Thenature of economics reasoning can be varied nationally and institutionally.This happens because of the social, common practices, laws, policies, politicalsituations as well as geologically. In order to lay out the better policies orto develop the economic system, the nature of economic reasoning, the makingdecision by comparing the costs and benefits, is needed to be understand well.1.     Whatis Economic? (Roynolds, 2007)According to the archeological andwritten records of humans’ history, obtaining the materials means to satisfythe wants is a continuing problem to the humans. Though both foods and sheltersare the basic requirements of a human life, as the civilizations rise more andmore advancing, not just the needs but the others goods become partial needsand partial wants to fulfill the desire of humans. And studying the way howthat humans deal with these issues and challenges become known as “Economics”.

In another words, according to the Economists, “Economics” is the studyof how the limited resources are allocated and how the choices to make maximumoutputs with minimum inputs or resources to fulfill the needs and wants ofhumans.(Gordon)Due to this concept,minimizing inputs and maximizing output, people do the economic reasoning ineveryday life. Using this economic reasoning, decisions are made by comparingmarginal costs, the additional cost over and above cost already incurred andmarginal benefits, the additional benefit above and beyond what has alreadyaccrued. Therefore, for generally and rationally, if the marginal cost is belowthe marginal benefit, then the decisions are made while if the marginal costare beyond the marginal benefit, then the decisions are not made.2.     Opportunitycost  (Gupta, 2011)Equationof marginal cost and benefit is only true for small cases but if for theco-operations, enterprises and firms, this equation cannot be true.

In anotherword, if the decisions are made for short term, like buying clothes or dailyuses, then this equation is perfect but if for the long term or strategicplanning, choosing career life, investing getting married or not, then thisequation should not be applied easily due to the opportunity cost. For example,Bill Gates left the collage and started the Microsoft. And here, opportunitycost, that should already be less than the benefits of what have chosen, becomeone of the basic facts of the nature of economic reasoning.

3.     TakingRisk (Gupta, 2011)Another facts of thenature of economic reasoning is known as Taking Risk. Though, taking risk is abit seen similar to the opportunity cost, this concept is more practical thanthe opportunity cost. Due to this concept, the governments of each nationchoose different module of economic designs such as free market economy, socialmarket economy, command economy, mixed economy, etc.4.

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     TheChoices of Economic Designs  (Stanislaw, 2002) (Gupta, 2011)And again, thechoices of economic designs, commanding heights, are also based on how thatnation was formed up and constructed, both by informally and formally, as wellas the experiences of that nation. In another words, Commanding Heights orChoosing the economic design can be varied on the populations density, social designs,and background.(A History of the U S Economy, 2010)For example, whyUnited States of America chose the free market economy while Myanmar chosesocialist economy design? And this answer relied on the history of bothnations’ backgrounds. The constitution and the nation building process ofUnited States of America was led by landowners and those with huge businessesbackgrounds. And, on the other hands, the independence of United States washappened mostly due to the economic pressure from British Government.

As mostof the statesmen of United States are from wealthy and landowners, the designof economic chose was free economy markets until nowadays thought it facedgreat depression for several time. (Taylor, 1987)Unlike that nation,Myanmar was a different story. Before 1885, the economic design of Myanmar wasa bit tend to be known as traditional but later 1885, due to the colonizationsystem, the design was change and again, after the 1962, the economic design waschanged to socialist economy. This is because during those days, the countrywas facing arm conflicts with Burma Communist Party, Ku Ming Tang from Chinaand Ethnic Armed Groups. And due to the lack of peace and many conflicts, theGovernment decided to take control the market and started the socialisteconomy. And later in 1988, the economic design was changed again to marketeconomy due to the changing of global trend and public demands.

5.     Conclusion   (Acemoglu, 20016)Asboth types of economy level, Macroeconomic and Microeconomic level, arecontrolled by three forces of economic forces (the invisible hand), social andcultural forces and political and legal forces, while the macroeconomic level, the branch of economics thatstudies the behavior and performance of an economy as a whole, focusing on theaggregate changes in the economy such as unemployment, growth rate, grossdomestic product and inflation, was managed by governments and themicroeconomic, individuals,households and firms’ behavior in decision making and allocation of resourcesthat applies to markets of goods and services and deals with individual and economic issues, Economic Reasoning, themaking decision by comparing the costs and benefits, can be varied daily andseveral times.Accordingthe historical facts, the thinking designs of economic reasoning can be changedgradually due to the globalization trends, war, rises of new technologies andsocial behaviors. For the conclusion, the nature of economic reasoning. dependson the economic institutions, that can be varied according to the nations, suchas law, policies, social, common practices, religious ideology and backgroundof that nation can be varied from time to time.