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ECN 340 (202)

Intro Lecture 1

4 Pages

Course Code
ECN 340
Thomas Barbiero

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ECN 340 Intro to Economics of Human BehaviorMeaning of economics y Thought process unique manner in which we approach human problems y Economy is not independent of human beings y Exists because we want things y Mental skill y Can be controversialy Special view of human behaviorArises froma UNLIMITED DESIRES not just material things but all desires eg Desire to do very well would love to partyIndividual desiresAll other desiresb LIMITED RESOURCES TO SATISFY DESIRESConstraints choices No economic problems if you dont want anything y People try to avoid economic problems by practicing to want very little y People exchange goods and services to get what they want satisfying wantsAbstractions y Simplification to understandy Theories and models assuming to predict y Acceptability of theories when they explain and predict y If the theory doesnt work we amend itThinking About Values y Amoral approach We do not impose our values on what we are studying no judgment y Devoid of our own values y Understanding behavior of others given their own values y Try to understand without judgingThinking About People y Our focus is not on society our focus is the individualy Do not do onto others as you would to yourselfDifferent tastesy Individual has values makes choices and takes action PROBLEM Eg if somebody kills they CHOSE to controversial y Social goals reflect individual values
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