Essay A Study Of Economics From A Textbook Teaching Stance

Essay A Study Of Economics From A Textbook Teaching Stance

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Seeing as I have shared my definitions of each author relating to what economics is valuable for, I chose to focus on Taylor’s definition in particular. When Taylor introduced the study of economics from a textbook teaching stance, he began talking about how most people don’t produce what they consume. This is the case in today’s society where advanced civilizations rely almost entirely on the manufacturing business, the retail market, and the service industry in order for citizens to subsist from day-to-day. Taylor emphasizes the importance of economics by showing how patterns in a society raise questions that determine what is produced, how much is produced, and how the goods will be allocated across the population. He also shows that the true ‘economic way of thinking’ takes into account “an extraordinary array of topics” from a small scale example such as determining the price of a product to make it profitable in a retail store, to a large scale case of when the government should cut taxes, and when it should raise them. Taylor provides the circular flow diagram to represent the economy as consisting of two groups- households and firms, and this diagram applies to the relation between buyers and sellers as well as many other economic groups that consume and produce commodities. The study of economics provides the necessary tools to comprehend and communicate about the issues that a society faces each day.
I chose to make the claim that Taylor shows the economic way of thinking is valuable because it helps explain society’s demands and how the flow chart can represent consumer choices in everyday life. Taylor implements the economic way of thinking by contributing to topics such as: price regulation, business management, con...

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...s, his economic way of thinking is valuable because it helps explain society’s demands and how the flow chart can depict consumer choices in daily life in a straightforward approach. While Taylor’s writing comes from a textbook teaching standpoint, the information is still presented in a relative fashion, showing how patterns in a society raise questions that determine what is produced, how much is produced, and how the goods will be allocated across the population. He implements the economic way of thinking by contributing to topics such as: price regulation, business management, consumption of goods and services, and income inequality in a society, all of which implement knowledge for individuals in a society. Taylor’s economic way of thinking stands as valuable intelligence for all people(not just in an economic related field) to prosper in today’s modern economy.

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