[ECON 103] - Final Exam Guide - Comprehensive Notes fot the exam (48 pages long!)

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Maximization: inclusion of this principle is what makes an argument economic. Maximization has to do with motivation, it is the sole motivator of humans (greed) All behaviour is interpreted using economic principle #1. Maximization is universal across time, all genders/religions/ages, etc. Principle #1 = maximization: all people motivated by greed. But then you ask, what about different people, insane people, criminals, etc. Even someone who appears to be acting altruistically, an economist can always come up with some sort of explanation using the principle of maximization. Always shoot the leader, so eventually after a few are shot the orcs will understand every time someone steps up to be a leader, they die. Therefore, they will decide to not have a leader and then will stop chasing him. People are always correct (even though you made a wrong decision, you are still greedy) People are always cold and calculating (economic models that will be observed will have some math/calulations in them.

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