The Economic Way of Thinking Includes

question 19

Multiple Choice

The economic way of thinking includes:

• A) more attention paid to benefits rather than the costs involved in any choice.
• B) the assumption that individuals choose to average out some objective.
• C) emphasis on how choices are made at the margin.
• D) the notion that the industrialized nations have solved the problem of scarcity.

Understand the political factions and parties of the Gilded Age, their policies, and their impacts on society.

Describe the economic consequences of policies such as the discovery of silver mines, tariff and tax systems, and legislation like the Bland-Allison Act and the Sherman Silver Purchase Act.

Analyze the motivations behind and the effects of the coinage of silver.

Recognize important legislation of the period, such as the Pendleton Civil Service Act, the Interstate Commerce Act, and civil rights legislation, and understand their objectives and impacts.

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Definitions:

Socially Responsible

Acting with consideration for the social and environmental impact of one's decisions and actions on the wider community.

Problem Solving

The process of identifying solutions to specific challenges or obstacles.

Interpersonal Relationships

Connections or associations between two or more people that may vary in duration and significance.

Emotional Self-awareness

The ability to recognize and understand one's own emotions and their effects on thoughts and behavior.