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Reflection: Thinking Like an Economist Emma Brasen

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Reflection: Thinking Like an Economist Emma Brasen

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Initially, I thought choosing between CAFS and Health and Movement Science (HMS) was simply about personal interest. After listening to the podcast, I realised the decision reflects economic ideas. Time and energy are scarce resources, as I can’t study every subject I’m interested in. So by choosing HMS, I had to give up CAFS, which is a clear example of a trade-off. The opportunity cost was losing out on the knowledge and enjoyment I might have gained from CAFS. Incentives were also important. HMS is seen as more aligned with my future career goals and is perceived to scale better, which could improve my ATAR. Advice from teachers and the subjects my friends were picking also subtly influenced me, like market signals. Now I view subject selection as more than just preference, but an economic decision shaped by scarcity, opportunity cost, and incentives, like a consumer choosing between competing products in a market.

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Can you see market forces at work underpinning the decisions that people are making?

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Can you see market forces at work underpinning the decisions that people are making?

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Yes, market forces are clearly at work in the decisions that people make, especially in personal areas like dating. Supply and demand shape who is considered desirable, opportunity cost influences who people spend their time with, and signaling helps individuals to stand out in a competitive market. People are constantly weighing trade-offs and trying to maximise their outcomes with limited resources.

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I learned about the primary and secondary markets.

Market trends, market elasticity, foreign currencies.

More about the Labour markets and their outcomes.

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.About the finical market

.role govements

.a bit about the stock market

.labor market trends

.labor makeket out comes

.Price Elasticity of Demand

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i have learnt this term about the labour markets, employment, financial market, demand and supply, and the role of the government.

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Sunk cost fallacy is where people continue to spend time or resources on something after they have invested something in it even when it would be more beneficial to stop.

While it is normally associated with bad investments people may stay in relationships that are toxic or passionless because they have already spent time, money and effort on that person.

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Leaned about Primary, Secondary and foreign currencies. Labour Market outcomes was also interesting.

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this term in economics i learnt about a number of things such as the labor market and labor market outcomes. We learnt about the financial market towards the end of the term, learning about the stock market, lenders and borrowers.

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Primary and secondary markets.

Elasticity of supply.

Price elasticity.

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Labour market outcomes
Funding costs and lending rates
Finance markets
Unemployment

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Gov Sector Borrowing
Market Trends
Labour Market outcomes
Banks Funding Costs and lending rates
Demand and Supply

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bank funding costs and lending rates

primary markets

secondary markets

finance markets

firms sector borrowing

labour market