Ch.1 outline Scarcity – fundamental concept of economics that indicates that a good is less freely available than consumers would like Choice – the act of selecting among alternatives Scarcity and choice are the two essential parts of economics The economic way of thinking The eight guideposts of economic thinking (you don’t need to know them specifically – just know generally how they influence economic behavior) 1. the use of scarce resources to produce a good is always costly no production
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My conceptions of economics are not well formulated or unambiguous. I know little about the subject and what I do know stems from popular culture. Nevertheless‚ before reading “The Economic Ways of Thinking” I scribbled my definition‚ “economics: the study of money and what people do with it.” My perception of economists likened the Duke brothers of “Trading Places;” impersonal‚ rich‚ and a bit evil. I considered it an economist’s intention to understand a market‚ including its patterns and shortfalls
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Economics Chapter 1 I. An Economic way of Thinking What’s Economics? - The study of choices people make to satisfy their needs and wants. - It is the study of how society choose to use it’s scarce resources to satisfy it’s unlimited needs and wants. Economists: - Someone who studies the choices that people make. - Someone who studies the economic theory and applies it to the real world. Economic Actions: 1. Micro-economic: Study of one single factor of economy. (Mobile co.) 2. Macro
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Three ways of thinking There are three ways of thinking emphasised in this article: connective thinking‚ critical thinking and personal thinking.All this three ways are very important for students when they are studying and practicing in their work and life.The author argues that they are simply different ways of thinking about thinking that help us frame‚ describe‚ and understand the nature of executive reflective practice‚ not segmented cognitive activities.For my understanding‚ it is apparent
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firms‚ despite large firms rapidly improving through investments in both technology and skills. In this assignment‚ I will be discussing how productivity would affect the Gross Domestic Product (GDP)‚ GDP Growth‚ GDP per capita and the Sources of Economic Growth that could affect Mexico’s future economy. GDP refers to the monetary value of all finished goods and services produced within a nation’s borders in a specific time period‚ usually calculated annually. It includes all private and public
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is not a problematic issue from an economic perspective. A good example of frictional unemployment is when a graduate steps into the workforce
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Critical thinking provides the skills for a thinker to achieve a conscious level of mind with self-discipline to acknowledge and adhere to practice the art thinking of thinking. Thought drives life through a set of standards that become ingrained in reasoning that are applied to elements that support perspective as we develop intellectual traits to shape the clarity and non-bias viewpoint. The development of critical thinking involves six stages that build upon one another as one advances their
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reasoning in which the premises of an argument are believed to support the conclusion but do not ensure it. Induction is employed‚ for example‚ in using specific propositions. Concepts are ideas‚ theories‚ laws‚ principles‚ or hypotheses we use in thinking to make sense of things. Inferences are interpretations or conclusions you come to. Inferring is what the mind does in figuring something out. Abductive Reasoning: Take account of Point of view and Assumption. Abductive reasoning typically begins
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factors regarded as “unhealthy” ways of thinking about personal finance. Examine each “unhealthy” way of thinking about personal finance and explain why they are “unhealthy” including the consequences of thinking that way. Demonstrate ways that the individual can avoid these ways of thinking. Use ORIGINAL examples to
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Course Document Course Title: Elements of Logic and Critical Thinking Course Code: C H C P 8 8 8 3 1 2 3 2 5 0 0 0 0 0 Aims and Objective 1. 2. 3. To introduce you to different formal logical systems. These logical systems can shed light on the structure of ordinary languages and can help distinguishing good reasoning from bad ones. Methods of evaluating reasoning within these systems will also be introduced. To introduce you to other types of critical thinking‚ including analysis of the meaning
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