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.
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