Economic 110 - there is no absolute rule that governs the...

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Economic 110 Yi Ting Chen May 5, 2011 Naked Economics Write-up I carefully read N.E. Chapter 1. According to the book, economy is a form of art which makes us as human beings to make the most of our lives. In this fast developing world, as the civilization continue to expend, we realize that all the sources including clean water, air, or even sun light are finite. In order to maximize our utilities we can get from our limited resources, we have to thoroughly understand the fundamental principles of economics. One thing I found very interesting is the value differences. In other words, people tend to measure the worth of several things base on their own perspectives. For example, for a typical American, deforestation is a definitely a bad practice which destroy the balance of ecosystem and will eventually contribute to global warming; however, in South America, the villagers think that chopping off trees is essential to their living that without doing so, their families would not survive. As we discern,
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Unformatted text preview: there is no absolute rule that governs the values of everything. To fully understand peoples behaviors, we should not be too subjective. Instead, we have to make sure that we understand the diverse stand views. Another great instance that the book talks about is the choice between being a math teacher and marketing cigarettes. If we value the options through a capitalistic point of view, we definitely would pick marketing cigarettes as our priority. Nevertheless, if we make our choice via a more humanistic angle, it probably would not be surprising to see many pick math teacher as their career. In conclusion, although it is rational to state that people strive to make themselves better off, there are still a great variety of factors that need to be put into consideration as we process to better understand economics....
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