ECN 340 Lecture Notes - Lecture 1: Marginal Cost, Opportunity Cost, Marginal Utility
1 Feb 2017
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Enc 340 week 1 economic approach to human behaviour. A thought process, or the unique manner in which we approach problems confronted by human beings. A mental skill that incorporates a special view of human behaviour. Arises because of: unlimited desires, limited resources to satisfy those desires. Unlimited desires includes both material and non-material wants: love, health, friendship, sex, vacation, good looks, length of life, etc: all things people want but may not have enough of. There are limited resources to satisfy all these wants (including time) To satisfy their desires, people exchange goods and service: they exchange those things they have in abundance for those things that you don"t have in an effort to maximize satisfaction. Economists use the amoral approach to analyzing issues and problems facing human beings. The amoral approach is devoid of our own values. The economist tries to understand the behaviour of others given their own values.
