Eco/561 Weekly Reflection

Learning Team Reflection

ECO/561

April 10, 2012

Chair Harris

University of Phoenix

Weekly Reflection

Learning Team A discussed the the topics of Week One. The broad objectives for the week included choosing methods to increase revenue in an organization and explaining the market equilibrium process. Some of the specific topics discussed were the laws of supply and demand, market equilibrium, price elasticity, and diminishing marginal returns.

Topics Team Members are Comfortable or Struggling With

Joseph started the discussion by stating that week one showed him the course work will be tougher than he originally planned. He stated he has an understanding of equilibrium, supply, and demand, and the desire of businesses to increase revenues. He noted that he struggles with the part of looking into real life situations of businesses and applying the topics discussed. His planned strategy for the course is to create situations and use many keywords from the readings.

Diana and Trish agreed the objectives of week one proved to be interesting, especially with regard to supply and demand and how it basically controls the market. Diana noted how the market equilibrating process requires a degree of abstract reasoning, which is difficult for her as what was logical to her did not seem to apply. She explained that in her mind's eye, if a supplier floods the market with a product, it stands to reason that the price should drop in order to move the excess. However, what she learned was as more product is supplied, demand goes up, and the cost actually rises, which increases revenue until the threshold is reached. It is at that point the price begins to fall. On the flip side, logic would also state that a depleted supply should cause the price of a given product to rise as there is less in the chain. When actually the price falls decreasing revenue. Getting the supply and demand concept correct took forced learning on her part; she learned that logic...