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Week 3 Reflection

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Learning Team Reflection
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Learning Team Reflection Week three with its emphasis on market structure provided some areas of greater understanding than the previous week's focus on production and cost analysis. The topics of comfort increased and it seemed that more of the team members agreed with their areas of understanding. While some of the topics did provide a mild amount of difficulties in understanding, it certainly can be seen how the subject matter learned through the team paper has a direct relationship with our career fields. The discussion topic that focused on competition between companies in today’s modern economy provided a topic that was found to be more comfortable among some of our team members. It was easier to understand because of how economists classify the four markets into perfectly competitive, monopoly, monopolistic, and oligopolistic. It further helped to understand this topic through an example of classifying our own companies into one of the four markets. The subject that our team struggled with this week was that of analyzing how revenue decisions change depending on market structures. The reason this topic was confusing was due to the levels of competition in each particular market. After reviewing the material presented in class, we were able to understand that organizations with less competition and more of a monopoly in a particular area are typically more regulated than those with higher competition. This week's team assignment which focused on analyzing current market conditions had the greatest potential to have an impact on our chosen career fields. The reason this assignment had the biggest connection to our fields is because it tasked us with comparing products of a competitor to decide the best course of action our own companies. After completing this market analysis, we understood that in order to

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