LBST1

Weight: 10% of your final grade

Length: one, 700 to 800-word essay

Instructions

This assignment, which covers the concepts presented in Unit 1, asks you to prepare a short-essay response (approximately 700-800 words or two to three, typed/word-processed pages) to one of the three questions presented below. Do not answer all three.

Your essay response to the question must include direct references to the course materials (textbook, required readings, or researched sources) and use an appropriate citation style (such as APA Style) when quoting or making references to these sources in your responses.

Assignment 1
Short-Essay Questions (ANSWER ONLY ONE QUESTION)

1.1 Unit 1 distinguishes between the concepts of€œcommon sense,”€œsocial science,”€œideology,” and€œknowledge.” What impact does€œcommon sense” have on the way ordinary people think about economics? Does€œcommon sense” also have an impact on the way professional economists think and write about economics? Substantiate your answer using the concepts of€œideology” and€œknowledge.”

1.2 What is the subject matter of economics? What role does the€œdivision of labour” play in defining this subject matter?

1.3 Unit 1 distinguishes between€œmainstream” and€œcritical” perspectives on economic issues. What are the fundamental differences between the€œMainstream” and the€œCritical” perspective?