The Highest Form of Ethical Decision Making Involves a Careful

question 32

True/False

The highest form of ethical decision making involves a careful determination of who will receive benefits or incur costs as the consequence of a decision.

Recognize the significance of specialization and trade in improving economic efficiency.

Distinguish between factor markets and product markets within the circular flow of an economy.

Analyze the effects of resource reallocation on production possibilities.

Appreciate the role of economists in supporting free trade and understanding economic indicators.

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Definitions:

Impulse Control

The ability to resist or delay an urge to perform an act that could be harmful to oneself or others.

Prefrontal Cortex

The anterior part of the frontal lobes of the brain, involved in complex cognitive behavior, decision making, and moderating social behavior.

Myelination

The process by which axons are coated with a fatty sheath called myelin, increasing the speed at which electrical impulses are conducted.

Delay Gratification

The ability to resist the temptation for an immediate reward and wait for a later reward.