ECN 340 Lecture Notes - Lecture 1: Rationality, Toothpaste, Marginal Cost
13 Dec 2016
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Document Summary
Economics is a constant changing discipline and this can be said about most of the discipline but it"s particularly applicable to economics. Alfred marshal defined economics as dealing with the ordinary business of life . Economics also involved topics such as money. Taxes and tariffs, stocks and bonds, cost structures, forms of business organization and the operation of the market production of cars and toothpaste. Over the half century, economist have expanded their filed of concern and as a result, economics as a discipline are rapidly expanding. Economist have such model which has been developed and defined since the days of. Adam smith and it is because we employ the model in our discussion that we consider a book on economics. For nearly 200 years, economics has struggles to actually defining economics and it is in fact still a live issue.
