QuestionThe economic way of thinking is best described as A. a set of economic rules handed down from one generation to the next. B. an analytical framework enabling one to reach informed conclusions C. the collected writings of the economics Nobel Prize winners. D. the glossary of terms at the back of your textbook.
Studdy Solution
STEP 1
1. The problem is asking for the best description of "the economic way of thinking."
2. The options provided are distinct and mutually exclusive.
3. The correct choice should align with the principles of economic analysis and reasoning.
STEP 2
1. Understand the concept of "the economic way of thinking."
2. Evaluate each option based on the understanding of the concept.
3. Determine the best description from the given options.
STEP 3
The economic way of thinking involves using economic principles and reasoning to analyze situations and make decisions. It includes understanding trade-offs, opportunity costs, and marginal analysis.
STEP 4
Evaluate Option A: "a set of economic rules handed down from one generation to the next."
- This option suggests a rigid, unchanging set of rules, which does not align with the analytical and flexible nature of economic thinking.
Evaluate Option B: "an analytical framework enabling one to reach informed conclusions."
- This option aligns well with the economic way of thinking, as it emphasizes analysis and informed decision-making.
Evaluate Option C: "the collected writings of the economics Nobel Prize winners."
- While these writings may contribute to economic thought, they do not encapsulate the economic way of thinking as a whole.
Evaluate Option D: "the glossary of terms at the back of your textbook."
- A glossary is a reference tool, not a method of thinking or analysis.
STEP 5
Based on the evaluations, Option B is the best description of the economic way of thinking, as it highlights the analytical framework and informed decision-making process.
The correct answer is:
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