ANTH 222 Lecture : Notes
30 Apr 2012
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To do something that makes you happy regardless of. The individual economic units within the economy: markets for individual goods and services, individual consumers, individual firms. What choices they make and how these are reflected in market behavior. The study of the use of scarce resources to satisfy unlimited human wants. Taxi permits: value of permits went up when quota was made, making it not worth it any more to join the taxi cab industry. *tickets to concert or party: you buy ticket to concert then find out about a party that same night. You want to go to the party more. It costs the same because you can"t resell the ticket : *sunk cost something you spent and can"t get back, don"t feel guilt for sunk cost . Back to back" airline tickets: business traveler is less sensitive to price of ticket while vacation travelers are more sensitive.
