Idea, idea in the text...
Which of the 10 Big Ideas in Chapter 1 of Cowen and Tabarrok is "fairest" of them all? That is...which idea do you think is the most relevant to critical thinking and/or decision making? Explain in a sentence or two why you choose the idea you do.
I think that the only "Big Idea" that holds true the most is #3 which is tradeoffs/opportunity cost. Something is always traded or exchanged for another regardless if it is quantifiable in money or not.
ReplyDeleteI think that one big idea that is the fairest will be intensive matter. We all want to go to the supper market to get the cheese from Rome or the rice from China.We as Americans allows the world to produce most of our food supply which I think is fair since we give them other things in return.
ReplyDeleteMB--it's true! There is an opportunity cost to every decision. Now, tell me what those initials stand for so I can give you credit for your post...
ReplyDeleteMs. Thompson--we are going to talk a lot about what we exchange in the coming weeks so stay tuned.
After reading all 10 Big Ideas, I came to the conclusion that Big Idea #4: Thinking on the Margin is the most relevant to critical thinking. When someone "thinks on the margin", they think beyond a normal decision. Granted, you use trade-offs (Opp. Costs) every day, but I feel "thinking on the margin" takes it a step further. If you use marginal thinking, you take into consideration "cause and effect" more then just "this or that". That's kinda my understanding of it, but I could be wrong lol :D
ReplyDeleteI think that big idea number one pertains the most to decision making because all decisions are motivated by some sort of incentive, whether it be self-interested or otherwise.
ReplyDeleteKatherine Hedd
It's really hard choosing just one big idea.I think that number 3 & 4 are most important.Big idea 3(tradeoffs / opportunity cost):because under everything we always sacrifice something. When we work or go to school it takes away our time with our family etc.Big idea 4 allows us to see past reasonable and logical matters.We are not just focused on what there is for example in my family we consist of 8 sibllings so we think outside the margin and allocate our needs with opportunity cost/tradeoffs (big idea 3)=Working going to school to better our lives :)
ReplyDeleteAngelica Escolero
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ReplyDeleteI think tradeoffs/opportunity costs are the most important of the "Big Ideas" in decision making. Tradeoffs and opportunity costs are present in every decision one makes and has a direct impact on what will happen vs what could happen.
ReplyDeleteJustin M.
I think that the Big Idea that is most relevant is #1, Incentives Matter. I believe that this is one of the most critical ones because depending on a certain situation your action can have either a great positive effect or negative effect towards the outcome.
ReplyDeleteBreeann Hurd
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ReplyDeleteAfter evaluating the ten Big Ideas about economics, I think the most relevant to critical thinking in everyday life would be number 3 "Trade-offs are everywhere-Opportunity Cost". In everyday life, we have to make decisions at the rate of almost every moment, and some sacrifices are needed to be done in order to archive the biggest end goal.
ReplyDeleteFor instance, time is a limited amount of resource given to everyone, and we use that resource to make decisions of what to do with our lives. Some people choose to sacrifice and use their time wisely than others, thus some end up with more successful career than others. One needs to give up something good for something better, and something better for the best.
Binh Pham.
I think the fairest of them all when it comes to the big ten ideas will be trade offs because these notion of oppurtunity cost will benefit in the long term you will eventually loose a full time job and probably will spend lots of money in going to college which is the short term but it pays off having a healthy income in the future.
ReplyDeleteLooking upon the big ideas, its somewhat difficult to choose which one is most relevant in decision making. I think that "incentives matter" because with the right incentives you can accomplish anything. The general public can somewhat tell when a business is doing something with a good incentives because it usually benefits society in return. I also think its important to have good morality when conducting business because that's just good business. Consumers trust is key to conducting business and good incentives play big part in that.
ReplyDeleteLike most people on here I agree that idea number one is one of the most important, based on the idea that people act in certain ways depending on the incentives that are given to them at the time. One way that a student can relate to is committing the action of studying for the incentive of getting a good grade after finals, which can lead to larger incentives such as getting a good job and so on. Therefore most of the things that people do are based on what things that they get from doing that action.
ReplyDeleteBreanna Montoya
OOh, Breanna--I like your idea about studying...that's a good one!
ReplyDeleteAfter going over all "10 Big Ideas" and considering them all I think that number 4 (Thinking on the margin) is the fairest of them all. The reason why is because most businesses consist of somewhat (Thinking on the margin) because it will determine the business success and/or their failure.
ReplyDeleteMireya Campos
Hey! Anyone have issues so far trying to post? If so, how did you resolve them? Others may benefit from your wisdom (including me...)
ReplyDeleteI think that the idea that is most relevant to critical thinking and decision making is idea number four: Thinking on the Margin. This idea seems to embody the concept of considering unintended consequences which in turn would change the way we make decisions. Often times we make decisions without fully considering their long-term consequences. Sometimes we simplify our decisions in the name of optimism like the professor's example of her friend justifying having another child by saying "It's just another sandwich." Still, thinking on the margin seems like a good example of critical thinking.
ReplyDeleteAlso, being a Political Science major, I feel compelled to mention idea number seven: Institutions Matter. I feel like this is very true. If not for some of the broadest and most over-looked institutions in the U.S., it is likely that we would not be able to study economics in the U.S. in the way that we do now.
While all ten ideas are important, I would suggest that wealth and economic growth is the one idea that is most relevant in maintaining balance between the other nine. Without an increase in wealth and economic growth, the other ideas may not exist as intended. Incentives could lose their value and therefore their effectiveness. Institutions could see self interests rise much higher than any social interests. Opportunity costs would be greater than any benefits in many situations, etc ... With wealth and economic growth continually moving forward, it would allow for the societal balance to be maintained between all of the ideas, plus allow for society as a whole to be more positively impacted. When economic growth and wealth disappear, I think it could create detrimental cracks in the system.
ReplyDeleteregarding trouble posting ... set your internet security settings to accept third party cookies!
ReplyDeleteSo out of the 10 big ideas the most relevant one to decision making is the first one Incentives matter. I think depending on the sitution people can be persuaded to do something they may not have wanted or ever thought they would do without the incentive being there. I think all the Incentives matter because it influences peoples decisions on what they would or would not do. For example certain people may not give up there one of their kidneys for money but if it was needed for someone they know and love the incentive is greater because they are saving a life they are personally close with. So personally I think incentives matter.
ReplyDeleteI believe there is a Hidden reason as to why BIG IDEA ONE sits at the top of the list. Incentives do always matter! That is why I consider it to be the fairest of all the ideas. Reguardless of the outcomes, people must always have a source of inspiration or muse that drives them to act on something. That source must also be of personal high-worth to the person in order to make the effort worth it.
ReplyDeleteThe "fairest" of them all, is Marginal thinking. Marginal costs effect everything and is most critical to decision making. Thinking on the margin can affect inncentives. When the marginal cost produces the inncentive to create one more good, because you have not dipped into negative economic profit. It factors into the cost of all decisions made also. Marginal thinking is the "fairest" of them all.
ReplyDeleteGreat stuff so far, gang!
ReplyDeleteSonia G.--thanks for the tip!
After I read all the big ideas, so far I think the most important idea is the #6 tampering with the law of supply and demand has consequences. From my thought, the supply and demand is one of the most important tools in economics, because we can use them to determines the price of goods and services. and the supply and demand can be less effect by government. some times the government controls on price tend to make matters worse by interfering with incentives. Thus, I think this could be the important one.
ReplyDeleteI think the core idea of 'Incentives Matter' is fairest and the most relevant to critical thinking and decision making of them all. Incentives provide us how to predict human behavior, and allow economists to adjust our economy so that consumers and producers are both satisfied. Incentives also motivate charities, institutions, legal system and government to be more responsive and encourage people to make right decisions for their future; changing incentives such as regulations and subsidies can guide people's decision making in right directions.
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ReplyDeleteOut of the "Big Ideas" I think, The Importance of Wealth and Economic Growth are both relevant and important in decision making. Because too often I think people forget that in order to keep the standard of living all Americans enjoy, we need to have a robust economy which in turn can flourish the wealth needed to sustain the society and culture we live in today.
ReplyDeleteI think that #4 Thinking on Margin is the most relevant big idea and it has a lot to do with decision making. When you put this idea into a context of making drug crimes death penalty worthy it puts it into a better perspective. Thinking on Margin is so important because without it we wouldn't be able to see the consequences of actions that make sense in the now. For instance, making a crime like the selling of illegal drugs death penalty worthy sounds like a good idea but because we can think of it on margin and we can see that it actually has disastrous effects because it reduces the punishment for crimes like murder. I think that thinking on margin is the most important big idea because it can help us make huge decisions
ReplyDeleteI think that "Trade offs are everything" is the most important idea. Every decision has positive and negative outcomes and we have to weigh the value of these outcomes. The idea of trade offs can be seen in every decision that we make.
ReplyDeleteI have to go with #1 of the 10 big ideas as the "fairest". Everyday incentives have a role on a situation. For example a man wants to get home from work and eat his dinner with his kids but he has to finish drawing up a contract. The incentive is that he will work harder and faster so he can hurry home and eat dinner with his family, and before the food gets cold.
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ReplyDeleteI beleive that the most important idea would be number 8 that the boom and bust cycle cannot be eliminated or controlled. As a society where we are used to excess it is a crisis to be in a down turn. I think it would help ease our shock going through a recession if we were all able to just realize that the only place to go from the top is down. That way we can overcome the shock factor of a recession quicker and focus more on how do I make things work with what I have
ReplyDelete-amy harris
I think the big idea that incentives matter is the most important. This is because without incentives there would be no motivation to buy sell or produce products, making it the most important idea.
ReplyDeleteKyle Brown
I think number 1 incentives matter is the most important because there are motives for almost everything that someone does. A person has to be motivated in order to do something.
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ReplyDeleteI personally feel that number 4, thinking on the margin, is the most relevant. It seems to encompass all of the other big ideas, as well as, being the most important. It seems to be the most efficient way of making decisions, as well as, considering the effects of all of your decisions.
ReplyDeleteIncentives do matter! I think the number one idea is the most important because, whether it be in the workplace or in one's personal life, incentives drive people to make all kinds of decision. For example, how hard they should work or what route to take while climbing Mount Everest.
ReplyDeleteStan Hunsucker
By analyzing the "Big Ideas" in chapter one, I have decide that the Big Idea One: Incentives Matters, is most relevant for critical thinking and making important decisions. I have come to believe this because any type of incentive will sound appealing to the person wanting to make a final decision. For example, if a professor states if you get a certain amount of points on a test or an assignment then more students will be willing to do the extra amount of work to receive the extra points. The important decision to be made in this scenario is weather not the student would go the extra mile to intensively study for this test/assignment, and the incentive would be the teacher's offer to raise the student's score by a certain amount.
ReplyDelete-Kenny Pigman
Out of the ten big ideas I think that the trade-offs/opportunity costs idea is most relevant to decision making. I felt stuck between incentives and this idea, but when I really thought about it I felt this one influences people most, whether they know it or not. I know personally when I make a decision I look at how it will negatively impact my life and what I will have to sacrifice for it before I take in to consideration what benefits I will receive from it. I think most people try to minimize their losses before they start to maximize their benefits.
ReplyDeleteI think fairest of the 10 Big ideas is number 3 which is .Trade-offs are everywhere. The reason is because in every decision we make we end up sacrificing something like gas,money, and people. and with the result of this we cannot please everyone because of the trade-offs we do.
ReplyDeleteIt's difficult to choose which idea is the "fairest" when they are all important to a healthy economy. After switching back and forth between different big ideas I decided that the most relevant was number 9 which says that prices rise when the government prints too much money. Inflation can be extremely problematic to an overall economy, and it can make it difficult for people to figure out the value of goods when the price of a product is constantly in flux. Prices can be used as signals to buyers and sellers, so when the price of a product is constantly changing, businesses can be slow to respond to a demand which makes the allocation of goods less efficient. Inflation also reduces the purchasing power of money which can discourage investing and saving. Overall, inflation can make the economy unpredictable and it can disrupt the supply and demand of goods as well as slow economic growth.
ReplyDeleteMallery Wassink
After considering all ten of the big ideas I chose idea one. I think that incentives are important because they usually increase production and profit because everyone is interested in themselves. Our capitalistic economy functions on profit and production.
ReplyDeleteSara Nydam
I think 'Incentives matter' is the most relevant to critical thinking and decision making. Many people would do something when they have incentive conditions. For easy instance, one student will study hard to get a good grade for his exam when his mother suggests good motivations such as pocket money. If there is not anything to motivate people, they would not be encouraged. Therefore, most of people are not willing to do something without incentives matter. To do much better work, incentives are also needed.
ReplyDeleteSang-Ah Kim
After learned about all 10 big ideas, I thought that Idea number 1 is one of the most important Idea. Because when people do the any kind of things, there are always with choosing things. And then when the people choose things, people must effect on incentive matter. That incentive matter can make people do the things or not. So I think that Idea number one is the most important things.
ReplyDeleteI think the most important 10 big ideas is the first one just because everything in life is based on making decisions and our incentives into making those decisions. We don't make decisions without thinking what we'll get out of it, without those incentives on the other end. The incentives that sound the most appealing to us will base the kind of decisions we will make.
ReplyDeleteI think the most important big idea would be the 1st idea incentives matter because everyone is looking for incentives in everything they do. Pro athletes get incentives when they reach a certain point in their contract (100 RBIS, 20 HRS, etc.) and I think regular people do this to because most people and buisness are looking to gain from what they do.
ReplyDeleteJeff Woodruff
Of the big ideas, the idea that “good institutions align self-interest with the social interest” is the fairest of them all. Good institutions are responsible for keeping the government and our way of life persistent. When we look at those attending schools to achieve a higher education, they, like many do so for their own interests such as, a college degree that will lead to better job offers, salaries, and more importantly securities in life, like retirement plans and social security. The “intangible” benefits of these decisions contribute to a better socially aware and enabled community. One that can afford to put their earnings back into the system, into social security, state taxes, and elections, which enable them to continue to have such institutions. Therefore, ensuring that the institutions that have benefited them will go on to benefit others in a continuous cycle. -Susan S.
ReplyDeleteI believe the most important Big Idea would have to be #1 Incentives Matter. No matter what people always do one thing to achieve another. For example everyone works for money. Money is used to buy clothes or to treat yourself. There is always going to be something to motivate a person to do something, whether its money or anyhting else that appeals a person.
ReplyDelete-Cynthia Inchaurregui
I think that Big Idea #3 (Trade-offs are everywhere) is the most relevant to critical thinking. There will always be a sacrifice for doing something. Whether you know it or not, trade-offs are used everyday by everyone. Think about all the decisions you have made in your life, and what you gave up by making those decisions. What you gave up is the opportunity cost of making that decision.
ReplyDeleteI believe that there are more than one "Big Ideas" that can be the most important and that is for different reasons. If I had to choose one I would be that institutions matter. I believe that like we mentioned in class, without institutions' economic variables cannot grow and mature. It is because of universities, or banks, or other big corporations that the country's economy keeps going without it we don't grow.
ReplyDelete-Polet Milian
I think that the most important Big Idea is Trade offs. Whenever we make decisions we always think about what we can get out of that choice or what we can lose.
ReplyDeleteI believe that the most important of the 10 Big Ideas is #1 that Incentives Matter. Without incentives there is nothing to compel the work force of society when cost to benefit benefit ratio is heavily favored to that of the costs. The driving force of people is to earn money to provide for themselves or their families and without that incentive there would be no economic prosperity. This is why having incentives is the most important Big Idea.
ReplyDelete-Clayton Dobbs
I believe that incentive matter is the most important facter in decision making. I see incentive as a price or a reason for doing something, so there has to be a drive or something that will persuade that decision to be made.
ReplyDeleteI think that idea #3 is the most relevant to critical thinking and decision making. Trad-offs, specially opportunity cost is universally applicable in our lives. Let us suppose that you are hungry and you want to eat chinese food and pizza. You have to choose just one food to get bigest satisfaction. you can choose just one, chinese food or pizza at one time. Other one have to be sacrificed to chosen one. you can't get everything what you want at one time.
ReplyDeleteThere is no question to the fact that "Incentives Do Matter". Not only does the economic world run on incentives, everything runs on incentives whether they are positive or negative. Most people run on "what is in it for me"? Whether it is money, or stuff, everyone has their price.
ReplyDelete-Daniel Cruz
I think that the most important of the Big 10 Ideas is that of opportunity cost. Everyday we make decisions that, maybe without even knowing, require us to weigh the opportunity cost of the decision not chosen. In order to make reasonable, sound decisions we must consider all options or the trade offs of our decisions. As well, we can better understand the decisions of others by realizing what they are giving by making the decisions that they do. Opportunity cost is apart of our everyday lives. Even if we don't always realize it, we are always weighing the costs of our decisions.
ReplyDeletein my opinion the fairest of them all is the idea of incentives matter. all we have to do is take into account what professor told us today, no matter what decision we decide to take, or not,, the incentive is the reason for the choice. therefore the most important thing is the incentive, thats why they matter. THATS A BIG IDEA!!!!!
ReplyDeleteI think Big Idea, Trade Off, is the best, due to the fact that for one thing you do, its automatically going to give you or in result in another thing. Regardless what it is,life keeps moving.
ReplyDeletesara a.
In my opinion one of the most important, of the BIG 10 IDEAS, is Thinking in the Margin. Through this method we can see the causes and effects of things that could occur in the future. I think that the book gave a perfect example with the situation of drug dealers being punished, with death sentence, when busted. When looking at the pros and cons of this, its come to the conclusion that it wouldn't be the best method to deal with drug dealers. So in my opinion thinking in the margin is most important in many aspects for our economy.
ReplyDeleteI think the most important idea of the big 10 ideas is trade offs or opportunity costs. As a student, I use opportunity costs every day when I go to class. By going to class, my opportunity cost is getting an education and a college degree in order to have a successful career and a higher salary. If I did not attend college, I could be working at my minimum wage job and not excelling in a higher position because of lack of college education. In the long run, opportunity cost is an important and positive idea for success.
ReplyDeleteI believe that the most relevant of the 10 Big ideas is, Incentives Matter. Everyone has a price to perform a task or service. The incentive may not be monetary, such as would you steal to save your starving child. The incentive would be that your child get to eat, many people would say there are something’s they would never do, but if put in a difficult situation or offered enough money people are willing to compromise or bend there standards.
ReplyDeleteI believe that the "fairest" of the 10 big ideas is #1, Inncentives Matter. The reason I believe this is that inncentives can make or break a bussiness, a state, or just about anything that involves some sort of trade off. A great example of this is that the state of Delaware, a very small state has very business friendly laws. Because they offer this incentive over half of all corporations in America have chosen to incorporate in Delaware. This worked great for both parties, Delaware rakes in tons of tax money, and the Corporations have a very business friendly state. My name is James Walker
ReplyDeleteIn my opinion the "Big Idea" that is "fairest of them all" is Big Idea #1 (Incentives Matter). As we discussed in class, incentives help make our decisions everyday whether we are conscious of it or not. There are the obvious incentives, such as money and/or power, that make one choose, or choose not to do something, but there are other incentives that we may not even be aware of. For instance, one of the examples we talked about in class was helping others. You may not even be aware of it, but you typically help someone because it makes you feel good about yourself. Ergo, wanting to feel good about yourself is an "incentive" to help someone in need. Behind every decision big or small there is always some sort of incentive; that is why I believe Big Idea #1 is fairest of them all.
ReplyDeleteMatt Rosemann
I think the most relevant of all the Ideas is Big Idea One: Incentives Matter. Incentives are the driven tactic behind an employers success of his or her employees. If their job description does not include incentives, they are less likely to be as successful as someone's job, that does provide incentives.
ReplyDeleteAfter reading the ten main ideas from chapter I believe they are all important, but the one that capture my attention was the first one about the idea that incentives matters. The truth is everything we do might it be econmical or life situation there are always incentives. I believe even feeling are consider incentives. My best example of an incentives is that I am part of a sorority and as a reward my organization gives money to th sister with the most improve gpa. My bellieve is if there was no incentive how good would my sorority gpa actually be. Basically what I am trying to say is for everything there are incentives does not matter if its right or wrong. Our world is base on incentives and the fact that they are very important to us That is the idea that stood out to me the most.
ReplyDeletePriscilla Leon
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ReplyDeleteIn my opinion the most important of the "Big Ten" ideas is number 5. Number 5 is especially important in a political arena.. I think that this particular idea could be easy to overlook but ultimately shapes a lot of the policy making that occurs on the economic front. By ignoring the consequences of tampering with economic laws a politician could single handedly alter the whole economic landscape of a country, or of a continent, or even of the world. With stakes that high it becomes crucial that political leaders be as educated as possible about the economy and carefully weigh even the slightest policy or law that is written. Idea number 5 is, politically, the "fairest of them all" at least in my opinion.
ReplyDeleteNicholas Tellier
I think the most important big Idea is #1, Incentives Matter, because everyone is looking out for themselves. No one is going to make a decision where they lose something on purpose. Just like the idea where institutions are important even though good, people go through them to better themselves. After reading about all of the big ideas, it seems like #1 ties them all together.
ReplyDeleteIn my opinion, #3 (Trade-offs are everywhere) of Big important ideas is the most relevant to critical thinking. We learned that if we choose something, Opportunity cost will happen. Through trade-off, people can balance our life. Also, I think that there is always trade-off in our life. I mean that if we make a decision in our life, also we should give up something. Which we gave up will be opportunity cost. So, we should choose one. However, other option which we gave up can be important, so we should make decision advisedly. That's why my opinion is that #3 is the most important idea.
ReplyDeleteMyung-Rae Kim
I believe that the "Big Idea" that is most relavant to critical thinking is idea #3 because in order to decide what to trade-off for what you have to think critically and look at the opportunity cost of what you are choosing so that you are able to make the best decisions :).
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ReplyDeleteI think number two is the most relevant to critical thinking and/or decision making. We should spend the money, so money will circulate. Education will foster people to be great, so they will have a positive impact on our life. Also, charity can be helpful to circulate money.
ReplyDelete-Sora Ko
After read the all 10 big ideas, I think the most important idea would have to be #4 “Thinking on the margin”. Because this is a good way to observe the benefit and lose in the economic, at the same time we can through analysis the cause and result to infer the developing in the future, and I think this method will increase more benefit and decrease the lose in the economic. The textbook give us a good example is about whether take a new job, analysis whether it is worth of changing a job, because blind to decision is wrong. So I think margin thinking will give us more space to analysis on thing, and make a good decision. Therefore, I believed that “Thinking on the margin” is the most relevant to critical thinking and decision making.
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ReplyDeleteI think that the "Big Idea" that is most important would be #7 Institutions matter. If people do not have the basics and knowledge of what they are doing then how can the economy be growing? They are also good for incentives.
ReplyDeleteI concluded that 'opportunity cost' is the fairest way to make decision after I criticized every numbers. One philosopher said,'Life is 'C' between 'B' and 'D'. It means Life is 'Choice' between "birth' and 'Death'. This words show that we have to choose something everytime and every moment till we die. In this kind of situation, we have to do right choice. And then, what is the right choice? the Right choice is what we dont make loss or lose something. In other words, making margin on choice is the good choice. As you know, making margin is the most basic principle of business, with little resources make much benefits. In conclusion, opportunity cost is the fairest way to make economical decision
ReplyDeleteAfter reading all the ideas i have decided that big idea number one is the most relevant to critical thinking and decision making because as soon as the incentives system changed more slaves were making it to their destination instead of dying.
ReplyDeleteAfter reading the books I think #7 is the most relevant to decision making. Actually, i am interested in #7's example. Writer compared my country South Korea with North Korea. From this example, i understand much easier than any other ideas because i heard that facts by my history teacher in several times. After Korean war, Both of country were very poor. However, South Korea's income more that 10times greater than North Korea. South Koreans had a goal. In other words, it is related to incentives. On the other hand, North Korea's ideology is communism. That made North Koreans didn't work hard because every one gave almost same reward. That's why i select #7.
ReplyDeleteI believe that "Big Idea" number one strongly correlates with critical thinking and decision making simply because it associates itself with all of the other ideas.
ReplyDeleteI think the most important of the Big Ideas is idea number 1. After taking many classes from all sorts of areas (Philosophy, Chemistry, Economics, Etc.) all incentives really do have significant importance. As we discussed in our last class period, we learned that economic growth is essential, which would make this the my important idea but when you look at it further it all comes down to the incentives. I took Eastern Philosophy last quarter and learned perspectives from an environmentalist point of view with the idea that all consequences matter. As much as I dislike industrialization, we learned that it is essential for economic growth. Going from a chemist perspective, I learned of the "Carsonian Nightmare" which is the fear of the advancement of science. But with the advancement of science also produces economic growth whether through pesticides (production of more food) or electric cars (leads to higher costs). All this leads back to the incentives thus making it the most essential since all fields relate to economy. I hope this made sense.
ReplyDeletei think trade-offs and opportunity costs are most relavent to critical thinking and decision making because every choice has a trade-off and every choice has an opportunity cost. so taking into account a trade-off or opportunity cost would be the main reason for making a decision
ReplyDeleteAshley Ortiz- In my opinion, Tampering with the Laws of Supply and Demand Has Consequences is the most relevant to critical thinking. If the market price of an item is sold at a fixed price then the incentive to supply that good is reduced causing low quality goods and waste.
ReplyDeleteAt first i thought it was that Incentives Matter was more relevant to decision making. But looking at it closely, if the incentive is a punishment of some sort, you are put into a corner and might chose the wrong path. To me, the most relevant would be the Trade-offs. with a trade off you analyze more and make a better decision, in theory. Then again i feel that incentives and trade offs are similar to a certain extent.
ReplyDelete-Eric Cisneros
A.Madrid - To me "big idea three" which is TRADE-OFFS ARE EVERYWHERE is the most relevant in decision making to me because in every decision I make I have to look at what or how it's going to affect me and the people around me.
ReplyDeleteThe most relevant "Big Idea from ch. 1 is Big Idea #3, Tradeoofs/oppertunity costs. With every decision ther is always the though of the next best thing . In my opinion, the oppertunity cost is an oppertunity lost. Especially in times like these, we need to make critical decision making (oppertunity cost) such as giving up hours we could be working to go to school. But we as decision makes have to believe that we can better benefit ourselves if we sacrafice one thing for another.
ReplyDeleteI think that trade-offs/opportunity cost is the most relevant to critical thinking because it helps in every decision making. You might have some grate alternatives, but at the end you have one choice based on those alternatives.
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ReplyDeleteI believe that the topic pertains most to decision making because all decisions at some point in time are motivated by some sort of incentive and or reward, whether it be self-interested or a goal that one is tryin to reach.
ReplyDeleteJoshua Tabera
In my opinion "incentives matter" is one of the fairest of the big 10. It is a good motivator to help with whatever type of decisions you are trying to make. Whether it be a positive or negative, incentive help make your decision a bit more clearer.
ReplyDeleteI believe that Big Idea One: Incentives Matter is most important in decision making. Incentives are what drives people to make the choices they make. It can force people to do something they would not normally do or maybe open up their mind to an opportunity that they didn't think had potential at first but will ultimately profit them.
ReplyDeleteThe most important idea in regards to decison making is #3 Trade- offs are Everywhere. This idea also includes opportunity cost. Most people tend to make their choices based moreso on what they are getting rather than what they are giving up. I believe that individuals who consider opportunity cost of their choices are more likely to make decisions that maximize their resources. An example of this could be a girl deciding to buy a $30 top at a store. If she buys the top now she gets one new piece of clothing right away, but if she waits a week for the holiday sale she could get two shirts for the price of one.(Dayna Wheatley)
ReplyDeleteI believe that the idea of incentives matters is the most important. Many people settle only for what is expected of them. The idea of doing just enough to get by is comforting to them but when there is something to get out of the situation it is now a completely different story. Many people have to a push in order to go above and beyond.
ReplyDeleteAmanda M
I believe that big idea number one is most important because incentives are the driving force in all human decision making and companies must play off of human incentives to sell their products -oakford gross
ReplyDeleteI'd probably have to go with "incentives matter". The only reason people do anything, really, is because of what might be the outcome. It's how things work. It's what makes the world go round.
ReplyDeleteViannee Luna
I think the most important big idea out of the ten big ideas in regards to decision making is the Big idea. Incentives do matter. Honestly. I'm not going to humiliate myself in front of people for free but if there was money involved then i would more than likely consider it. At the end of the day people are going to do things that have a reward attached. No matter if it is for monetary gain or personal gain, incentives matter.
ReplyDeleteI think that Incentives Matter is the most important one of the big ideas. I think that if people do something, that is because they have something that they want to get. People want to get something that corresponds to their acting. For example, a student will study hard because he wants to be a successful man in his field or he wants to earn lots of money and so on. People help other poor people or the disabled because they feel satisfaction, sacrifice because they know that to help people is good thing and they think that I did it and I helped other people. Rewards that correspond to their acting are very various. They can be a happiness, fame, money, family, and so on. Therefore, I think that those rewards affect our activities and our choices not only in economic parts but also in our lives.
ReplyDeleteMinju Kim
The idea that i believe is the fairest of them all would be incentives matter. The reason I believe so is because human beings are ambitious and the example from the book was a good one when they started paying the captains for every man that landed instead of for every man that took off on these ships, the death rates on these ships shot up. People are most likely to do something if there is something in it for them,especially if it has to do with money. This is why I believe incentives matter.
ReplyDeleteAdan Garibay
In Chapter 1 of Cowen and Tabarrok, I think that Incentives matter is the idea that focuses most on decision making. If you really stop and think about it everyone in the world bases their decisions on how it is going to benefit them or the task they have at hand. For example if one is looking to buy a house they must think which house has what I am looking for. The incentive to buying house number one is that it is located downtown. Meaning you will be closer to the subway and all of the great restaurants. On the other hand the incentive of buying house number two is that it has an updated kitchen and is move in ready. So really in your everyday life you are deciding on things based on which incentives benefit you most.
ReplyDeletenames jorge m i think the fairest idea of them all is #1 the incentives. this is because without an incentive to do something most like the person is not going to do it. for example without the incentive to produce food like hunger people are not going to produce food.
ReplyDeleteI think that the third idea, "Trade offs are everywhere" is the most important Big Idea. Everything that you do will have a trade off, whether it's positive or negative. Either way you base a decision off of the outcome. That out come is the trade off of your decision.
ReplyDeleteI believe trade-offs/opportunity cost is the fairest big idea. This is because when you want to gain something you must sacrifice something else in return. Basically, it's a give and take. For example, I worked out every day during winter break so I could tone out and gain muscle. However, once school started, I had to sacrifice two days from the gym in order to go to school Tuesday and Thursday. So I lose my time at the gym by going to school. But sacrificing my time at the gym to go to school is a good thing since I have the opportunity to gain an education for my future career.
ReplyDelete- Ashley Ignacio
I believe that the biggest "big idea" would have to be that "incentives matter." This is the biggest idea because with the proper incentive you could get anyone to do whatever you want. For instance, when Trueman wanted Congress to approve the Marshall Plan the incentive he gave them was that this plan would prevent the spread of Communism.
ReplyDelete-Joshua O'Handley
In my opinion the fairest idea of the 10 is #3 trade-offs, because in this life one must sacrifice something in order to receive something. A perfect example, are our troops. In order for them to bring a safety and security to our nation they are sacrifycing their lives and time with their family. It does sound like a harsh sacrifice but if we think about it for everything we need, want or even desire for ourselves we always have to sacrifice something no matter how minimal that might be.
ReplyDeleteI believe that the most relevant idea to decision making is the trade-offs. I think in order to make the most efficient and economical decision you have to know all the options you have and what you are giving up when choosing one of those options.
ReplyDeleteDesmond Ratliff
I think that the fairest of the 10 big ideas is #3 trade offs are everywhere. When you make a decision it is best to base that decision on values and consequences of each action you make.
ReplyDeleteInstitutions matter and the reliability of a legal system and fairly honest government are key.
ReplyDeleteWithout institutions society is deluded and critical thought are nont needed.
To have a fairly honest working government controlling society makes the aforementioned other ideas of critical thought and actuall process to which humanity in our nation function non-existant.
So for face value without institution or fairly honest government, there are no need for critical thought about any of the other nine ideas if society cannot even structure the concept of honest government and functional institutions.
Ismael Navarro...
- nicholas flores
ReplyDeleteI believe that the incentives matter is the fairest out of the ten because people are always looking for motivation to do something. For instance a person may want to lose weight and the incentive that will motivate them to lose bweight may vary from there jeans not fitting any more, looking good for the summer(when they hit the beach), or it maybe that their weight is hazardous to their health.
ReplyDelete-Olga A.
After going over the 10 Big Ideas I decided that #1 was pretty important. Incentives matter in more than just an economic sense. Everything has to do with incentives and what is going to benefit the individual. It is a big idea that is going to be prominent regardless of the changes in the world. It is important because you would always want to choose the solution or option that is in your best interest when you make decisions.
ReplyDelete--Chelsea Main
I believe that the "fairest" idea comes from Big Idea #2: Good Institutions Align Self-Interest with the Social Interest. By everyone fulfilling their own needs they also fulfull the needs of others. They balance eachother out. For example a professor coming to a classroom to teach benifits her by getting a paycheck, and maybe a sense of enjoyment (depending on the professor), while it also benifits the student and the college they are at. If nothing was benifitial to oneself, they would not do it, so the outcome would be no doctors, no professors, no charity, and no military.
ReplyDelete-Alexandria Guerra
I believe idea 6 (wealth and economic growth) is of the most importance because the wealth and economic growth of a country is vital to that society's survival. For example, third world countries mostly struggle due to their weak economy.
ReplyDeleteI think that the fairest "Big Idea" of all 10 are trade-offs. The more of one product there might be, the less of another will occur, resulting in a shortage in money and that specific product. You have to be careful with the decisions made, as there might not be other options.
ReplyDelete-Dominic Finazzo
I believe the fairest idea is incentives because everyone in almost every decision that they make is in some way driven by some sort of incentive.
ReplyDelete-Bryce Kerns
I believe that the second Big Idea, good institutions aligning their self interest with social interest, is the fairest idea of them all. It might be hard to agree with because it seems like most companies nowadays are only out for themselves and don't really care about the greater public good. But when companies align their interests with the public, good outcomes will occur. This also ties in with the first Big Idea "incentives matter" because the company is rewarded in the end with accomplishing their needs and the needs of society.
ReplyDeleteNicolette Afable
I'm going to say I believe Incentives is the most important of the Big 10 ideas. Creating incentives, positive or negative, is the only way in which people are motivated to take any kind of action.
ReplyDeleteAlthough I think number one is pretty important as well, I'm going to have to say that I feel Big Idea 3 is the most relevent to decision making and criticial thinking. Incentives kinda go along with the concept of trade-offs, but idea 3, to me, seems to be more in depth, like it requires more thinking because you're comparing situations/aspects and having to decide which one offers you the greatest incentive.
ReplyDelete-Angelic Villalpando
*I prefer to go by my middle name, Aimee, but I'm enrolled as Angelic*
I woul;d have to say that the one big question which ihntrigues me the most seems to be #2 "how to produce" especially in current times with many people trying to be eco-friendly there is so many ways in which we can produce. Do we want to create more jobs? Make things with a lower cost to the producer or consumer? Be eco-friendly...there is so many ways in which things can be produced but I think with the world we live in there will never be a change in how #3 is decided...it is always going to be the people with the most money get the most of whatever.
ReplyDeleteI think #6 is the fairest idea in 10 idea.
ReplyDeleteNowdays, US government print dollar too much.
One of the reason is they sell thier bond becuase of economic purpose. Then, they got a problem which is they must repay priciple and interest in expire date for thier investor.
US economy not stronger than last days. so they under the necessity print dollars. Then, it comes inflation, so ordinary people effect on their policy. That is the main problem in now, so I pick up that idea.
Sungmin Lee
I believe Idea #1 is the fairest.
ReplyDeleteIt is just so interesting to see how people react when they receive different types of incentives for something they do. in this example its not the best that can be given about the prisoner and all, but I believe that it is true about what the rest of the example explains when it comes to the community nowadays.
I think that the fairest idea out of the ten big ideas would have to be idea number three - trade-offs because this idea goes hand in hand with critical thinking. One has to be aware of the outcome to a choice will be.
ReplyDeleteRebeca Magana
I read the ten Big Ideas about economics, I think the best or the fairest idea in the everyday life would be number 3 which is the Trade-offs are everywhere-Opportunity Cost. Since we use trade-off a lot In our life.
ReplyDeletethe fairest idea is the trades-off.
ReplyDeletewe always have to sacrifice some products in order to make other products. That occurs because of the short on resources.
I believe that big idea four: thinking on the margin is the most relevant to critical thinking and decision making. A simple decision to do a little bit more or a little bit less of something can lead to a big and important outcome, and whether the benefits outweighs the cost will really depend on that first decisions that was thought to be such a “simple decision.”
ReplyDeleteOf the 10 Big Ideas in Chapter 1, I think the most relevant one is #1 Incentives Matter because incentives are everywhere. In one of my psychology classes, I learned that you can positively reinforce someone (reward them with something good) or negatively reinforce them (take something good away) to get them to do something. Most people tend to really start taking action when asked to do something when one thing they really want/like is at risk of being taken away. They can also use their critical thinking skills to decide which choice/punishment is the best one to take, depending on what the thing being taken away is.
ReplyDeleteThe one I believe is important is #1 "Incentive Matter". The reason for this belief is because it involves you into making decision, that at times may alter decision on the person way of thinking.
ReplyDeleteI believe the truest idea is the 3rd idea. Which is the tradeoffs and opportunity cost idea. Something is always traded for something else, regardless of value. In this case one is trading time. When someone makes a choice, there is almost always an opportunity cost attached to that choice.
ReplyDeleteThough I agree with many people in that majority are important, I believe the first one, Incentives, are important. Incentives predict our every move. To decide to do something or not has incentives. Everything around us has some kind of incentive. When it comes to critical thinking or decision making, incentives are important in those areas.
ReplyDeleteI think that Trade Offs are probably the most relevant because nothing is ever free. No matter what it is, we always want to receive something in return when we give something whether.
ReplyDeleteOut of the 10 Big Ideas, I think Incentives matter is the most important one. Everybody has their own incentives, almost everybody incentives is money of some sort and they would most likely work more hours so they can get a larger paycheck at the end of the week or month. That is how the world works.
ReplyDeleteI think the most important and relevant idea is #1, "Incentives Matter". In our society this has such a dramatic effect on us as it can easily change our mind. People are more willing to do something when they get something in return. Incentives give us more to consider in the situation and therefore affects our critical thinking and decision making.
ReplyDeleteThe one that I think that is the fairest of them all is # 1. Stating that incentives matter. Whcih is true. Everyone has a choice in this world good or bad. For example: going to college to get that higher education putting you closer to the real world out there. And by going to school yes we are giving up free time to do whatever else we want.
ReplyDeleteJosh Pond
The big idea in my opinion is Trade off / opportunity cost because its rationale and its used by everyone in our universe. In addition it's related to critical thinking and making decision because we use it to make decision in our life for example if you are in situation to choose between two things that attending school or working to earn money if you choose to earn money you will lose the opportunity to get educated and goes with the opposite.
ReplyDeleteMohammad Al Qamish
I WOULD HAVE TO SAY THAT ONE OF THE MOST IMPORTANT IDEAS IS THE INCENTIVE MATTER BECAUSE ALMOST EVERYBODY IS SELF MOTIVATED FROM AN INCENTIVE. EVEN THE MOST KIND ACTS HAVE AN INCENTIVE INVOLVED WHETHER ITS GAINING AN OBJECT OR AN EMOTIONAL GAIN.INCENTIVES ARE WHAT DRIVE PEOPLE TO COMPLETE ALMOST EVERYTHING.
ReplyDeleteI believe “Big Idea One: Incentives Matter” is the fairest of them all for the reason it is the foundation of all Ten Big Ideas. According to the text, incentives are rewards and penalties that motivate actions, which to me mean incentives have to do with decision making. For instance, in the example of the captains, they started to give the prisoners the proper care during the journey because they wanted to keep them alive in order to get paid. This takes us to Big Idea Two: Good Institution Align self-interest with the social-interest. Let’s take the captain example again, the payment for each breathing prisoner was the self-interest of the captains and the exporting of bad British citizens to Australia was the social-interest…
ReplyDeleteOctavio Reyes
I also believe that the First big Idea "Incentives Matter" is the most important. People seem to be driven by incentives everyday in their everyday lives, whether it be a positive or negative incentive. For example a positive incentive is getting paid to go to work or do a certain job. On the other hand a negative incentive would be a kidnapper demanding a ransom of 100 thousand dollars for a person's child to be handed back unharmed. in these examples we can see how incentives will help in decision making. I also believe that "incentives matter" is the most important because when I look around, all stores market their products with incentives, and they seem to be successful with it.
ReplyDelete- Gabriela Rubio
I believe incentives matter. To provide incentives is to stimulate rational self interest.
ReplyDeleteIncentives (and disincentives)may also prove powerful stimulants for social change as displayed in cap and trade economic proposals and in government subsidies of 'green' building techniques.
-john michael roberts
Incentives matters is the most important one because we as human beings base our lives on incentives. Why do we work, go to school, or even get married. We do these things because there are incentives behind each one.
ReplyDeleteAfter careful consideration of the 10 ideas listed in chapter 1, I would have to say that tampering with the forces of supply and demand would be the most relevant to critical thinking. Tampering with the forces of supply and demand can have serious consequences. History has shown that when a higher authority has tried to control supply and demand the market prices of that economy suffered.
ReplyDeleteAdrian Lozano
The big idea that is most relevant to decision making is big idea number seven, "Institutions Matter". In my opinion institutions matter the most because without them no one would be educated. When people are educated they can choose better incentives, make better decisions about trade-offs, and much more. Without institutions critical thinking wouldn't even exist.
ReplyDeleteNatalie Navar
From the Big Ideas, I believe that incentives is the fairest of them all. It is because of incentives that people make decisions. For example, if my staff can reach our goal by the end of the year, they will receive a bonus paycheck. Incentives push people to either work harder or put more effort into whatever the incentive is placed on.
ReplyDeleteMoises Lizama
The big Idea Incentives matter is the most important to me because everything you do has to do with your own incentives. Sometimes even the incentives of others contribute in the process of making your own decisions. For example, let’s say that I want to find a career that I know will give me several positions I can chose from in a job but there is something that I think might go wrong throughout the process. My parents would talk to me about taking chances and doing what I think is right. Their incentives help me take a final step on looking forward to pursue the career that I desire. Incentives matter!
ReplyDeletethe one that holds true might be insentives. Because every decision we make will be based on the insentive we get from it. the decision we make on something the insentive might be positive or negative but there are always insentives in the decisions we make everyday without thinking.
ReplyDeleteI think big idea #2: Good institutions align self-interest with social interest is the most important and relevant to society. When people persue self interest they can also help to promote social benefits which results in a thriving market.
ReplyDeleteRule number three, trade offs and opportunity costs are most relevant to me personally. When a decision is made, its important to look at the value of the forgone option. The opportunity cost can make a decision really hard or really easy.
ReplyDeleteI think “the importance of wealth and economic growth” is one of the most important ideas. Like the example gives in the textbook, the malaria. The incidence of malaria is not just about geography - it’s also about economics. Wealth and economic growth is not only important to the society and also to every person. Also,it is the standard of measuring social progress and people's living. “Wealth matters and understanding economic growth is one of the most important takes of economics.”
ReplyDeleteI think the most important idea is that incentives matter. Whenever making a decision or thinking critically an individual always try to see what he or she gets out of any particular situation. A very commonly seen example is when we go shopping. It is more likely for an individual to buy an item if it’s on sale rather than full price. The reason as to why is because the person feels that they are getting more for their money. Furthermore through incentives a retailer can also motivate people to buy any given item.
ReplyDeleteI think all of the 10 big Ideas are important but the one that I think it's most relevant to critical thinking is #1 incentive matters. That's because holding everything else is constant and how ever much the fame or shame and humiliation and if the reward is increase people will do more is what is being asked and vice versa. Like the example that was given in class about the kidney.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe fairest of the Big Ideas to me is the Trade-offs are everywhere/Opportunity Cost idea. This is because as individuals we strive to educate ourselves and excel, in hopes of obtaining the proper skills to perform certain occupational tasks. In return we hope and expect to be compensated for the skills we provide. Hopefully the skills we have to offer is something that will satisfy our own desires as well, and not learned merely for the sake of monetary earnings; which may result the cost of void, unfulfilled satisfactions.
ReplyDeleteAnother example could be relationships. We invest our time and effort with the idea that there is reciprocation. Once one person offers far more than the other while one continually takes time and time again; at one point the "giver" starts to withdraw their efforts and eventually the feelings and relationship fades because there is no reciprocation. The cost out weighs the efforts.
Susan Lo
I think its safe to say #1 of the 10 ideas is the "fairest" of all. Incentives play a role in eveyday life. For example a man has a family... he doesn't want to go to work put all the hours in and break his back all day but his incentive to work is he and the family need money. Not only money but food and in order to get food he needs money so thats why i think number one is the most crucial of all.
ReplyDeleteIn my opinion, the "fairest of them all" would be #4 thinking on the margin. I chose this one because even though all ten big ideas can relate to life decisions, I think if we think on the margin on a daily basis, things will go more smoothly. This goes well for business and just simple decisions alike.
ReplyDeleteI really liked your example in class about the mother who was just thinking that by having one more kid will be just one more sandwich to make. I can relate to this as I have two little girls of my own. I sometimes stress my self out when I reflect on the things I have to get done and if I just take it one day at a time, then I will be graduated by no time and life will be less stressful.
I believe that the most important idea is Big Idea Number 3.Trade-offs are everywhere! For example many times I catch myself debating whether to eat on campus or out in a fast food place for lunch. The sacrifice of leaving my parking spot and the non-healthy choice I am more tempted to make out of campus equals the sacrifices of the high prices of the campus food but the variety of healthy choices are greater.It is important because trade offs and oppurtunity cost are constantly in the back of our minds. - Judite Zamorano
ReplyDeleteAs a Family man the most important thing to me and applying the big ideas of economy is incentives. I believe incentives engourage any personnel to wrok harder in order to obtain the desire outcome of the basic or regular base. If I am offered and Incentive, or if anybody is offered a Incentive it is applied as a motivation to offer more than average. I believe the most efficent idea is Incentives.
ReplyDeleteManuel Marroquin.
I think the biggest and most important idea is number 4 thinking on the margin.
ReplyDeleteI think we as human beings forget to think what if and we just go with the flow . It's like we assume if we change one thing the next thing will be better. We have to start thinking about things like cost and there's a price on everything, we also have to find better solutions other than just changing solutions hoping to find a good one. Sometimes in life we don't think which causes us to be miserable and I think thinking before and above and beyond helps a person succeed in life:).
By. Tonae Nolley
The most important of the issues is #8. No matter how great of a business person one is, how much money they posses, how creative or amazing a product is, the business cycle cannot be controlled or eliminated, and that's a harsh/tough concept to accept sometimes.Our economy has certain cycles that can't be ignored, and It's unfortunate that we can't keep it steady as we would all like. As a business person striving for success, the best a person can do is try to predict the rollercoaster-like cycle, and make smart moves ahead of time so that the downs affect them as little as possible.
ReplyDeleteI think that incentives have the biggest impact on our critical thinking and decision making. If a person isn't motivated to do something in the beginning, but are given an incentive that makes them want to accomplish their task then that will strengthen their response. However, I believe that the incentive has to be something that is motivational to the person because if it doesn't strike their interest then they won't be willing to do it.
ReplyDeleteI believe the biggest idea of them all is "incentives matter" because its part of our everyday decision making. Trade offs, thinking on the margin and economic wealth and growth are all driven by incentives. Incentives are the foundation to how our market operates.
ReplyDeleteI believe that big idea number 3 is the most relevant to critical thinking and decision making. Being that tradeoffs are everywhere, it is important to make quick decisons in critical moments. I think it is important to always think about the opportunity cost of making a decision and that goes into being a good critical thinker.
ReplyDeleteI believe that incentives are the most important idea of the 10. Incentives give more reason for someone to make a tough decision. Thinking about the incentives to make the decision will make the decision maker more interested in the proposal. If they do not make the proposal interesting to seem slight degree then no one will want to be involved.
ReplyDeleteChuck Newton
I think that #3 trade offs are everywhere is the most relevent. This is because we face trade offs in just about everything that we do. We usually have to sacrifice one good for another and these trade offs determine alot of the decisions that we make in life.
ReplyDeleteFrom what I understand of it, I think Big Idea 1: Incentives Matter and BI 3: Trade-offs go hand in hand. It has to do with ethics and motives. I hate to generalize, but people's motivations are primarily in their own interests, which leads to what they think is the right cost for their opportunities.
ReplyDelete-Solinda Ly
After reviewing all ten big ideas I feel one is most relevant in decision making. The idea I feel stands out most is idea number one; incentives have always mattered and driven ones choices. From a young age to adulthood we make specific choices with the return incentive in mind. As a young child behaves in hopes to receive a toy in return, a grown adult can invest money in stocks with the insentive of doubling his/her money.
ReplyDeleteI think that the idea that incentives matter is the most relevant to critical thinking. Incentives can really help you make wise economic decisions. For examples, incentives can push you to do better in school because nobody wants to pay a big amount of money on college and not do good in school. So I feel that incentives is a the fairest of all the big ideas
ReplyDeleteI'd have to say the most relevant 'big idea' for critical thinking and decision making is considering trade-offs. Every decision we make prevents another possibility from happening. A very familiar example is when a student chooses to live on or off campus. The student who commutes from home loses money from gas and time from traffic. Living off-campus though, provides the commuter with the comforts of home. In the end, people weigh positive and negative to eventually come to a decision based on what is most beneficial, both economically and personally. There will always be benefits and disadvantages to a decision.
ReplyDeleteI think number 4 ( thinking on the margin) is the most important for critical thinking and decision making. I say this because I think in order to make a good decision thats beneficial for all you must think beyond the direct benefit and think of the the benefit as a whole. I guess i trying to say its like thinking "out of the box". Just because it seems right it might not be for all or even if it seems wrong as a whole it might be whats best... if that makes sense? :)
ReplyDeleteI think Big Idea #1, Incentives Matter, is the most relevant to decision making and/or critical thinking because people are always more motivated to do something if there is something to gain for themselves. For example, say a person wants to buy a car and they choose a car because it has 2 years of free maintanence. Another example would be a person choosing a bank because the bank offers $100 dollars to open a checking account. Incentives can sway a persons decision. -Remy Belarde
ReplyDeleteI also agree with what Remy wrote and what was said during lecture, incentives matter. The best example to me was given during lecture, going to school and getting an education to better ourselves will not only benefit our futures but that of others and also work into helping our society in whatever we may choose to do, be big or small, everything makes a difference in some way and it's all because incentives makes the trip getting to our goals all the more worth while.
ReplyDeleteI feel Big Idea #3 is one of the most important in all aspects of life. Trade-offs are what can either change our decisions based on the importance or influence they may have on us. Education, earning an income, and even leisure costs something for the time/money we spend or give up to obtain what ever "it" may be. Like the old saying goes, "nothing is free".
ReplyDeleteThe big idea that is most important to me is that incentives matter. Without something people can gain or something that matters to them, nothing would get done. No one would want to work because nothing would be gained from it. Incentives are important if we wish to prosper or move forward
ReplyDelete.I think idea #9 is the most relevant to decision making and critical thinking in the sense that knowing how much money to print and distribute in the market can have quite an effect if not done properly. Having too much out there would have a negative reaction to the market and most likely lead to inflation
ReplyDeleteI think its trade off/ and opprotunity costs. We all have a limited amount of resources(time, money, and or supplies). We obviously can't do everything so we are always faced with trade offs and the opprotunity to lose something in the gain of something else.
ReplyDeleteI believe that the fairest of them all is big idea #6 "the importance of wealth and economic growth." this one is the fairest of them all because with out it we would have the chance for higher education and the freedom to study whatever we want. We need wealth because with it comes a stable economy and jobs,which is the most important thing at the moment.
ReplyDelete-German Coreas
After reviewing the 10 Big Ideas I believe that number six: The Importance of Wealth and Economic Growth, is the most relevant to critical thinking. Where would our country be standing today if it weren't for our prosperous and historical accomplishments? On a smaller scale, where would we as a class be standing today if our country wasn't as economically fortified? We are all very fortunate to be alive and have the privilege to attend a university on American soil.
ReplyDeleteIn my opinion, big idea #1, which says that incentives matter is the fairest of them all. Incentives are a huge factor into decision making and it can sway a person's decision in a completely opposite way if the incentives were to change. Without the right incentive, no one would care about the decisions they are making, because a majority of decisions have some what of self interest that was taken into consideration when making decisions.
ReplyDeleteI believe that the most relevant idea out of the ten is number 3 because in every day lives people always consider the other choices they have before making a decision or what could be lost by do something instead. e.x. losing time for homework by going out.
ReplyDeleteChaun Calvin
I think opportunity cost are the fairest of them all because we all have better things that we want to be doingbut sometimes we have to do what's right. There's always going to be tradeoffs in everything you do.
ReplyDeleteI think that messing with the law of supply and demand is the idea that leads the most to critical thinking and analysis. While opportunity cost and incentives are really important and critical to everyday life, the law of supply and demand, i believe, is the one that leads in critical thinking. When a company has to consider what price to sell something at, when to sell it, who to sell it too, future risks, cost of production, etc. There are so many aspects, including opp cost and incentive, that have to be analyzed.
ReplyDeleteI would say Supply & Demand. Many companies nowadays are trying to make deals with society. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. If the supplies are high, then the demand of the product will be lesser of that other low-end price of a product similar to a high-quality one.
ReplyDeleteDany Saroeum
ECON 200
i think incentive is the fairest of the big ideas but incentives tie into trade-offs. Incentives play a huge role in ones decision making. People constantly make cost-benefit analysis and incentives are what drives the choices that we make. Incentives help us make choices so we can benefit the most from a choice
ReplyDeleteAfter reviewing the big ideas, the one I think is most important/relevant to decision making and critical thinking is #3 trade offs are everywhere. In detail that with every decision made, there is an oppurtunity cost. One decision affects the other, ex.:purchasing a new car, you run the risk of saving for a house and putting your money into that new car. It leaves you to decide on which trade-off is more important.
ReplyDeleteAndre Haugabrook
Econ 202
I think that big idea number 2 is the most important to me . Good institutions Align self-interest with the social interest
ReplyDeleteI think that of the 10 big ideas, idea number 3, trade-offs are everywhere, is the best of them all. I believe this because in order for something new to be produced in the economy there has to be a lay-off, or else we would not need a newer, better solution. Like the example in the book suggests about the "drug lag".
ReplyDeleteI know for a fact that "incentives" are the pillars of these economic principles, and that from here we are able to build on top of that with all the other issues. It is crucial for us to first understand that people are usually gonna act for what is in their best interest, in fact I think its more of human nature to act according to incentives. To make my point clear I would like to show how incentives leads to the other principles. Good institution means an incentive that it will produce good results which is an incentive for the institution. Trade-off means that its an incentive for the people to come to an agreement to settle on an objective which is an incentive for the party's to come too because it means progress. I am loosely describing how incentives inter-relate with all the other principle, but I want to make the point that... It is because of incentives that people make the choices they do, and they are why people act the way they do, so by saying that incentives are the most important, I am saying that people do what their going to get the most out of what they do> Ps srry I'm posting late, but I just got off an airplane from London, and I didn't have access to a computer. just a note the "pound" is almost twice as much as the dollar (1pound = $1.77 u.s) its crazy to see the difference in currency.
ReplyDeleteOf the 10 Big Idea i feel #3, Trade-offs are everywhere, is the most important in everyday business and in practices with customers/ guests. I work for the Walt Disney Company and see this in action all the time; for example say the average guest needs to get in 5 rides in one day in one park to justify the day and be happy, but guest A has spent 6 hours in line, and had a ride go down while he was on it and has thus only experienced 3, and is rightfully upset and now yelling at me in city hall. Rather than tell this guest "too bad" and sending him away to go and yell on the internet to fan sites and darkening the Disney reputation, i can offer and issue this guest maybe a special ticket or 2 to go use the fast pass line on any ride of his choice and depending on the situation see if anything else is necessary. Now this may sound like an incentive but in actuality it is not in that i am trading the guests bad experience for a good one, i am exchanging 2 special tickets for am image of a caring and understanding park, an incentive to come back on a discounted or free ticket would not fix this problem and thus the trade off is the most important. This same formula is used when you trade in a popped balloon for a new one, or a spilled popcorn, or ect. i see hundreds of trade-off's every day and am convinced that they are key to a happy thriving Guest Centered company.
ReplyDeleteI believe that number one-incentives is the most important. As proven in the seinfeld exercise, people are willing to do things for incentives. Although the incentives have to generally be large, people are going to help more when they exist.
ReplyDeleteRoseanne: loved your example regarding Disneyland experiences!
ReplyDeleteThe Big Idea # 3, is most relevant to critical thinking. It states there is an opportunity cost to every decision, thus you get an outcome. I believe that's life in general, we all make decisions, whether they are good or bad we face the consequences.
ReplyDeleteI think Big Idea #4, because we are going a step more, and actually thinking critically, #3 trades off it has to be done. Yea, going to school means not working but with school comes promotion or better job. I dont think a lot of people put a lot of thought in trades offs, because we makes decisions everyday that has opp. cost in it. Thinking on the Margin, people are actually thinking about today, tomorrow, and the day after.
ReplyDeleteAfter reading the 10 big ideas I have decided that idea #3 is the most important when it comes to critical thinking. Making decisions produces and outcome, and there is a possibility that outcome will produce consequences. Taking chances and making decisions is part of life, and we have to understand that not all decisions made will be ideal.
ReplyDeleteI believe that one of the most important ideas with regards to decision-making is #4, Marginal thinking. My logic to this is that everyday we are faced with choices where we need to decide which route to take involving two or more possible outcomes. Most of us automatically decide what to choose without given much thought. However, when it comes down to deciding to go that extra mile in order to gain an extra benefit out of it, we must really consider if the extra time, energy, money, etc are really worth it.
ReplyDeletei believe the 3rd big idea is the fairist of them all. every big decsion you make requires you to decide if the tradeoffs your giving up is worth the oppertunity cost.
ReplyDeletei couldnt find my name so i might be posting twice...
ReplyDeletei believe that that the third big idea is the most important, because you have to realize that there is always trade-offs. So anytime you gain something, your sacrificing the oportunity for something else. every decision that you make changes the outcome
For me the idea that incentives matter is the most important Big Idea. People usually are more willing to do something if they know they will get something in return. It would be nice if we lived in a world where people did things just out of the kindness of their heart. But the truth is that when you know you are getting something, especially money, for something ask of you, you are more likely to do it. I know for me, especially in this economy incentives matter!
ReplyDeleteBrittany McSwain
Incentives matter is the fairest rule, it is what in many ways drives human behavior, thus making behavior some what predictable and manipulable. With out incentives everyone would follow the most persuasive incentive of them all... survival. Providing the right incentives allows for a society which is civil, and peaceful in all their transactions.
ReplyDeleteI think that the fairest idea is incentives matter. Most of us run on incentives. We have to have a reason to do things and most of the time we want a reward for our hard work. incentives motivate us to do our best because we have the end in mind.
ReplyDeleteI think the 'fairest' idea of them all is booms and busts. I chose this idea because it is one of them that is overlooked. Everyone is aware that contractions and expansions happen in economies, yet they aren't prepared for. As we all witnessed in our recent past and are yet still trying to recover from, contractions hit hard. If we were more readily prepared for them, the outcome would probably not be as horrible.
ReplyDeleteMelody Nash
When looking at the "Ten Ideas" i came to the conclusion that the fairest idea is Tradeoffs/Opportunity costs. They are the most important when making a critical decision. Whenever your debating whether to make a decision or not you always ask your self, What will I get out of this? And What will I loose? Therefore, I think #3 is the most important when critically thinking.
ReplyDeleteIncentives matter by far. Incentives rule everything around us. You can boil every single action down to its incentives and what does someone/a group get out of doing certain actions versus others. Basic human thought is driven by this concept.
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