ECON 102 Lecture Notes - Lecture 5: Cinchona, Quinine
11 Sep 2015
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ECON 102 Full Course Notes
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Econ 102 - lecture 5 - supply and demand. Austria"s carl menger (1840 1921), wrote principles of economics (1871) England"s william stanley jevons (1835 1882), wrote the theory of. Switzerland"s leon walras (1834 1910), wrote elements of pure. Marginal revolution: the discovery of the theory of marginal utility in the early. Carl menger (chapter 1) the general theory of the good: A good: a useful thing subject to human control. The object has properties allowing it to satisfy this need. Humans must know of this causal connection. Humans must have sufficient control over the object to make use. A consumer good (first order good): a good that directly serves our desires. A producer good (higher order good) is: a good used in the production of another good. Structure of production: the set of steps by which producer goods are used to produce a consumer good.
