Eco Reflection

This week in class we talked about supply and demand. Supply and demand is one of the backbones to economics, and after understanding that concept it will make the rest of the class easier to understand. Our learning team did not have any problems understanding supply and demand and all that comes with that. The one thing we did have a bit of trouble understanding was marginal productivity. Understanding the curves and how the value is derived is a bit confusing, we came to understand it. A good example that was used explained that diminishing marginal productivity happens when there is too much staff and not enough work to go around. In some fields they are required to have someone check over all work that is being done, but in others having two people essential doing the same work is overkill and puts a damper on the profits that the company could be making.

Another interesting topic that was discussed was distributions of wealth or an examination thereof. It is a very insightful yet hard to grasp topic. It is amazing to see that statistics on the distribution of wealth through the past century. An example would be how much improvement there have been over women’s wages and job positions. They are almost equal to men now and will continue to improve over time. Other topics that we discussed as a class were rise and lowering of input depending on the demand for a certain product. Once the input rises above the normal average companies will start seeing that they have too many employees doing the work and that their profits are lower than they should be. A company needs to find the equilibrium with their employees and the busy or slow times in the year. When a company figures that out they will maximize their profits and the products will get to the customers just as fast as they used to.

Overall this week was a bit of a challenge to understand the new concepts, but once they were understood everything else started making more sense and it...