Please follow the directions to the prompt questions. Creative thinking is
encouraged as long as you are thoroughly covering the core questions. Use your
understanding of economic thinking and economic behavior. This paper should be
approximately a 10-16 page typed work. My personal preference is for 1.15-paced lines
in a 12-font, with 1-inch margins. Use appropriate citation of outside sources as
necessary, gathered in a bibliography at the end of the report, but these can be broadly
referential, since this is a work of exposition, not a research paper as such. This report
is due in my office (210 West House) or via email, no later than 2pm Friday December
5, 2014. Please do not turn anything in to the MOODLE site. No late work will be
accepted. Thank you.
THE ECONOMICS OF LIFE
Directions: Write an informative essay in response to the following
prompt question: What part does economic thinking play in life?
While you may utilize some direct reference to your own personal life,
your work must also speak in general terms. Besides the answer to the
broad abstract question above, please also provide a focused answer
to at least two of the more specific prompts provided below:
1. To what extent can the economic perspective be applied when
deciding between (1) your needs and desires regarding family
and (2) the socially-imposed requirements and demands of
building a successful career and/or business?
2. How will you reconcile your own personal dreams, hopes, and
preferences with those of the others in your family unit (your
spouse and your children)?
3. How does economic thinking apply to the “social contract” of
the family unit, or can “economics” be disregarded when it
comes to decisions inside the family?
4. How important is money in the successful accomplishment of
your life goals?
5. How important is it to take an economically rational view in
regards towards thinking about and planning towards the
6. How does economic thinking apply to considerations of living
and working in the city/urban environment versus the
country/rural environment? Explain how economics applies
to questions surrounding whether to stay near where you
originally grew up as opposed to moving far away and/or to
moving to a culture that is very different to the one you were
7. Use economic thinking to describe your efforts to build
elements of your human capital, e.g. the attainments of
educational credentials, workplace skills and experiences, and
social and cultural knowledge. How are these important?
8. Describe the applicability of economic thinking to decisions
regarding romance, courtship, and marriage. Does economic
thinking come into play in considerations of the relationship
between people inside of the institution of marriage? to
questions of trust, of faithfulness, and of divorce? Explain.
9. Consider the economics of your career. Will you work in the
same productive field your whole life, or will you have to make
a major change in professional orientation at some point?
How will you prepare for and make such a transition?
10. What are the economics of planning for life difficulties
such as unemployment, indebtedness, bankruptcy, and
business failure? What about the economics of possible
personal challenges of psychological dysfunction such as
depression, potential addictions, crime victimization, or chronic physical illness?
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