Economic Naturalist
What does it mean to begin to think like an economic naturalist?
To begin to think like an economic naturalist means applying principles of economics in making daily life decisions. Prior to taking this class I believe that unconsciously I am already an economic naturalist
As an example: I live far from shopping centers, there is always school shopping before school starts. The closest place for me to shop for my kids supplies is on base, but the choices are not as much as driving for two hours down the hill. I looked at ordering online but I have to consider the shipping cost if it will be worth it compare to the cost of gas. I analyze the benefits and costs for my choices; base, down the hill or online. All this choices will require my time; the least time will be on base and most likely least cost as well. To go down the hill I have to spend four hours just to drive and a couple more hours to shop. However, there are more options such as sales, better deals and better quality of products. If I choose to shop online, no driving at all that will benefit me on my time and gas money. Nonetheless, I am not an online shopper so I am not equipped to know the difference between the products. With that said I might have to spend more time searching and researching.
After all this I still decided to drive down the hill. The economic principle that leads me to my decision is the Cost-Benefit Principle. Although my first choice seems to be the best, driving and shopping down the hill gave me the chance to have more time with my kids (that is priceless). I am also able to get good deals which offset the price of gas I spend
To begin to think like an economic naturalist means applying principles of economics in making daily life decisions. Prior to taking this class I believe that unconsciously I am already an economic naturalist
As an example: I live far from shopping centers, there is always school shopping before school starts. The closest place for me to shop for my kids supplies is on base, but the choices are not as much as driving for two hours down the hill. I looked at ordering online but I have to consider the shipping cost if it will be worth it compare to the cost of gas. I analyze the benefits and costs for my choices; base, down the hill or online. All this choices will require my time; the least time will be on base and most likely least cost as well. To go down the hill I have to spend four hours just to drive and a couple more hours to shop. However, there are more options such as sales, better deals and better quality of products. If I choose to shop online, no driving at all that will benefit me on my time and gas money. Nonetheless, I am not an online shopper so I am not equipped to know the difference between the products. With that said I might have to spend more time searching and researching.
After all this I still decided to drive down the hill. The economic principle that leads me to my decision is the Cost-Benefit Principle. Although my first choice seems to be the best, driving and shopping down the hill gave me the chance to have more time with my kids (that is priceless). I am also able to get good deals which offset the price of gas I spend