[ECN 340] - Midterm Exam Guide - Everything you need to know! (45 pages long)
7 Feb 2017
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Document Summary
Chapter 1 the economics of human behaviour. 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. Special human behaviour arises because of (a) unlimited desires, and (b) limited resources to satisfy those desires. There are limited resources to satisfy all these wants (including time) Economists use the amoral approach to analyzing issues and problems facing human beings. The amoral approach is devoid of our own values: not easy to not judge because humans have their opinions an values. The economists tries to understand the behaviour of others given their own values: not just attacking them right away for something that they think is wrong. If someone is a vegetarian they don"t just go up to someone who eats meat and attacks them why they shouldn"t eat meat, instead they try to understand it first.
