Cruz, Patrick James Borromeo Economics 102 I

Dr. Germelino Bautista September 26, 2012

Reaction Paper to the Films Regarding Imperfect Competition and Evolution of Money Nowadays, technology dominates and continues to still make various changes as well as innovations in this world. There are some devices that make peoples works much and easier and faster; while, there are some which continue to develop some specialized fields like forensics, biotechnology and a lot more. However, though there are major changes like these that continue to happen, the old lifestyles of people can still be reflected, or at least, traced in this evolving world. The things that most people do years or even decades ago can still be seen up to the present time. That is, people are still doing things that are used to be done before, like communicating with other people, seeking for developments, making choices, etc. Even as people go through and face their everyday lives-- attending schools, meeting deadlines, making major decisions in companies, even buying grocery items and a lot more, these activities can be traced way back then. From here, it can be seen that people are somehow able already to incorporate these practices in their lives. Examining closely these activities, there are already actually some basic concepts and ideas from different subject matters that people unknowingly continue to apply in their lives since the old times. One particular example of these various subject matters that continue to shape, affect and develop our lives is Economics. Economics is one of subjects that people usually apply in their day-to-day lives. In a more particular note, Economics, as a subject matter, is a social science that focuses on the allocation of resources, principles of decision-making, rationalization of everyday phenomena and a lot more. Though many people may not notice or even deny it, their choices, decisions and activities are actually shaped by this subject. For example, as a person buys a particular object in a store, there are various possibilities that can happen. One is that he weighs first that objects cost relative to the other items and that he may find himself looking also for the opportunities too that may be forgone by using this amount of money. Another is that he accounts also for the various factors also in which that object will have a lower price for a particular time, like high number of customers or regular Christmas holidays. Here, he is actually analyzing how markets behave and as a consumer, how he could maximize his benefit of satisfaction. He may also look for that same object in other stores and compare them, or he may negotiate with the seller. In as much as peoples daily activities are concerned, all of these really involve Economics. As it can be seen here, Economics can really be applied to our everyday lives and it serves as a very interesting subject as to why some particular things happen in the country or how people shall make decisions. These same truths can actually be reflected in the films shown last September 21, films which concern imperfect competition and evolution of money. In the first part, the film tackles about the imperfect competition of markets present in the United States and the truths behind it.