The most important economic issue we are facing domestically or internationally, explain why your view has either been strengthened or changed during the past ten weeks
1. The most important economic issue we are facing domestically or internationally, explain why your view has either been strengthened or changed during the past ten weeks?
In responding to this question, please also address how this strengthening or change of your view(s) relates to one or more of the key takeaways about economics
Key Economic Takeaways Related to Political and Social Issues 1. Positive economics is fact-based, while normative economics is based on values (which are related to moral beliefs). 2. Positive economics is not based on any specific moral belief other than the importance of verifiable truth (as in four apples are four apples), and is therefore not opposed to any specific moral code. 3. The political, moral, and other beliefs of individuals and groups inform their normative economic beliefs, and the policies that they choose to support. 4. Self-interest does not require selfishness, meaning that a person acting in self-interest will often choose to sacrifice for other humans (including their family members, friends, neighbors, coworkers, and even strangers). 5. Just because there is either a benefit created or a cost avoided when we do something doesn’t mean that we should automatically choose to do that thing (whether individually or collectively). 6. Just because there is either a benefit lost or a cost incurred when we do something doesn’t mean that we should automatically choose not to do that thing (whether individually or collectively). 7. Comparing all relevant costs and benefits is important when making decisions (both individually and collectively). 8. Regardless of your political, moral, and other beliefs, understanding positive economic theory should help you make better decisions based on your beliefs. 9. If economic analysis changes your beliefs, it will probably be the result of you seeing or considering something you weren’t previously aware of (either partially or entirely).
. what are some of the ways you believe scarcity of time and resources influences culture and ultimately shapes the societies we live in?
this question is basically asking you to explain some of the ways scarcity impacts the individual and collective decision making that creates/maintains our cultures and the way societies are organized. Since many aspects of our cultures and societal organization are rooted in scarcity of time and/or resources, there are many different ways that you can potentially respond to this question (meaning there isn’t one right answer to this question).
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