...“It is More important to discover new ways of thinking about what is already known than to discover new data or facts”. This great dilemma, which the question is based on, is in choosing between discovering new ways of thinking about what is already known and discovering new data or facts, is quite a complicated task. Before I begin, the terms “new ways of thinking”, “facts”, and “data” must be defined. According to various dictionaries, data is defined as a series of observations, measurements, or facts; information is defined as an event which is known to have happened that can be verified through experience or observation. The phrase “new ways of thinking”, seems more ambiguous because how can there be new ways of thinking? However, for this essay, the definition of thinking from a different perspective or thinking in a way that is different from all previous ways of thinking is used. This, however, allows different people to have different new ways of thinking. A new way of thinking to one person would no longer be the same to another person. Most often, people would firmly say that new ways of thinking are innovative and new advances are advantageous; for example, in Economics, advances in technology would lead to a greater productive and allocative efficiency, which would result in greater levels of economic growth for a certain country, which, of course, it’s a great benefit for the society. However, there is also a need for discovery new data and facts to broaden our...
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...Chapter 1 Introduction: What Is Economics? 1.1 What Is Economics? 1) Economics is best defined as the study of: A) financial decision-making. B) how consumers make purchasing decisions. C) the choices made by people faced with scarcity. D) inflation, unemployment, and economic growth. Answer: C Diff: 1 Topic: What Is Economics? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Micro-1 2) Economics is the study of: A) how to invest in the stock market. B) how society uses limited resources. C) the role of money in markets. D) how government officials decide which goods and services are produced. Answer: B Diff: 1 Topic: What Is Economics? Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-1 3) Scarcity can best be defined as a situation in which: A) there are no buyers willing to purchase what sellers have produced. B) there are not enough goods to satisfy all of the buyers' demand. C) the resources we use to produce goods and services are limited. D) there is more than enough money to satisfy consumers' wants. Answer: C Diff: 1 Topic: What Is Economics? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Micro-1 4) An arrangement that allows buyers and sellers to exchange things is called: A) a contract. B) a market. C) money. D) efficient. Answer: B Diff: 1 Topic: What Is Economics? Skill: Definition AACSB: Reflective Thinking Learning Outcome: Micro-1 5)...
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...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....
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...Process Philosophy: Economics and Marriage & Family There is an ongoing pattern that is being followed today that has affected the way that we function as a society in many ways. Our methods of thinking, living, teaching, and even loving were changed by process philosophy. This very shift in thinking has caused a one-hundred eighty degree turn in the ways of American society. Of these many facets of society, the economy and the ways of marriage are two that have seen much change. Economics The ways of economic thinking have been infiltrated by process philosophy on nearly every level. Author and ecnomonic professor at the University of Queensland, Jason Potts, said that the use of science in economic analysis (evolutionary economics) is fairly...
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...PRINCIPLES OF ECONOMICS 2 PRINCIPLES OF ECONOMICS What is Economics? Economics is the study of the choices we make when there is Scarcity, or a limit in resources. I like to compare the idea of Economics in many ways to being in a family. A family has to make many choices and decisions. A family must decide what each member does to help contribute, such as who cooks and who washes the clothes. In brief, a family should consider the ability, efforts and desire of each member. Just like a family, our society faces many choices. There are alot of jobs that require different people, with the skill set to do those jobs. A society must decide what jobs should be done and who should be chosen to do the jobs. Societies need people to plant or grow food, make clothes and some to design computer software. Once society distribute people and machines to do different kinds of jobs, they should also distribute their products and the time and qualities of their works. Sometimes there is a lack of resourses. Resources in society are very important. If society lacks in resourses, than we would be unable to produce the products. Without products we would not be able to achieve the highest standard of living we look forward to. In Economics there are four ways of thinking. The first way of thinking is by using assumption. Using this method makes things simpler, by focusing on what really matters. The...
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...Critical Analysis Questions Chapters 1 & 2 Jerry Shelley Grantham University Abstract In reading and reviewing this research topic one on Governing Spending and Taxation, one will find that four of the eight guideposts to economics thinking are included. In recent studies one does not have to waste time knowing that there is a way of thinking which the economic way is. The economic theory has a common ground in which a human being can developed it from the basic principles of their behavior. The economic theory is the road map to finding out the points that are established of what to look for and how economics relates to the present and future. The list of guideposts to economic thinking can be incorporated into your own thought process. Below is information that has being prepared for one viewing of thinking in an economic way? Title of Essay The opportunity cost beginning with World War I soared to $11,194 as of 2010 this was almost 80 times the level in 1916. However, the dramatic change for federal spending is above it level during the 1920s.The shift of federal spending has change rapidly. In 1960 the defense of spending has fallen from both the share and budget in the economy. However health care and transfer payments, and subsides has risen high. In 2000 defense spending was only 16.5 percent of the...
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...ignore the problems of economic and social implications. Because of this awareness, scholars have studied and applied the "a tripple bottom line" or "three pillars" as a method of discovery and the desire to understand sustainability in the balance between the environment, the economy and the society. To illustrate the above, true Amazon deforestation will be used to document the application of systematic thinking to sustainability challenges. This study will show us the link between...
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...Entrepreneurship is viewed as a major contributor to economic growth and employment creation while understanding how creativity impacts on the process is also crucial (Baumol 2002). Lee et al. (2004) note that entrepreneurial activity not only requires both a supportive and productive business climate but that it also needs an environment where creativity and innovation can flourish. A successful integration of creativity and technology can then lead to commercialisation of the idea, product or service. The knowledge base can also be utilised in contributing to useful juxtapositionings or bisociations between previously unrelated ideas or domains (Sternberg 2004; Ko and Butler 2006). Creativity involves bringing into existence something new by combining or reapplying existing ideas to form new ones. Entrepreneurs with a creative attitude have a higher ability to accept changes and have a habit turning problems into opportunities. Entrepreneurs use creativity and innovation to deliver unique value to customers. Creative entrepreneur actively search for opportunities to do existing things in extraordinary ways. Successful entrepreneurs have the ability to use their creativity to create an edge over their competitors. Creativity can also be seen as an important condition for innovation, however innovation also includes implementation of creative inspiration (Babu, Krishna & Swathi). file:///C:/Users/User/Downloads/9-36-1-PB.pdf Lateral thinking involves solving problems using an indirect...
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...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...
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...readings and video all explore the concept of “stuff” and the values with which we place in them. Each looks to different aspects of both the economic and non-economic value that specific objects and products can hold, and questions whether a price even should be placed on certain things of significance. This creates a dilemma that can only be resolved through changes in our own ways of thinking, and as such continues to vary a great deal. In Annie Leonard’s video, “The Story of Stuff,” we get to break down one of the aspects of this dilemma. Leonard analyzes the true costs of various goods, beyond the sticker price that we pay as consumers. She brings up the fact that people in other countries are having to pay “with the loss of their...
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...Principles of Macroeconomics, 9e - TB1 (Case/Fair/Oster) Chapter 18 Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics 18.1 Keynesian Economics 1 Multiple Choice 1) Who wrote the General Theory of Employment, Interest, and Money? A) Adam Smith B) David Ricardo C) Milton Friedman D) John Maynard Keynes Answer: D Diff: 1 Topic: Keynesian Economics Skill: Fact 2) Keynesian economics includes the idea that A) economic policies are ineffective. B) the economy is basically stable. C) prices adjust to clear the markets. D) labor markets don't always clear due to wage rigidities. Answer: D Diff: 1 Topic: Keynesian Economics Skill: Fact 3) Among the propositions of the Keynesian school of thought is A) economic policies are ineffective. B) aggregate supply management is the key to a stable economy. C) aggregate demand determines equilibrium output. D) rational expectations. Answer: C Diff: 1 Topic: Keynesian Economics Skill: Fact 4) Keynes believed which of the following? A) The government has a role to play in fighting inflation, but not in fighting unemployment. B) The government has a role to play in fighting unemployment, but not in fighting inflation. ...
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...paper is to explain the concept of groupthink, what it is defined to be. The second part of the paper is an analysis of my personal experience with groupthink within a family trust. The third part of the paper proposes a remedy other than argument and debate which would act as a “group antihistamine” against this phenomenon called groupthink. Defining Groupthink Groupthink as defined by Irving Janis in his book entitled Victims of Groupthink, in it is stated to be “the tendency of a group to conform to ideas simply because the general sense of the group has moved in a particular direction and members of the group feel committed to continue in the same unchallenged line of thought.” Consequently it is the practice of thinking and making decisions in a group in a way that discourages creativity or individual responsibility. Groupthink is an occurrence where by a group comes to a unanimous decision about a possible action despite the existence of facts that points to another more fruitful corrective course of action. In groupthink the members of the group place emphasis on everyone agreeing therefore there is a threat when a member is not in consensus. Unfortunately it results in more optimum solutions not being fully considered because of intimidation tactics employed on those who don’t comply. Ultimately members can be ostracized from the group if they are noncompliant to the group’s unified position. The result is unvetted decisions with poor unwanted consequences. Groupthink...
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...Of the economists we’ve studied, rank the three that you believe are the most important to the history of economic thought. For each individual, explain why you put him/her on your list. In the history of economics, I believe the three most important economists are Adam Smith, Karl Marx, and John Maynard Keynes. After learning about so many different influences of economics, it is difficult to choose only three however the three that I chose seem to have the biggest impact. They all had different theories and ideas of economic thinking. Some ideas were developed off of the predecessors principles, while other beliefs were opposing the ideas completely. Overall, it is important to study and learn from their methods to help understand how an economy works and how to attain their goals. The first economists I found the most important to the history of economics was Adam Smith. Adam Smith was not only a founder of the classical school but he had many influential ideas of moral values and political economy. The two books he wrote that were very important to economic thinking were The Theory of Moral Sentiments and Wealth of Nations. They complimented it each and demonstrate his way of thinking. Smith believed in a free market and that this idea is best for society. He developed the idea of the “invisible hand”, meaning if people went after their own self-interests that it would also benefit society. The division of labor was another idea that Smith was noted on discovering...
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...Exercise 1 Solution Chapter 1 Economics: Foundations and Models 1.1 Three Key Economic Ideas 1) Which of the following statements is true about scarcity? A) Scarcity refers to the situation in which unlimited wants exceed limited resources. B) Scarcity is not a problem for the wealthy. C) Scarcity is only a problem when a country has too large a population. D) Scarcity arises when there is a wide disparity in income distribution. Answer: A Comment: Recurring Diff: 1 Page Ref: 4/4 Topic: Scarcity Objective: LO1: Explain these three key economic ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. AACSB: Reflective Thinking Special Feature: None 2) By definition, economics is the study of A) how to make money in the stock market. B) how to make money in a market economy. C) the choices people make to attain their goals, given their scarce resources. D) supply and demand. Answer: C Comment: Recurring Diff: 1 Page Ref: 4/4 Topic: Scarcity Objective: LO1: Explain these three key economic ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. Special Feature: None 3) Where do economic agents such as individuals, firms and nations, interact with each other? A) in public locations monitored by the government B) in any arena that brings together buyers and sellers C) in any...
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...attaining industry success which directly relate to the economic development of a country as well as the global economy. In such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs to effectively realise the market opportunities that leads to a sustainable economic development. New ideas that add value to a firm...
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