Critical Thinking Skills: Applying Critical Thinking to a Financial Crisis Case Study

This document discusses the application of critical thinking skills to a case study on a financial crisis caused by COVID-19. It explores the purpose of critical thinking, examines claims and statements made in the case study, and evaluates the ideas expressed. The document provides insights into the impact of the crisis on the economy and employment, as well as the potential benefits and challenges of implementing universal basic income.

Critical thinking skills
Project 1

Table of Contents
CASE STUDY 1..............................................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. In a short introductory statement, describe the purpose of applying critical thinking to the
above case study.....................................................................................................................3
2. Demonstrate an understanding of critical thinking skills by examining claims, assertions
and statements made in the given case study. .......................................................................4
3. Using your developing critical thinking skills, evaluate the ideas expressed in the case study
and develop valid arguments based on your understanding of the topic................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

CASE STUDY 1
INTRODUCTION
Critical thinking is defined as the capability of examining what we read or see. In every
aspect whether it is academic or business difference of opinion arises due to which uncertainty is
created. Critical thinking is stated as assessment ability under which evidence and argument get
presented by various personnel and from varied research field. This report is based on financial
crisis arose due to COVID outbreak and impact of citizen income in order to deal with this
financial crises.
MAIN BODY
1. In a short introductory statement, describe the purpose of applying critical thinking to the
above case study.
In the context of public eye some specialists and legislators have figured out that
universal income is proven to be the prominent answer. Being in collective situation every
person is facing problem in sustaining with financial position (Cottrell, 2017). Due to COVID
outbreak many people are separated from their jobs and planned vacations. Every industry is
fighting for their survival and growth. In the recent report this has been shown that in Wales
8000 employees has lost their jobs and they are never going to get them back. There were many
problems which are confronting in general public before coronavirus outbreak which are yet
faced by people but not acknowledged now. Psychological issues, environmental issues,
enlarged working hours, usage of high tech machineries, these are some of the issues which are
being faced by people and creating barriers in occupations. These issues are not eliminated and
many of them are still creating disturbance in economic emergency. There are various experts
those think that these issues can be handled with the help of General essential pay (UBI). We
have researched numerous factors so as to see impact of UBI within certain aspects. The major
practice behind UBI is that government is furnishing everyone in order to provide them
compensation for standard and ease for basic living. This is prominent that with in order to attain
goals individual is required to pay for their requirements for each and every single thing
irrespective of their pay and salaries as well.
Individuals are undertaking ground report in order to imagine this situation that in order
to endure everyone is required to get enough opportunities. This would provide power to carry

out their lives so that they can take decision according to their needs. For instance maturing
population is permitting individual to perform less working and taking care of older members of
their family. They provide guarantee to empower individuals in order to make them face various
challenges. In some instances individuals are not willing to attain everyday employment as this
leads in stress. UBI could provide permission for individual to face major challenges by putting
major focus on organisational duty and paying their organisation in later. One another gigantic
issue is usage of robotisation which leads elimination of human interference. This made
replacement of human support by machineries. In recent report this is found that around 400 to
800 million individuals will loose their job by 2030 due to adoption of computerisation (Zambon
and Dumay, 2016).
There is a political argument related to this in which universal support is being rendered
and that strength is immeasurable in nature. In the context of UK government this is regarded as
a serious issue in which GDP is on the back-burner and minimising overall value of the
economy. In order to deal with this situation measures are used for eradicating poverty and this
cycle is taking huge time to take off and establish to solve problems related to unemployment.
2. Demonstrate an understanding of critical thinking skills by examining claims, assertions and
statements made in the given case study.
There are various consideration thosWaitrosee are helping thoughts and safeguarding
them as well. In recent reports Finland has declared that effect of their Universal basic income
study in which 2000 jobless people aged between 25 to 57 were given 560 Euros per month in
order to survive. The investigation has discovered that individuals are obtained with more joy
and performed notable trust on others and afterwards more significant level of trust were
performed. They worked somewhere more then attaining jobless advantages which is directly
impacting over psychological working. In addition to this critical decrement in working is being
analysed where individuals are required to work. Market analyst and business chief Milton Ezrati
is worrying regarding required assets by an individual. Some strategic challenges were also being
highlighted. For instance, living cost of London is high as compared to Powys so accordingly
salary change is required to be seen within individuals. Numerous scholars has highlighted that
optics of state is prominent for rich cash at every month which is called as general salary. This is
considered as heavy handed application of major factors. This report is highlighting on

proposition of UBI in context of expenses which is denoted by lesser expenditure over necessary
public as in context of bosses workers are provided with lesser pay. In this regard contention is
given for both sides. There are various specialists who are answerable to public issues and
universal basic income. In every nation worst and difficult situation is being faced. Due to
corona outbreak millions of people are eliminate from their job location and some of them are
conspiring vacations. Yesterday a report revealed that aviation business in Wales has discarded
their 8000 employees and is the presence of this situation this is sure that they are never going to
get their jobs back. Before the time or coronavirus there were various public issues that were
majorly faced by the population and this outbreak have sent all them aside but still they are
exited not disappeared. Certain issues like psychological issues, expanded working hours
immature population, introduction of machineries and many more are known as the prominent
issues which are repetitively faced by populace (Gough, Oliver and Thomas, 2017). These issues
are still present and not going anywhere in coming future. Economist and investment manager
Milton Ezrati is raising concern regarding allocation of needed resources in which they pointed
out various logical difficulties in such a manner that logical difficulties are being solved. On the
other side some other critics have pointed out various optics critics in which rich money is to be
provided at the end of each month. This is regarded as blunt instrument in which cost of UBI is
being calculated by spending lesser over public services and allowing employer that they can pay
less to their employees as other income is attained by them.
In order to keep the country going volunteers and other employees are contributing
within emergency situation. This would help in enhancing household experience and dealing
with prominent difficulties. This is also providing various opportunities for enhancing financial
packages so as to encourage businesses and attain support in return. Poverty is one of the
prominent problem which is driving ill health to people and in order to support this system crisis
management is required to be held.
Spokesperson in Wales-online has said that Covid-19 is having their major impact
deteriorating condition of economy. As in recent pandemic situations has been shown that
economy is highly precarious in which voice has been raised by chores of people and UBI is one
of the significant way in which this can be changed in effective manner. In the current time
robotics are prominently used for enhancing evidence and trials which is dealing with complex
behaviour of human being and solving prominent problems as well. All the possible trials in

Finland and other small scale pilot are scaled up so as to provide flexible mechanism over the
society.
3. Using your developing critical thinking skills, evaluate the ideas expressed in the case study
and develop valid arguments based on your understanding of the topic.
Under this topic various ideas were expressed as in current time Covid crisis is
prominently seen due to which economy degrade has been seen. This is providing economic
downfall which is leading in poverty and massive decrease in tax payers. In recent study it was
shown that by 2030 400 to 800 million people will loose their jobs due to automation. This
statement is true to a limit as automation is decreasing jobs for people but at the same time this is
enhancing business capacity which leads in acquiring more projects (Atmatzidou and
Demetriadis, 2016).
On the other hand it was observed that unemployed people from 25 to 57 age group are
given 560 Euros per month in order to live their life irrespective of their age and gender. This
movement is helping the company to deal with their own needs and demands. This movement is
associated with negative and positive aspects as well. In the context of positive aspects
unemployment has been minimised but on the other side people are avoiding full time
employment as they are getting sufficient money to live their livelihood in proper manner.
Money is the major factor which is responsible to make further volunteers and workers
due to which vital support can be given to country. This is an opportunity in which financial
packages are associated and due to this returns are demanded. This statement is correct as in lieu
of support people are expecting something in return and by providing proper channels of
employment this problem can be solved in quick manner.
According to investor and manager Milton Ezarti resources are accumulated whenever
they are required. For example in Wales 100 Euros are given per week and commissioner Sophie
got agreed as they are having perception that everyone is required to be paid enough so that they
can take care of their families and their own in the time of crisis as well. This is a new approach
which is used by nations in order to deal with crisis which is leading mismanagement of
economic resources and unemployment as well. This approach is reflecting complex economy in
clear manner due to which various barriers can be removed. Under this support is being provided
by system so as to get benefit in return. In the recent time poverty is the major problem which is
being faced by economy and this is the reason that major unemployment is been created.

On the other hand diminishing GDP is the other constraints which is undertaken within
economy and for dealing with this change is required to be exhibited. Andrew Yang is making
prominent central policies in which democratic nomination has been made. This is helping
people in giving voice to individual for their sustaining (Goniewicz and et. al., 2020).
CONCLUSION
From the above report this can be concluded that coronavirus outbreak has been proven
as most adverse effects within economy and GDP of the nation. This is providing adverse impact
over employment and development of the country. In order to deal with this problem various
aspects are undertaken which can be used by people so as to stay in proper combat and to avoid
any fluctuations as well. This report has covered various aspects by which market prominence
can be attained by business so as to grow and sustain in marketplace. There are some approaches
which are given by expertise has been included in this report in which various problems can be
solved.

REFERENCES
books and journals
Atmatzidou, S. and Demetriadis, S., 2016. Advancing students’ computational thinking skills
through educational robotics: A study on age and gender relevant differences. Robotics
and Autonomous Systems, 75, pp.661-670.
Cottrell, S., 2017. Critical thinking skills: Effective analysis, argument and reflection. Macmillan
International Higher Education.
Goniewicz and et. al., 2020. Current response and management decisions of the European Union
to the COVID-19 outbreak: a review. Sustainability. 12(9). p.3838.
Gough, D., Oliver, S. and Thomas, J. eds., 2017. An introduction to systematic reviews. Sage.
Zambon, S. and Dumay, J., 2016. A critical reflection on the future of intellectual capital: from
reporting to disclosure. Journal of Intellectual capital.