Weekly Summary

Week 1: Weekly Summary

ECO 365

July 6, 2015

Week 1: Weekly Summary

Weekly summaries are required in this course but are not counted as class participation. Prepare and post as an assignment a brief Learning Summary (200 to 400 words). This is meant to be a private conversation with me. How is the class going? Mention a few "highs" and/or "lows" that you experienced? How will you use what you are learning?

This week has been a refreshment week for me since I took ECO 372. I honestly think that they should provide both classes back to back. This would give us a chance to understand both more, without forgetting certain important topics. Like for instance, remembering the supply and demand charts and which way the chart goes with supply; which way the chart goes with demand. I really start to get confused on that part. I can understand the basic concept of it all, but when it gets more into the details, is where I start to lose track. If I relate it to what I do for a living, hairstylist, then I may can understand it better, like I did for the supply and demand worksheet. For instance, if the price of haircuts decrease then more people are able to come in and want to pay the lower price, but if the price increases then more people will be opt to want to go somewhere else or just stay because they are devoted. Am I understanding this correctly?  The lowest point for me for this week would be the price elasticity. I tried to read the chapter and I was getting confused. Is there a more simple form to understand the basics of price elasticity?

I will use what I am learning here to be able to better understand the business concept of how the supply and demand works in my personal life and in the salon. I will be able to use the concept of supply and demand and hopefully be able to use it to bring in more profits to the salon.