You will be required to do ONE (1) REFLECTIVE WRITING task based on microeconomics application in the real world. The reflective writing is meant to be open-ended and informal, yet creative.

The word count for the report must be approximately 1500 words (5 pages). Details of the task and respective due date are given below.

Task

1. Reflect ANY FOUR (4) microeconomics concepts (main/sub concepts are accepted) of your own choice based on ONE of these topics:

i)The Economic Problem, Nature and Method

ii)Demand, Supply, and the Market Environment

iii)Elasticity of Demand and Supply

iv)Government Intervention in the Market

v)Technology, Production and Costs

vi)Perfect Competition

2.Discuss on how these four concepts affect the behavior/activities of individuals, families, firms, and governments (you can choose only one group or a combination of two/more groups).

3.Your discussion of each concept MUST be supported with appropriate real-world examples (you may use as many examples as possible; however, your reflective writing must be of a good standard/quality). Citations and references may be included as and when necessary.