L3

• Determining the worth of ideas


  Focusing on significant information you have listened to
• It is necessary to look for important information rather than interesting information
• Important information


  Main ideas or key topics that you need to better understand the concept you are listening to
• Interesting information


  Little detail or additional detail, which could be a cool fact, distractor, or less important concept
• Determining importance helps you to filter information and to organize your thinking around big ideas
• Identifying text's importance supports you in finding the most important ideas
• Determining what is most important is critical in building life-long success
• To determine the worth of ideas, you need to consider various genres of the texts
• Listening well is necessary in order for you to determine the worth of ideas presented in the text
• One of the things that you should do while listening is to focus on meaning
• Determining the worth of ideas


  1. Identifying your purpose for listening

  2. Distinguishing between important and unimportant information to identify key ideas or themes

  3. Determining topic and main idea

  4. Identifying author's message

  5. Using knowledge of narrative or expository text features
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Consumers act rationally by


  Maximising their utility
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by

  Placing the interests of the people they serve first in order to maximise their welfare
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Marginal utility

  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Groups assumed to act rationally


  • Consumers
  • Producers
  • Workers
  • Governments