A group blog. Consist of 5 group members. Solely for economic discussion wise. Oh, and we are extremely "smart" kids.

Thursday, 8 May 2014

May Reflection


What I know
What I want to know
What I’ve learn
Shi yi
Understanding of demand and supply curves and the factors that are involved
How do I apply the concepts of the demand and supply into case studies in terms of the drawing of the curves, mainly simultaneous shift.
Understanding that different factors affect the demand supply curves, and for case studies, we need to grasp the factors involved to roughly know the outline of what we will have to write
Wei Yuan
Its correlated and dependent on each other as both will affect the other.
I know the non-determinant price factors that determine the curve of the demand (EGYPT POP) and supply (WET PIGS)
The tough part is the drawing and explaining the demand and supply curve as there are many things to explain such as price adjustment process and the change, shift of the graph and how it will turn into data form
I have learn how to use the demand and supply curve to further explain in detail of the shift and change in demand and supply
Shun yong
Demand quantity is the quantity that is demanded by the consumers. The supply quantity is the quantity that is produced by suppliers
I’m still not clear about the equilibrium prices.
I learnt that the supply quantity must be planned accurately if not there will be a shortage or surplus of quantity.
Yuan Yan
Demand/ supply decrease, curve move to the left. If increase, it shift to the right.
Can happen simultaneously
The increase/decrease of demand and supply curve won’t be to the same extent
Drawing and explaining the simultaneous shift in demand and supply curve/ price adjustment process
The consequences of an increase/decrease in demand/supply
Noor arfa
-          Demand is always related to consumers.
-          Supply always related to suppliers/producers
-          The non-determinant price factors that affects demand/supply curve
-          How to translate essay question to become a demand/supply graph
-          Still not sure about the market equilibrium prices and how to see shortage or surplus
-          The technique of using concept maps
-          The drawing of different curves after shifting due to the factors affecting the curve
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