Economics- Lesson 1, Week 1

The Axiological dilemma deals with what life-question in a final way?

Axiology attempts to deal with issues of ultimate value.

According to COR, what is Economics?

Economics is the study of the principles and methods of allocating scarce resources to achieve optimal production, distribution, and consumption of wealth.

The Epistemological dilemma deals with what life-question in a final way?

Epistemology asserts ultimate answers to the question "How can I know what is true?"

Which of the following is not a moral criteria of the free market or a necessary part of the ethical foundations of Economics?

Good Intentions

All worldviews must answer four philosophical dilemmas, each of which addresses a life concern in a final way. What does the Ontological question attempt to address in a final way?

Ontology attempts to provide final answers to questions of origins, or the ground of being and existence.

The Teleological dilemma deals with what life-question in a final way?

Teleology attempts to provide final answers to questions of purpose and destiny.

What is meant by the phrase "institutional structure and procedure of life"?

The "institutional structure and procedure of life" is the total societal and relational expression of answers to all the basic questions in life.

Which of the following represents fundamental reasons as to why all poverty relief programs that create or perpetuate dependence, reward sloth, or level those who work hard along with those who hardly work at all fail? [choose all that apply]

This is because such programs strike at the heart of what it means to be human—to bear the image of God.

Which economic system rewards people according to the intelligence, creativity, and diligence of their work?

free-market system

Underlying the Christian view of economics is:

man made in God's image