ECN 340 Lecture Notes - Lecture 1: Rieti, Demand Curve, Decision Rule

• School: Ryerson University
• Department: Economics
• Course: ECN 340
• Professor: Thomas Barbiero

Document Summary

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 b/c of (a) unlimited desires, and (b) limited resources to satisfy those desires. Dis(cid:373)al s(cid:272)ie(cid:374)(cid:272)e: (cid:455)ou do(cid:374)(cid:859)t ha(cid:448)e the thi(cid:374)g that (cid:455)ou (cid:449)a(cid:374)t: e. g. , you (cid:449)a(cid:374)t a (cid:271)o(cid:455)frie(cid:374)d (cid:271)ut (cid:455)ou do(cid:374)(cid:859)t ha(cid:448)e o(cid:374)e = e(cid:272)o(cid:374)o(cid:373)i(cid:272) pro(cid:271)le(cid:373) Unlimited desires includes both material and non-material wants: love, health, friendship, sex, vacations, good looks (thus plastic surgery), length of life, etc. Diff strategies for being happy (for diff people) Rich = having the things that you want. There are limited resources to satisfy all these wants (including time) To satisfy their desires, people exchange g&s: they exchange those things they have in a(cid:271)u(cid:374)da(cid:374)(cid:272)e for those the(cid:455) do(cid:374)(cid:859)t ha(cid:448)e i(cid:374) a(cid:374) effort to (cid:373)a(cid:454) satisfa(cid:272)tio(cid:374) E(cid:272)o(cid:374)o(cid:373)ists use the (cid:862)a(cid:373)oral approa(cid:272)h(cid:863) to a(cid:374)al(cid:455)zi(cid:374)g issues a(cid:374)d pro(cid:271)le(cid:373)s fa(cid:272)i(cid:374)g hu(cid:373)a(cid:374) beings: not (cid:862)i(cid:373)(cid:373)oral(cid:863) analyzing without your own junction (judgment?)