFE

Economics is a subject which we can relate it to daily life.We can relate most of the economic concept in our day-to-day life. Economics is not just a theory. It is more about practical. I like some of the topics very much.
Examples which sir gives us are practically good enough and easy to understand the topics. One more thing i want to mention here are Blogs. By writing blog every week we learn something about the topic so that burden before exam is less. Thank you sir for teaching us economics

PLACES CHANGED : THINGS CHANGED

The day when i listen that economics is also part of first trimester i felt that again we need to learn the same demand and supply curves and the law of diminishing marginal utilities which we got bored but the way sir thought is really awesome  and learning things practically boot energy in the mind and make use of minds and the best part of the economics is simulation game it changed complete view on the economics , applying economic concepts and learning to understand the market situations is excellent and the best for us is have a professor like sir  

Experience of economics in IBA life

During under graduation I studied economics but I don’t know that economics can be applied in real life and it can be related to real life activities. Every concept of economics can be related to life and in day to day life we can observe economics concept in every event which we done. By taking part in class participation we can get know about economic basic concepts as we can get to know well about everything.

                    Coming to simulation part me along with a group of people we do trade by manufacturing products and setting prices and by entering into the new markets with entry cost where I feel that I am doing trading in real life. Here we feels like we are trading in real market where we set price by thinking beyond  what our competitors think. In simulation method price of the goods manufactured by calculating standard deviation for the product.

                    Thank you Prof. Prashant Kulkarni sir for helping me to learn all these basic economic concepts and letting us to take part in simulation game.

Experience in economics

As we are surrounded by economics and in the end i learned many thing and muy favaroite topic was economies of scale.
Each and every topic are very important. As i was in berger paints so economics help me to releate all the decision made by top level management. 
Economies of scale is releated to each and every company from production to dispatch.

FEEDBACK

ATTENDING ECONOMIC CLASS IS ALWAYS EXCITING  BECAUSE  IN EACH AMD EVERY CLASS I LEARN NEW CONCEPT  A ADVANCE CONCEPTS OF ECONOMICS APART FROM B. COM LEVEL..   THE BEST PART OF ECONOMIC BLOGG AND CLASS WAS HOW ECONOMICS APPLIES IN REAL LIFE.. A REAL LIFE EXAMPLE GAVE REAL LIFE EXPERIENCE OF EACH AND EVERY CONCEPTS AND ITS EASY TO UNDERSTAND THAT WAY RATHER THAN READING AND MEMORISING ALL THE CONCEPTS AND THEORIES.

Here i experienced all the new way to learning and applying it in real life.

WRITING OF blogg every week is like revising the last topic taught in last class always helps as notes and writting blogg always came handy as a notes and understanding the concepts.
Mid term exam was totally a different  level  and whole new level of attending that type  of question.

MY VIEW ON ECONOMICS CLASS

Happy to share my views regarding economics that i have learnt in first trimester.
I still remember my first class in economics, initially i was blank in first class that i couldn't understand the topics well. But from next class I improved a bit and tried to understand each topic slowly and clearly.

Thank you sir for teaching us economics by giving best examples of hypothetical and real life examples in class.And we all had a fear that you might ask us questions in every class about previous class, by this fear we were studying every week each topic clearly , which helped us a lot during exams. Even "VIVA "also made us to improve in every topic and we assumed which type of questions you may ask and gone through it properly. 

And main thing which helped us a lot is "BLOG". Frankly speaking it was hectic to write blog for every week. In the beginning , I was taking at least 2 hours to think and write blog but now I can write blog within 30-40 min .Now it became habituated writing blogs every week and helped us to understand the topic clearly by giving our real life example relating to economic concepts. By these "VIVA"  and  writing "BLOG" made us little tension free at the time of exam.

Journey in economics: nothing to something

I used to think that economics is only theoretical, it has no use in day to day life until i started applying it in real life. I came to know that all concepts are so relatable in everyone’s life and we actually apply these concepts without even knowing it.
For example: let’s talk about consumer surplus. Till now i have visited so many times these fairs and exhibitions and did bargaining. I did apply this concept of consumer surplus without knowing it. Similar to that there are many concepts we apply in our day to day life. Now I’m able to apply such concepts.

Learnings From Economics .

Economics, when we hear about this word we think about production, distribution, consumption of goods. Economics played a great role in my life it taught me about the market strategy, demand and supply of goods in the market.
Through economics we can also play games like we are playing in simulation which is all related to market and price of the product .
Thus, economics has a great role in our day to day lives.

JOURNEY FROM THEORY TO PRACTICAL

                     BEING A B.COM STUDENT

 I had economics in under graduation, and I am so scared of theory subject. Don’t how I cleared but I cleared it somehow, and now after coming to IBA god again economics what should I do now. So I thought I have to do the same thing, read it in one night before exam then we can clear it. But it was not in the way what I thought.

Day 1 I slept in the class and I wrote something, I didn’t understand anything. On the same I went library I read peoples face trade of and rational people think at margin, done till the next class I didn’t open the book.

Day 2 this time I tried not to sleep I just copied PPT, after 2 days blogger was started and I don’t know anything about blog writing. 1^st blog I copied what I wrote in class book and that book which I read in library. Gradually started understanding class, writing notes with example, thinking for new examples while writing blogs. Viva, I read my hole note book twice and its ok not that bad I answered at least 2 out of 4 questions. Finally, midterm and I know something, after seeing that paper I didn’t understand anything I stared writing and midterm is done. After that midterm paper economics turned into practical subject, while doing normal work also we are thinking about what economics concepts is this work says…, we are enjoying simulation also playing prices negotiation with people it is awesome.

Thank you so much sir changing economics into practical…….  

LEARNING in economics

 ECONOMIC lessons taught me how people behave in different situations. It taught me to consider all available alternatives. Every decision is about the best choice given the proper understanding of cost not just the price. It also taught me that information and knowledge are expensive., maximize lifetime happiness., how to make decisions in life etc. It offers a tool with which to approach questions about the desirability in particular which has the insight life., So that anyone can apply to their daily life. Economics help us not on;y  to predict the future but it does see the world more clearly.

My link with economics

When i hear you for the first time in BE class my mind was thinking something else.later on with your partical example i came to know that i can manage. Before getting into the Economic class I thought that it will be similar to my +2 education but it was completely different

Coming to blog it was great experience where I should think different that others.There it gives me immense pleasure to think myself and to think beyond.

Simulation is the game of economics my first ever game with an economics. By these i can confirm one thing that economics is not only ment for studying  but also for playing

Practical leaning of economics

In this 1st trimester micro economics is one of the interesting subject, in that I have learned economics is a study on human behavior that how individuals and societies make decisions about ways to fullfill their wants and needs by using their resources.
And coming to micro economics it means how the individual is going to take the economic decisions in the society.
Each and every concept taught in class by Prof.Prashant Kulkarni Sir is completely practical with day to day life examples.
I have learned and used some of the concepts in my life.
In that I have used Opportunity cost while I am shopping t-shirts in D-mart.
Thank you Sir.

Making decisions in everyday life

 what is economics to me before 1st trimester and after 1st trimester? 

    Economics is a study of how scarce resources are used in a society and how they are utilized. And it is divided into two parts :-

1) MICRO ECONOMICS

2) MACRO ECONOMICS

             Before attending economics classes of my 1st trim that is the idea I have on what is economics? But now to me what is economics means making decisions in everyday life. Economics is involved in our daily life activities. we can relate economic concepts with each and every activity we do in our day to day life. Right from  choosing to have coffee or tea in the morning to having dinner in a restaurant. Right from  buying clothes in discount sale to consuming your favorite ice cream in large quantity. Now am able to relate the topics with real life events. I learned different things in economics probably the real economics. And am sure there is lot more to learn. 

Learnings from economics

First and foremost, thing I learned from economics after this first trim is theories are theories unless you apply it for real life, I just enjoyed writing blog every week. This blog helped us in applying economics to real life.

As if I am economics student though I was confused all the time what concept will match this situation, what should I apply. And I learned in market how a consumer mind set will be, how a consumer behaves when he much more than expected and when he has limited.

Economies is not about learning theories applying those theories to real life, when this blog started actually I started learning economies until that economies is just theories for me.

Everything happens in our life is related to economies but just didn’t know how to it applies.

How the industries, corporations, and many firms apply economies to their decisions. Specially to get over the competitor and get profits, survive in that heavy competition.

Economies of scale and dis-economies of scale, people face trade off, rational and margin.

This are the topics I learned more and mostly applied in my blogs.

Earnings from Economics

Everyone knows that economics was a subject to study but after attending the class I got to know that it is practically applied in our daily lives.

           For the first time in my life I heard the game simulation and after that I got to know that we can also play with economics. When I heard about the game everyone said that it was tough to do but after the completion of some sessions I can say that it is based on our knowledge about the markets.By playing this game we can understand the economic concepts easily. Moving towards blog,it was a new experience as I have never wrote such type of blogs.
          
          

"Knowledge acquired from Economics"

                                              That was first-day Economics class, new to this world economics. When the first class started I felt some difficult to understand the words and definitions. As soon as I start exploring the definitions of economics which were taught in class, I came to know that without basics it's hard to fight with economics. Then here comes Blog writing its a fantastic idea Sir, for the first time I started writing the blog with economic concepts. And I got more deep knowledge about the concepts taught in class while writing the blog and also helped a lot in my midterm. 

                                             And the game simulation, Got to know that we can also play with economics apart from study. Game gives much more concept learning based on how the corporate managing their marketing levels. And I have learned how the cost in the marketing fluctuating based on demand, a lot of curve representations that helped me quick learning.

                                               Thank you, Sir.

                                   
                                        

Learning From Economics

In my first trimester of economics i learned micro economics part, In simple words economics is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.
Micro economics deals with the How do individuals make economic decisions.
I learned all the topics in the economics class.
From 1st class to last class , the whole concepts was practically explained by Prof. Prashant Kulkarni Sir, He teaches the every concepts with practical examples.
During shopping i used the concept of consumer surplus.
Thank you sir.