Guideposts of Economic Thinking

Guideposts of Economic thinking

Tobias Shorts

Grantham University

Abstract

So I am going to be writing about what I think and feel about Economic thinking. I don’t know much about it as of today. But as I did my research and read more about it I did learn some things that I didn’t know about it. In my writing I am going to be writing about government spending and taxation.

Guideposts of Economic thinking

In this week reading I found it to be very interesting. From the reading in our text book “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). My four principles that characterize I pick are The economics and the opportunity cost of many actions that have the highest valued option which is given up with different choices are made dealing with economic thinking. Another thing from what I read was that economic requires more of making decisions. Which then requires the government to certain guidelines in the basics economic theory and building blocks? My secondly choice is when the governments make decisions they should make more decisions of how much it is going to cost along with what options seems the most economical way. But however choice between two alternatives generally focus with the different in the benefits and there cost. (Gwartney et al, 2013) Economists describe this process as marginal decision-making, or thinking in such cases. Third I do feel that the government should always have attentive to a decision. As in having like a great back up plan. Within the text Economic actions often generate indirect as well as direct effects, failure to consider secondary effects. Now for my last one I...