ECN 340 Lecture Notes - Lecture 1: Greedy Reductionism, Value Judgment, Human Behaviour
1 Feb 2018
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**economics: unlimited desires and limited resources to satisfy desires which causes an economic problem** Thinking about people: focus is the individual as they try to max satisfaction. Individual has values, makes choices and takes actions: social goals reflect individual values; society is not independent from individuals, focusing on individual means avoiding greedy reductionism , example: young people are all ; the baby boom generation is selfish, etc. Markets: there are many buyers and sellers in markets with diverse wants and abilities to provide. G and s: markets allow exchange so people can get what they most value at least possible cost by trading for those things they have and value less, markets create competition . Individuals consume a product or a service (g and s) until mc=mb. If mb>mc can increase satisfaction by increasing consumption; i want to consume" more of you. If mb
