We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Thinking like an economist: The basic vocabulary of the field - Admission/Application Essay Example

Comments (0)
Thinking like an economist: The basic vocabulary of the field 1. How does a college education increase one’s human capital? College education increases one’s human capital in many ways. First, education is one way of assuring of individual employment and earning…
Download full paper
Thinking like an economist: The basic vocabulary of the field
Read TextPreview

Extract of sample
Thinking like an economist: The basic vocabulary of the field

Download file to see previous pages... Vice Chairman Jim Saxton of the US Congress Joint Economic Committee reported that the amount of education of a person determines his earning capacity; and that the more he learns, the more he absorbs new information, technology and new skills easily. This is particularly true since I believe that when the human capital is developed, his productivity level is improved, he turns out a good output of work that in turn increases his value and earnings. I also think that the amount of education one has acquired determines the gap in the income of professionals and the lowly-educated employees. For instance, Vice Chairman Saxton presented in his committee report saying that professionals earn around $80,000 per year while the high school graduates earn the average of $26,300 per annum. This amount of pay tends to increase along with the length of time spent by the employee in the company because of bonuses and longevity pay. Aside from the remunerations there are also non-cash benefits from investing in education to increase human capital. In a highly competitive labor market, those with higher education are preferred by employers because they contribute to the over-all productivity of the company. Thus, it can be concluded here that education is significant factor that improves the life of a person. 2. Does your college tuition fully reflect the opportunity cost to you of taking the course? What is your personal opportunity cost of taking this course?  When I go to college naturally, I spend money for tuition fee for taking the college course I want. In enrolling in college, I lost the opportunity to earn income that other high school graduates do. Opportunity cost is the comparison of alternatives of going to college or to work. In most cases, there is a need to assess the costs and benefits of the options taken, and the benefits of foregone opportunity. When I choose the alternative of going to work, it means I have to give up college education and forego the opportunities that go with it. Let us take an example of my personal opportunity cost in taking this through some assumptions. Suppose that the amount of going to college for one year is $5,000. In assessing the opportunity cost, we must add to $5,000 the amount of foregone opportunity of working. We should consider the lost opportunity to earn $20,000 a year if I worked full time. So the actual cost of going to college is $5,000 for direct expenses of going to college and the $20,000 of foregone salary, so it is $25,000. When we consider the cost and benefit, it would show that going to college has a long term benefit because as shown in Vice Chairman Saxton’s study, the earnings of a college graduate is twice as much higher than a high school graduate. Simply put, when I finish college, my earnings bracket is $46,000 as against $26,000 of those with lower education. By the above example, opportunity cost to me, means that the choice I make will give me the maximum value of earning twice if I choose college education over the short term benefit of earning wages right after high school graduation. 3. Does a reduction in trade barriers cause a country to move closer to its production possibilities curve or does it cause the production possibilities curve to shift outward? What factors would cause the production possibilities curve to shift outward (economic growth)? Trade barriers are government restrictions placed by the government to protect their domestic production. Common trade barriers according to WiseGeek are ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
Is Computer a Thinking Machine
He substantiates his claim by providing the example of aliens. It is claimed that it does not mean that aliens are unintelligent even if humans fail to understand the meaning of their actions because the set of rules they follow may be unknown to humans. So, according to Pinker the measurement of intelligence of something is to check if it is able to function rationally according to a set of rules and if it is able to overcome hurdles with the use of that set of rules (527).
3 Pages(750 words)Admission/Application Essay
Crazy like Us by Watters Ethan
Watters, in Crazy like Us, aims to demonstrate how America’s perception of mental illness has been transferred to the remaining part of the world. This could probably be attributed to the fact that America as a nation has dominated the world, and thus highly influenced the rest of the nations.
4 Pages(1000 words)Admission/Application Essay
My critical thinking skills
Spending the time and money to pursue my dream of becoming a medical doctor seemed almost like a luxury. After seriously thinking through the options, I began to realize that making the choice to go to work now would have meant giving up on my future. I had to think critically about what I would be gaining and losing under both options
1 Pages(500 words)Admission/Application Essay
Personal statement, Medicine field
In this whole process, nursing in an inevitable part, since apart from pure medication, the right guidance from professionals, besides that human touch, is very important to help patients overcome their fear for and grief towards the acceptance of diseased conditions.
2 Pages(500 words)Admission/Application Essay
Statement of Purpose - field of economics
When I was in secondary school, studying economics was probably the last thing that I had ever thought about doing. After finishing my high school education, I applied to Name of University and began my studies with the goal of accumulating a general knowledge of the world around me.
3 Pages(750 words)Admission/Application Essay
Thinking like an economist: The basic vocabulary of the field SLP
Given their proven methods of doing business, there is no need for sleepless work on research in this business since everything had already been taken cared of by this
2 Pages(500 words)Admission/Application Essay
Definition of Critical Thinking
In one’s personal words then, critical thinking means a cognitive process that entails the creation of an idea, the examination of intricate details, and the ability to integrate of combine lines of thoughts, arguments or assertions based on what one personally experienced,
1 Pages(250 words)Admission/Application Essay
Entrance lettre to medical lab field
I want to use this opportunity to bring to your attention the true nature of my academic excellence and a profound interest in the medical field. I am a fast learner and I possess a passion for helping others that drives me to be well suited in your
1 Pages(250 words)Admission/Application Essay
Should teach critical thinking in high school
One of the recommendations that has come to be presented in recent years has to do with creating a requirement to specifically critical thinking as core curriculum within college classrooms around the country. As the debate rages, it will be the understanding of this
2 Pages(500 words)Admission/Application Essay
Critical Thinking and Intelligence
Dr. King said that “intelligence plus character is the goal of true education” and it is difficult not to agree with this statement. In this essay I
3 Pages(750 words)Admission/Application Essay
Let us find you another Admission/Application Essay on topic Thinking like an economist: The basic vocabulary of the field for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us