Textbook Notes (362,796)
Canada (158,054)
Economics (923)
ECN 340 (22)
Chapter 7

Chapter 7

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Ryerson University
ECN 340
Thomas Barbiero

 Family is a “firm” that takes resources; labour from within the family & the goods that are purchased, & produces things the family members desire The Marriage Contract  Marriage is a legally enforceable contract between 2 people  It is an open-ended contract; not all eventual possibilities are spelled out  Marriage much like a constitution  Purpose of dating is to work out provisions of contract (some do not take enough time to do this)  A poorly put together contract soon leads to dissolution  What are some of the misunderstandings that can occur in a marriage contract?  What are the obstacles to taking your spouse to court for breach of contract? For example suing him for not cutting the grass  Divorce is a dissolution of the contract, just like a break-up of a business  Investment in a marriage makes it more difficult to break-up  Living together with the capacity to simply walk out may force the other party to be more considerate Cost & Benefits of marriage Costs Benefits 1.Independence 1.Production of children 2.Making decisions in a family. They 2.Family style sex life-less chance of STD require the input of all members Ex. -“economics of scale in production”-one Buying a car vacuum cleaner, one washer & dryer etc. -Costs associated with decision making 3.Less costly to produce one meal for 4 usually means each partner makes people than 4 separate meals for each executive decisions about an issue 5.Many public goods: they benefit -Wives usually decide about interior of the everyone & do not diminish the enjoyment house & husbands ext
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