...guideposts of economic thinking to government spending and taxation Well from reading this week reading, the economic way of thinking requires more than just making decisions on plain information. For it requires government incorporating certain guidelines such as the building blocks of basic economic theory into their thought process when making decisions. There are eight principles that characterize the economic way of thinking; however, I will only identify four. According to the textbook” “One of the first guidelines is referred to as the use of scare resources is costly, so decision-makers must make trade-offs. Economists sometimes refer to this as the “there is no such thing as a free lunch” principle, it is important to recognize that the use of scarce resources to produce a good is always costly” (Gwartney et.al, 2013). In economics, the opportunity cost of an action is the highest valued option that is given up when choices are made in economic thinking. 2. When government make decisions, they should make decisions on the margin of how much it is going to cost and which option seems like the most economical way. “When making a choice between two alternatives, individuals generally focus on the difference in the cost and benefits between alternatives. Economists describe this process as marginal decision-making, or thinking in such cases” (Gwartney et al, 2013). 3. Having information on the economic factor that helps government make better decisions in economic times....
Words: 377 - Pages: 2
...Economic Way of Thinking Economic Way of Thinking SW Economics 100 Professor E 11-06-2012 Abstract In this paper, I am going to review an economist approach to alcohol abuse and include the 4 elements of the economic way of thinking. I will be discussing supply and demand and how it affects prescription drugs and also how it is an important. I will be discussing increasing-cost industries as well as reviewing a perfectively competitive market. Impact of Economics An economics perspective of alcohol abuse would be that, even with significant harm is caused; they feel it should not be restricted. Economics assume that people, usually, are the best judges of themselves. Economist have also come to the conclusion that consumers tend to drink less alcohol, and have fewer alcohol-related problems, when alcoholic beverage prices are increased or alcohol availability is restricted. A possible solution to the alcohol abuse problem could be limiting which stores are able to sell the alcohol products. It is very easy to obtain alcohol and if it was not as easy to access, the sales would go down, causing the number of alcoholics to decrease. Another possible solution to alcohol abuse could be to enforce tougher penalties for alcohol related crimes and or alcohol related traffic violations. By doing this, the consumer might...
Words: 728 - Pages: 3
...Teaching Critical Thinking with Electronic Discussion Steven A. Greenlaw and Stephen B. DeLoach Abstract: One of the products of a liberal undergraduate education is the ability to think critically. In practice, critical thinking is a skill that economics students are supposed to master as they complete their studies. However, exactly what critical thinking means is generally not well defined. Building on the literature on critical thinking, the authors examine how electronic discussion can be used effectively to teach this skill. Because of the multiplicity of views expressed, the asynchronous nature of the technology, and the inherent positive spillovers that are created, electronic discussion appears to provide a natural framework for teaching critical thinking. Key words: class discussion, critical thinking, distance learning, electronic discussion JEL code; A2 One of the products of a liberal undergraduate education is the ability to think critically. This should be particularly true for economics students who. after all, are ostensibly taught the discipline's version of critical thinking—the economic way of thinking. It is ironic then, that relatively little has been published on effective strategies for teaching critical thinking in economics.' This is not an original criticism. In his seminal article on research in pedagogy, Fels (1969) identified critical thinking as an area ripe for teaching and exploration by economists, Fels's critique, "rarely is a concerted effort...
Words: 9266 - Pages: 38
...SITUATION ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-3-situation-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 3 SITUATION ANALYSIS ECN 400 Week 3 Critical Thinking: Situation Analysis (Hospitals) (70 ) Select an article in a newspaper or magazine that discusses a government policy on goods or services. Analyze the situation and in 600-1200 words: • Summarize the article using at least three economic terms and theories covered in class. • Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s). • Draw a supply and demand graph to explain this change. Be sure to label your graph and clearly indicate the change of the curve. ECN 400 WEEK 3 SITUATION ANALYSIS To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-3-situation-analysis/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 3 SITUATION ANALYSIS ECN 400 Week 3 Critical Thinking: Situation Analysis (Hospitals) (70 ) Select an article in a newspaper or magazine that discusses a government policy on goods or services. Analyze the situation and in 600-1200 words: • Summarize the article using at least three economic terms and theories covered in class. • Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s). • Draw a supply and demand graph to explain this change. Be sure to label your graph...
Words: 775 - Pages: 4
...creative thinking is regaining its popularity in the global education scene. This resurgence in popularity can be attributed to the demands of the evolving economic, political, social and technological world in the 21st century. The competitiveness of the global market demands corporations to constantly innovate. To do so, corporations need employees who are able to think critically and creatively. Barren of natural resources, Singapore depends on its human population for economic survival. Education then becomes a key instrument in promoting the state’s economic development. In 1959, the Ministry of Education issued a report, asserting that, ‘the government’s education policy is designed to equip the youth of the State with requisite skills, aptitudes and attitudes for employment in industry’, and it has not changed since then. So, as we move into the 21st century, the government has termed critical and creative thinking as skills that all students should develop within themselves. The education system acts an agent to instill such skills in the younger generation. The objective of this paper is to discuss the possibility of facilitating the development of critical and creative thinking among students in the current Singapore education system. So, we shall begin this paper by introducing the concepts of critical and creative thinking. Next, we shall study factors in the current Singapore education system that influence the development of critical and creative thinking among students...
Words: 294 - Pages: 2
...Write about Critical Thinking? Critical Thinking How can critical thinking be more applicable in the contemporary society with reference to the following aspects Social, economic, political, and intellectual? Critical thinking is an important element of all professional fields and academic disciplines (by referencing their respective sets of permissible questions, evidence sources, criteria, etc.). Within the framework of scientific skepticism, the process of critical thinking involves the careful acquisition and interpretation of information and use of it to reach a well-justified conclusion. The concepts and principles of critical thinking can be applied to any context or case but only by reflecting upon the nature of that application. Critical thinking forms, therefore, a system of related, and overlapping, modes of thought such as anthropological thinking, sociological thinking, historical thinking, political thinking, business person, etc. In other words, though critical thinking principles are universal, their application to disciplines requires a process of reflective contextualization. Critical thinking is considered important in the academic fields because it enables one to analyze, evaluate, explain, and restructure their thinking, thereby decreasing the risk of adopting, acting on, or thinking with, a false belief. For example when students join high school they are usually told that mathematics is hard but a student...
Words: 1602 - Pages: 7
...benefits of critical thinking in the decision-making processes Critical Thinking: Strategies in decision making MGT/ 330 Critical thinking is the intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action. In its exemplary form, it is based on universal intellectual values that transcend subject matter divisions: clarity, accuracy, precision, consistency, relevance, sound evidence, good reasons, depth, breadth, and fairness. It entails the examination of those structures or elements of thought implicit in all reasoning: purpose, problem, or question-at-issue, assumptions, concepts, empirical grounding; reasoning leading to conclusions, implications and consequences, objections from alternative viewpoints, and frame of reference. Critical thinking - in being responsive to variable subject matter, issues, and purposes – is incorporated in a family of interwoven modes of thinking, among them: scientific thinking, mathematical thinking, historical thinking, anthropological thinking, economic thinking, moral thinking, and philosophical thinking. http://www.criticalthinking.org/aboutCT/definingCT.cfm. Scriven M; Paul R: A working definition of critical thinking. One may asked, why is critical thinking important? I believe that Critical Thinking is important because...
Words: 1074 - Pages: 5
...substance of a community on the basis of a selection (Lind, Marchal, & Wathen, 2011). There are four levels of statistics: nominal, ordinal, interval, and ratio. Nominal classifies and counts measured observations, ordinal is used to rank data according to relative value, interval has the same features as ordinal but includes constant size differences, and ratio is the highest level of statistical measurement, specifically for quantitative data (Lind, Marchal, & Wathen, 2011). All types and levels have a significant role in business. Role of Statistics in Business Statistics has a very vital role in business and managerial decision-making because it provides the tools for data collection and critical thinking (McClave, Benson, & Sincich, 2011). Critical thinking is the thoughtfully prepared development of skillfully and actively conceptualizing, interpreting, orchestrating, applying, and classifying...
Words: 479 - Pages: 2
...ECON 2301 Critical Thinking Skills Assignment Your Critical Thinking Skills Assignment will require you to submit a typed essay describing your proposal to improve an existing public policy. Below is the public policy: John Maynard Keynes and F. A. Hayek offer two very different views for macroeconomic policy. Overall question to consider: Contrast the views of each of these men. What are the likely outcomes of the policies of each? What would you recommend as an economic policy of the U. S. government and why? Organization and delivery: Write in a manner that is appropriate for an academic paper in the subject of economics, and follow a widely-accepted format for citing sources properly. Below are two helpful guides: APA format: https://owl.english.purdue.edu/owl/resource/560/01/ MLA format: https://owl.english.purdue.edu/owl/resource/747/01/ Scoring elements of Northeast Lakeview’s Critical Thinking Skills Rubric are listed in italics before the elements that comprise them below. Your score will be determined by how well you satisfy these elements. The Critical Thinking Skills Rubric is attached to give you clear descriptions of what quality of submission will earn ratings of poor, fair, good and excellent. Explanation of issues: Issue/problem to be considered critically is stated clearly and described comprehensively, delivering all relevant information necessary for full understanding. Evidence: Information is taken from expert source(s) with enough interpretation/evaluation...
Words: 699 - Pages: 3
...How can critical thinking be more applicable in the contemporary society with reference to the following aspects Social, economic, political, intellectual. Critical thinking is an important element of all professional fields and academic disciplines (by referencing their respective sets of permissible questions, evidence sources, criteria, etc.). Within the framework of scientific skepticism, the process of critical thinking involves the careful acquisition and interpretation of information and use of it to reach a well-justified conclusion. The concepts and principles of critical thinking can be applied to any context or case but only by reflecting upon the nature of that application. Critical thinking forms, therefore, a system of related, and overlapping, modes of thought such as anthropological thinking, sociological thinking, historical thinking, political thinking, business person, etc. In other words, though critical thinking principles are universal, their application to disciplines requires a process of reflective contextualization. Critical thinking is considered important in the academic fields because it enables one to analyze, evaluate, explain, and restructure their thinking, thereby decreasing the risk of adopting, acting on, or thinking with, a false belief. For example when students join high school they are usually told that mathematics is hard but a student who thinks critically will first practice it then come up with his /her own conclusion about the subject...
Words: 1593 - Pages: 7
...The Ohio State University Autumn 2010 Economics 201 – Principles of Macroeconomics TR 2:00 – 3:18, 100 Independence Hall Please do not make travel plans that conflict with final exam date and time. Alternative arrangements are extremely difficult FINAL EXAM: Thursday, December 9, 1:30, Same Place as Lecture MIDTERM 1: Thursday, October 7, 2:00, Same Place as Lecture MIDTERM 2: Tuesday, October 26, 2:00, Same Place as Lecture MIDTERM 3: Tuesday, November 16, 2:00, Same Place as Lecture Textbook: Required: Principles of Microeconomics, 18e, McConnell, McGraw-Hill, ISBN: 0077354230 (or loose leaf - cheaper: 00773441678). Study Guide: Highly recommend student study guide: 0077341678. Instructor: Alan Osman, 411 Arps Hall, Phone: 247-0092, E-mail: osman.1@osu.edu Instructor Resume: Brief resume on Carmen Instructor SEI: Student Evaluation of Instruction for various courses taught by the instructor, 2007-2010, available on Carmen Office Hours: TR: 4:00-5:00 (no appointment needed), other times by appointment. Communicating With the Instructor: In this day of instant communication, the urge to communicate with the instructor at any time of day or night and expect an immediate response is very tempting. Please note that if the information you seek by emailing this instructor is available on this syllabus, on Carmen, or was provided in class, or available from the course TA, the inquiry may not receive priority, if at...
Words: 2738 - Pages: 11
...Critical Thinking: How to Read and Analyze Arguments Jim Wohlpart Spring 2007 Critical Thinking: A Definition Critical thinking is a mode of thinking where the thinker consciously analyzes an issue or problem, while at the same time assessing the thinking process. Critical thinking presupposes rigorous standards and mindfulness in their use. It depends upon effective communication and problem-solving abilities, as well as a commitment to overcome our inherent egocentricism and sociocentrism. Finally, it improves with practice. (Adapted from CriticalThinking.org) Critical Thinking: Not! I believe I have omitted mentioning that in my first voyage from Boston, being becalmed off Block Island, our people set about catching cod and hauled up a great many. Hitherto I had stuck to my resolution of not eating animal food, and on this occasion, I considered with my master Tryon the taking of every fish as a kind of unprovoked murder, since none of them had or ever could do us any injury that might justify the slaughter. All this seemed very reasonable. But I had formerly been a great lover of fish, and when this came hot out of the frying pan, it smelt admirably well. I balanced some time between principle and inclination, till I recollected that when the fish were opened I saw smaller fish taken out of their stomachs. Then thought I, if you eat one another, I don’t see why we mayn’t eat you. So I dined upon cod very heartily and continued to eat with other people, returning only now...
Words: 2788 - Pages: 12
...University of Phoenix Material Using Sources Review the Continuing Academic Success assignment requirements from Week 5. Conduct research in the University Library to find at least three sources that are relevant for your Week 5 essay. Complete the following table for each source you have chosen. Include the original passage when you provide the summary, paraphrase, and quote. Source 1 | | | |Title of the article |Setting goals | |Why did you choose this article? |It helps to touch on the point of how setting goals can lead to success | |Is the article credible? How? |The article was published May 2014 under a noted publishing company | |Is the author biased? How do you know?|No, the author is in agreement that setting personal goals can lead to success | |Is the article relevant? How? |It discusses results that can be obtained through appropriate goal setting | |Find a passage you might use and |When working to obtain your goals you need to revisit them to further help you to understand what| |summarize it. |you are striving for. It keeps things in perspective ...
Words: 897 - Pages: 4
...Critical Thinking: What It Is and Why It Counts Peter A. Facione The late George Carlin worked “critical thinking” into one of his comedic monologue rants on the perils of trusting our lives and fortunes to the decision-making of people who were gullible, uninformed, and unreflective. Had he lived to experience the economic collapse of 2008 and 2009, he would have surely added more to his caustic but accurate assessments regarding how failing to anticipate the consequences of one’s decisions often leads to disastrous results not only for the decision maker, but for many other people as well. After years of viewing higher education as more of a private good which benefits only the student, we are again beginning to appreciate higher education as being also a public good which benefits society. Is it not a wiser social policy to invest in the education of the future workforce, rather than to suffer the financial costs and endure the fiscal and social burdens associated with economic weakness, public health problems, crime, and avoidable poverty? Perhaps that realization, along with its obvious advantages for high level strategic decision making, is what lead the Chairman of the Joint Chiefs of Staff to comment on critical thinking in his commencement address to a graduating class of military officers. Teach people to make good decisions and you equip them to improve © 2013, 2011, 2006, 2004, 1998, 1992, Peter A. Facione, Measured Reasons and The California Academic Press...
Words: 14085 - Pages: 57
...at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 6 MACROECONOMIC INDICES ECN 400 Week 6 Critical Thinking: Macroeconomic Indices Critical Thinking: Macroeconomic Indices (70) Begin working on your Portfolio Project by researching and selecting an article for your analysis. Appropriate articles are those that: • Are no older than six months old • Contain at least three general economic principles • Contain at least three to five macroeconomic indices. • Submit an outline that provides information on your article and the three general economic principles and the three to five macroeconomic indices you will be discussing in your Project. ECN 400 WEEK 6 MACROECONOMIC INDICES To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-6-macroeconomic-indices/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 6 MACROECONOMIC INDICES ECN 400 Week 6 Critical Thinking: Macroeconomic Indices Critical Thinking: Macroeconomic Indices (70) Begin working on your Portfolio Project by researching and selecting an article for your analysis. Appropriate articles are those that: • Are no older than six months old • Contain at least three general economic principles • Contain at least three to five macroeconomic indices. • Submit an outline that provides information on your article and the three general economic principles and the three to five macroeconomic indices you will be discussing in your Project...
Words: 834 - Pages: 4
