Economic Way of Thinking - Coursework Example

Comments (0) Cite this document
If Lebron mows the lawn himself, this would have its own advantages and disadvantages. On the other hand, if Lebron decides to hire pat to mow the lawn,…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Economic Way of Thinking
Read TextPreview

Extract of sample "Economic Way of Thinking"

Topic: Economic Concepts Lebron James has the ability to mow the lawn in three hours while pat can mow the lawn in four hours at a fee of $25 an hour. If Lebron mows the lawn himself, this would have its own advantages and disadvantages. On the other hand, if Lebron decides to hire pat to mow the lawn, he would also incur a cost that he would have saved on. The decision of who is going to mow the lawn is therefore one that requires great consideration of economic concepts and the pros and cons of each decision.
Through the economic concepts of decision-making and cost-benefit analysis, it makes Lebron hiring Pat to mow the lawn the right decision (Volpe 2006). This is because for one, it will be creation of a job for pat. Even though Pat will take longer period to complete mowing the lawn, the lawn will have been mowed at the end of the day. This factor also fulfils the want that Lebron has to have his lawn mowed and at the same time promotes the distribution of finances to other levels. It will create a source of income for that particular day for Pat (Garman 2011).
In conclusion, hiring Pat to mow the lawn will also be the right choice, as it will enable Lebron who happens to be a pro athlete have time to practice. This will also enable him be better at his sport which is a source of income and the money that he will have paid to pat for mowing the lawn will have been earned back and perhaps doubled. Considering these factors makes it sensible for Lebron to hire pat for at the end of the day, they will both benefit.

Garman, E. T., & Forgue, R. (2011). Personal finance. Cengage Learning.
Volpe, R. (2006). An analysis of the importance of personal finance topics and the level of knowledge possessed by working adults. Financial services review, 15(1), 81. Read More
Cite this document
  • APA
  • MLA
(“Economic Way of Thinking Coursework Example | Topics and Well Written Essays - 250 words”, n.d.)
Economic Way of Thinking Coursework Example | Topics and Well Written Essays - 250 words. Retrieved from
(Economic Way of Thinking Coursework Example | Topics and Well Written Essays - 250 Words)
Economic Way of Thinking Coursework Example | Topics and Well Written Essays - 250 Words.
“Economic Way of Thinking Coursework Example | Topics and Well Written Essays - 250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economic Way of Thinking

One Way Communication and Two Way Communication

...Communication One-way communication is that type of communication in which information or knowledge is shared with a recipient without any form of response (Vanita, 50-71), for instance, posting a memo for staff members to read. On the other hand, two-way communication is when information is shared and the response is generated for that particular information. For instance, at a staff meeting, information is provided and the staff members are allowed to ask questions or give a feedback (Vanita, 75-83). There are two models, which subsequently depict one-way communication and two-way communications: Linear Model shows one-way communication: from senders to receivers (Cascio, pp. 20-27) Specifically, the benefit of this model... is that...
1 Pages(250 words)Essay

Cango Third Analysis Report

..., which differs from person to person in general. Reaction time can be claimed as a highly efficient indicator for speed and effectiveness for a person’s decision making abilities (Schmidt & Wrisberg, 2008, p. 31). As per the principles and basic concepts surrounding the Economic Way of Thinking, it can be generally said that the outcomes of the decision are purely guided by the choices made by them (Heyne, Boettke & Prychitko, 2003, p.28) In terms of the economical way of thinking, it has to be increasingly mentioned that the power of substitutes that are available readily in almost every situation of life often plays a highly critical...
7 Pages(1750 words)Essay

Racin way

...shots at the ground was justified. However, due to the extenuating circumstances and the clear ignorance or disregard the deputy showed for the other use-of force policies greatly jeopardizes the sheriff department’s case in this matter. 3. Should the lieutenant end Ripley’s pursuit? Explain. With regards to whether or not the lieutenant should end the pursuit, it is the opinion of this student, from the evidence at hand in this particular matter, that the lieutenant should not. Although protocol has not been followed with respect to the ways in which the deputy has handled himself up until the point that the car left the scene, the fact remains that the car charged the officer and presented a clear case of attempted...
3 Pages(750 words)Essay

The Economic Way of Thinking

...? The Economic Way of Thinking The Economic Way of Thinking Introduction Economics is part of social sciences that concentrates on the selections individuals make. Economic thinking is ubiquitously suitable and always practicable; it can be employed by any culture or age group, in any context or situation. The perceptivity it furnishes is powerful and can assist even very juvenile students add up of the sometimes bewildering world surrounding them. Economics maintains that individuals make selections on the basis of their perceptions of what could be beneficial to them....
4 Pages(1000 words)Essay

Daoism as a way as systems thinking

...Humans model themselves on earth, Earth on heaven, Heaven on the Way, And the way on that which is naturally so. - Laozi (Lao Tzu) (http Emergence of the first philosophical schools brought special interest to study inner and outer world of a human being. It happened that all things in the world were complex of sub-things, which ran the whole system. Very soon philosophers came to the point that a human being consisted of different sub-systems, while a human being itself was a part of social, political, economical and biological systems. And one part couldn’t exist without other systems as well as systems without its parts. Developing ideas of the ancient and...
8 Pages(2000 words)Essay

The human condition: A new way of thinking

...Your full September 21, Essay Whenever we across something that inspires us, we see our senses signaling to us some feelings that help us evaluate whether we like that thing or not, and what message do we extract from that specific something. A painting is such a form of art that can convey hidden as well as obvious messages to the viewer. A good painting will always contain some message in it and will always be food for thought. This paper tends to analyze the painting, A New Way of Thinking, and what we see and feel by looking at it or what message do we extract. A brisk look at the painting gives us an image of a thoughtful man with nature in the background. The images of the person and the nature...
2 Pages(500 words)Essay

Technological Innovation

...and over exploitation of natural resources but their effects are well outlined in the assimilation of technology advance and their possible mitigation implemented such that the positive impact outperform the negative ones. Conclusion Research is of paramount importance to cater for ever-emerging human and organization’s need to transform the living standards and working environment. Understanding the specific aspects required in these transformations will ease in identification of the optimum technological innovation to be applied so as to meet the objective of out-performing the old process or products while minimizing costs and other negative impacts. References Clark, C. H. (2010). Idea Management: How to Motivate Creativity and...
2 Pages(500 words)Research Paper

Way of Thinking

...Way of Thinking Reason or way of thinking is recognized as the most essential requirement of an individual at the time of investigation of any facts or information. This is because; it helps an individual to analyze the various aspects of information in a logical way prior arriving to any conclusion. As a result of which, the quality of the judgment or conclusion is highly accurate in nature. Although critical thinking or reasoning or way of thinking seems easy but actually it’s a tough affair, as it requires the natural skills like consideration, reflection and deliberation. However, in order to...
2 Pages(500 words)Essay


...The Appian Way The Appian Way is regarded as one of ancient Roman’s oldest as well as strategically important roads. It is also termed as Europe’s first great road. “For the classicist Robert Kaster, there is no road in Europe that has been so heavily travelled by people with so many different aims, from conquest to pilgrimage.” (Smith, 2014). It is named after the Roman censor Appius Claudius Caecus, who initiated the road construction process and completed the first as well as the main section of the road in 312 BC. The first section was a military road constructed to connect Rome with the south. The remaining sections were constructed in the course of next few centuries, with the road spanning about...
2 Pages(500 words)Research Paper

Veblens Economic Thinking: The Concept of Conspicuous Consumption

...Veblen’s economic thinking: The concept of Conspicuous Consumption Affiliation In his book Theory of the Leisure Class, Veblen introduced the idea of conspicuous consumption. Basically, this term was used by Veblen to refer to the behavior of consumers who purchase expensive goods and services as a means of showing off their status. It appears that the idea of conspicuous consumption has taken root in nearly all societies across the world. It is therefore important to understand how this economic concept is affecting our economies today. I would like to learn more about this concept in order to understand how societies have benefited or suffered as a result of this type of...
2 Pages(500 words)Essay
sponsored ads
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.

Let us find you another Coursework on topic Economic Way of Thinking for FREE!

Contact Us