H‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ere are the directions from the professor (includes an exam
H‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ere are the directions from the professor (includes an example for some parts of the essay): A Sample Mini Essay • A final miniessay (a short Economics paper) should amount to 1000 words (4 pages), on either one (not both) Us Fiscal Policy (no outside sources) or the Gold Standard System (no outside sources). • Please use any other professional style (MLA, APA, Oxford, Chicago,…) you are comfortable with. • Please make sure you proofread and/or edit your Final miniessay before submission. • Please Recall that the Economic Way of Thinking (EWOT) & Critical Thinking Writing Methodologies are Highly in Demand in a 21st Century Competitive Globalization Economy, Trade, Finance, and Forex. Also, please review your LMESTG approach! • Must englobe 4 axes or dimensions, viz.: • A Brief description/explanation, with at least one illustration, of your chosen Concept or Method. • An Identification, with at least 1 example, of the Strengths (Pros) and Weaknesses (Cons) of the selected concept/method. • A helpful Recommendation on how to remedy to the Weaknesses (Cons) of the chosen theme/topic. • A linkage (application) of the chosen theme to your: a) Life Enrichment; and, b) Career or professional (entrepreneurial) development. Thusly: Suppose you are to Select the Concept (Fundamental, Basic, Law) of Opportunity Concept, OC OR Globalization (G) in Chapter 1. Then, you will need, say, for OC; hence: to Describe; Identify the Pros & Cons; Fix the Cons; and, Link OC to your Personal Enrichment and Professional Development. Henceforth: • The Concept/Approach of OC is foundational to the Science of Economics, Micro- or Macro-, Domestic or Global, as OC is rooted in Scarcity—Reason d’Etre of Economics. Namely, Resources, R (Nature, Labor, Capital) are Limited (Finite) whereas Needs, N (Wants, Desires) are Unlimited (Infinite). As a result, societies inherently face an Inequality between R and N. Symbolically, RR. To equalize between the 2, a new Social Science (Microeconomics—individual behavior; and Macroeconomics-- collective behavior) is born. Precisely, people are to make Rational Choices to Optimally Satisfy their Needs or Desires. And, 1 fundamental metric to measure th‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍e cost of the finite R is the standard of OC. That is, one is to assess the true cost (opportunity, implicit, invisible) of any economic decision to render it effective, optimal, or plausible. For instance, assume that I have only $2 (limited budget) in my pocket to choose between spending it on a newspaper OR a cup of tea. The two are mutually exclusive. Clearly, if I spend the $2 on the newspaper, I must abandon buying cup of tea and vice versa. Moreover, to an accountant I have spent $2 (explicit, out-of-pocket-money) on either (but I cannot for both, given the mutual exclusiveness). To an economist, however, there is more to the $2 than just the explicit cost, viz., ‘what I might have done’ with the $2, say, investing it in a Penny Stock and expecting a 10% gain or $.20. Therefore, the true cost of the cup of tea (or the newspaper) is $ (+$2 + $.20). Therefore, OC is that which I have given up to embark upon the best alternative or option or decision. I n short, OC mirrors the true cost of a decision—micro (purchasing an individual good or service) and macro (deciding on Health or Education for the whole country). • OC provides a clear, consistent, and cogent explanation and argument to deciding amongst alternative or competing goals. OC is Specific and Measurable. It is Constructive and Balanced, as to accounting for our informed and effective economic decisions. Alas, it is Subjective, as it is valued individually, being subjectively 10% while it could be valued to 5%, 12%, 15%, or what have you. • As an emerging Economist (microeconomist or macroeconomist or both; USA or abroad), I ought to make certain that my determination of the OC is valued as objectively as possible and in light of the most credible and current data of the underlying economy—its current R & N. • OC is useful to my personal enrichment when consuming, producing, investing, and distributing amidst goods, services, e-goods, and e-services, at home and/or overseas; domestically and/or internationally; and regionally and/or globally. Furthermore, OC is a decisive tool for analyzing, or assessing, the limited resources and the unlimited wants of my employer (private or public) or of my own entrepreneurial activity (business), investment portfolio, consumptio‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍n, production, entertainment, and so forth.

Leave a Reply

Your email address will not be published.