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Unformatted text preview: culture) Individuals from Western cultures become innovate in discovering, exploring, and inventing new resources to satisfy wants deplete / occupy the resources of others The dominant individuals or groups in society are inevitably those that strive for increased resources Three Principles of Economics: 1. Individuals have to be self-interested (+ rational / smart) 2. Freedom of choice 3. Maximize self-interests A modus operandi (behavior pattern / habit / mode of functioning) emerges, one in which an individual compares marginal (additional) benefits to marginal costs / consequences: if an additional benefit exceeds the additional cost, the individual will make that choice or decision...
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This note was uploaded on 04/26/2008 for the course ECON 05 taught by Professor Abdullah during the Spring '08 term at Tufts.
- Spring '08