Curves, yes curves. That was one of my biggest take always from this class. It might seem silly that my biggest take away was that of curves. Learning more about supply and demand curves has really showed me how the economy can shift them. The shift in these curves taught me how there are so many variables that come into play in the economy that shift the curves.
Public goods and natural monopoly are the two things that first came to my mind of topics where my thought really changed. I thought I truly knew what those two things were, but after learning more about them I had a better understanding and could see what did and did not qualify something to be considered one.
I manage the affects of asymmetric information when shopping a few different ways. If it something I have great knowledge in myself, I approach it different then areas where I lack knowledge. When buying cars or snowmobiles, I go into it acting like I know very little about them. I then ask very average questions and see how the seller replies. Then I will get under them or in the engine bay and do my own screening. Based of the sellers answers to my original questions, I can usually see how honest they were being with me when they thought I new nothing about mechanics. This has saved me in the past from buying bad vehicles and also come out very good. Personally, if it is an electronic device and I don’t know much about it, I will ask my questions and then have someone who knows a lot about the item look it over for me. If the seller is not willing for me to have someone look it over for me, then I know there is usually something wrong with it.
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