Though considered the most basic common sense for anyone who studies economics, I never stop finding the supply - demand model to be highly useful in interpreting how the world functions. Supply and demand in the market for goods and services have a direct and fundamental influence over the prices and quantity. Furthermore, supply and demand are highly applicable in markets outside goods and services. In the labor market, foreign exchange market and loanable funds market, the way these markets function is simply supply and demand in disguise. Wage rate, exchange rate and interest rate are essential the same as price for physical goods in their respective models. The supply - demand model can be used to explain so many economic activities that one can never overestimate its value.
I would be interested in gaining a more in-depth exposure to the cultural differences between countries, such as how people converse and how they cope with ambiguity. This will be valuable human-focused knowledge, as is different from the technical-oriented models and equations that I am familiar with.
For any students who are considering taking the class, it is advised that they grow into the habit of pondering over an economic issue and trying to interpret a single issue from different angles. I find it highly helpful to constantly try to understand the economic news using the concepts we learned (or reviewed) in class. It brings everything I have learned into real-life application as opposed to textbook examples. I find myself a more mature critical thinker after this course, rather than merely good at models and math. Consequently, I highly suggest a serious student to keep thinking economically, whether it be class reading or world news. Exercises of this sort hone the brain.
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