Lessons Learned in this Course
Lessons Learned in this Course
ECO 615 Week 5 Discussion
Lessons Learned in this Course and Why they are Important
I enrolled in this course to learn about microeconomic concepts vital in managerial decision-making. The managerial economics course provides crucial insights into economic methods organizations adopt in the decision-making process regarding product and service production, distribution, and consumption. Students learn about demand analysis and forecasting, cost and production analysis, pricing decisions, policies and practices, and capital and profit management. Additional students engage in demand and supply analysis, price discrimination concepts, moral hazards and incentives, risk aversion and uncertainty, and the consumer demand theory.
In this course, we explored the concepts of international economic theory, including exchange rate regimes, investment positions, unemployment, inflation, and government budget balances. Through this exploration, I have learned how international differences and policies created to enable working together of countries impact a country’s economic activities, resource production, and consumer preferences. I also approached international economics from the socio, cultural, economic, and political perspectives and learned about frameworks like agreements between countries established as solutions to international differences. Moreover, I have learned about trade patterns at the international level and how trade impacts the production, consumption rate, and income distribution of countries. Globalization significantly affects any firm’s operations as organizations seek global markets or face competition from international goods. This course offers knowledge and insights into strategies managers can adopt to remain competitive and achieve a competitive advantage, including cost leadership, cost focus, and differentiation.
The primary focus of this course is business decisions and establishing robust use cases. In this regard, I developed competency in marginal analysis, the structure of decision problems, and the impact of the market setting and structures like the competitive, oligopolistic, and monopolistic structures. I want to be a manager at some point in my career, and understanding how to navigate the market is critical to a business’s success. I have learned about engaging theory and business practice and using theory t guide strategic decision-making. I can attest that I have bolstered my economic reasoning, and I am a better critical thinker and problem solver than when I first enrolled in this course. I can employ economic reasoning to address actual business decision problems.
The course has introduced learners to a myriad of problems managers face daily, with the reasoning behind why these problems occur and what strategies can be adopted to help solve the problems. Faced with such problems, I have the knowledge and skills gained through this course to develop strategies and adopt tools for problem-solving, including computer or digital solutions in use today. The primary role of managers in a firm is decision-making regarding the operations of the business, which has been addressed throughout the course. With such knowledge, I can make difficult decisions to impact a firm’s success, including pricing strategy, hiring and firing, rewarding workers, and motivating workers. Additionally, I have developed valuable insights into logistic problems and managers’ roles in the distribution of goods, cost control to achieve production targets, inventory management to prevent too much or too little inventory, and budgeting, including advertising. I have also learned about assessing a firm’s expansion needs and optimally managing a business to ensure constant growth and acquisition of new markets and factory lines. This knowledge is critical for a manager who seeks expansion and growth strategies, something I would focus on in the future.
