It is important for market participants to know how the invisible hand functions so they can all benefit by understanding how self-interest regulates the markets supply and demand. 3. Use the demand curve graph found at the following link to answer the questions that follow. • How would point A be represented as an ordered (x,y) pair? Answer: 20, 24 (Quantity, Price) • What does this curve show?
Instrumentally rational action is when a goal is not desirable but an induvidual still works out the best way to reach it. Value rational action is when an individual works towards a goal although doesn't know what the outcome will be. Traditional action is a routine action which is done out of habit whilst affectual action is action which is expressed by emotion. Although Weber takes into account the individual choice and focuses on understanding (meanings) when explaining a persons behaviour the four catergories are hard to apply to real situations. Also as we are our own selves and cannot put ourselves in the shoes of someone else we can never really fully understand someone's actions.
However, you need to understand the basic terms and thought, then you also able to be applied to specific conditions in economic thinking. In other words, you have to improve your skills think like an economist. The author of Freakonomics positively shows the reader how to improve his thinking skills to think like an economist. If morality symbolizes how people want the world to work, economy symbolizes how the actually works. According to the authors: “It is well and good to opine or theorize about a subject, as humankind is wont to do, but when moral posturing is replaced by an honest assessment of the data, the result is often a new, surprising insight.” The research in Freakonomics shows that economic and social issues that often difficult, but not impossible, to quantify.
However, in theory each individual field holds its own place of importance. The complete universal effect of each one of these categories varies greatly. The overall effects of production, supply and demand rely on individual-spending, community and group involvement, corporate servicing and the global business. One of the safest ways to analyze future investments means looking back at prior financial investments. Historical data enables investors’ ability to decide what market trends require what level of attention.
Behaviourists such as Watson believe that people do not have free will and that our environment determines the way in which we behave, either by reinforcement or a stimulus response. The behaviourist approach believes that psychology should be seen as a science with behaviour being observed and measured and not thought of internally like thoughts and emotions. Behaviourists believe that there is very little difference between the way humans and animals learn and therefore see this as an advantage as they can
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why? Explain the viewpoints of classical and Keynesian economists.
In few occasions, the hostile part of an attack can consist of just one step, but more generally, it will comprehend several steps, possibly organized in successive phases. The level of threat, for a given component, depends on the attitudes, decisions, and interaction between attackers and defenders at a given point in time and space. Therefore, the study of malicious threats must take into account the interactions between attackers and defenders. We propose in this paper to approach this problem using game theory. Illustrate in writing the potential impact of all identified malicious attacks and threats to the network and the organization.
Even though social learning approach and behaviorist approach were made to make us understand how human behaviour works either by modeling or rewards and punishments from environment that we live on, they not just have advantages but also have disadvantages. Some of the strengths of the social learning approach is that it’s an experiment therefore it's suitable when trying to measure human behaviour, we can easy understand his accurate method, realistic view of people and concern with the social implications in human behaviour. One of the biggest disadvantages of this approach is that does not take into account physical and mental changes of the person and does not take in account that people can see one only situation from different point of view for example some people think that be a musician is something rewarded, but other may think that is a loss of time. On the other hand we have the behaviourist approach that suggest that the human behaviour depends of what we learn by association or as a result of reinforcement, this theory has successfully applied classical and operant conditioning to its theories, we can easily understand is accurate method, for example one the experiments are objective, measurable and observable. An example of this is Bandura's bobo doll study of aggression with children.
Social Bond Theory (formerly known as Social Control Theory) is the belief that the self control of an individual can be built by manipulating the processes of socialization and social learning. It is also thought to help decrease the urge to engage in antisocial behavior. The theory proposes that people are influenced not to participate in criminal activities based upon their relationships with others, beliefs, commitments, values and social norms. The four basic elements of social bond theory are attachment, commitment, involvement in conventional versus deviant or criminal activities, and lastly the common value system within an individual’s society or subgroup. Attachment is described as the level of values and or norms that an individual holds in society.
Microeconomics Final Project Part 10 The different projects helped me learn important material throughout this course. Key materials and concepts I learned will benefit me in the future. Some of those concepts covered such as; the different economies and how they function, how supply and demand work and how one affects the other, how and why taxes are imposed, international trade, total utility and how it is calculated and how we can predict how a consumer might spend their money based off this, as well as fixed and variable inputs that help determine relationships between, for example, the amount of employees and goods produced as more employees are added and how the law of diminishing returns applies to this. There are different economies