Honors Economics 217

Economics 217 was more interesting than I thought it would be when I entered the class, when Economics 217 was more interesting than I thought it would be when I entered the class; when I was signing up for the course, I thought it was going to be a math class that I would have to struggle through. I’m glad I was wrong. Sure, math was involved, but it was also a history course about how the world changed and adapted due to large-scale events like World War II and the Great Depression. This class also dipped into game theory, which interested me as I am into the game Dungeons and Dragons and thought I might be able to use it within my campaign. There was a lot of work involved in this class, but the information provided was intriguing, which is why I worked hard to focus on this class.

The teaching style of this class was lecture styled, which I am not a fan of, but there really is not a way to avoid it in a subject like economics. The teacher made it bearable by including us in the teaching by calling on us, and being overall humorous. Homework was difficult, but manageable, but the key was making sure you knew the topic. It included basic definitions and math, complex equations, and rule memorization. However, she would include helpful videos that would complement the homework that would go over the lecture in detail so that we could complete the task at hand. These videos ranged from five minutes to an hour in length, and they were essential to passing the course. Below here is one such video.

Production Possibilities Curve Review

The class brought interesting points and ideas that I still use in my everyday life, such as the Law of Diminishing Returns, which states that no matter how good a thing is, it will eventually start having a negative effect. I use this to remind myself to prioritize tasks; and make sure I do not waste too much time on one task. Giving myself breaks was another thing I learned from this law because after a certain point, I might as well be doing nothing, and that energy can be used later. My favorite concept that I learned from this class has to be Sunk CostsSunk Costs are something that a person has invested in, it can be time, money, or anything else of value, and it has ended up being wasted. For example, if a couple is in a relationship and it is not going well for either of them, in the end, should they break up or persevere? If they stay together, then they waste more of each other’s time which leaves a bitter taste in the couple’s mouths. If they break up when it becomes irreparable, then they can leave on a happier note and not waste time. Sunk Costs are past mistakes and should be left in the past, do not keep investing in them and continue to waste a precious resource. It is time to move on from the object or situation that is not working out. This idea can be used in so many situations, and I am glad I learned it as it has saved me so much time on projects.