2-11-09 - ECO 2023 Rush I. Chapter 8 February 11th, 2009...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ECO 2023 – Rush Chapter 8 February 11 th , 2009 I. Economics a. A social Science i. We study people’s behaviors. We want to make assumptions about how  people behave. How does what we derive on these assumptions stack up  with the real world. b. Self-interest i. People try to make themselves  as well off as possible.   1. Mother Teresa’s behavior is uncommon because she cared for  everyone – society’s best interest, not her self-interest. II. Utility a.  Satisfaction, well-being b. Cardinal Utility : Assume that a person’s utility can be measured (First  developed back In 1880’s) i. Ex. Walgreens we buy a thermometer and it tells our temperature. Using  the same scale, we can compare people’s temperature. ii. I feel 28 oodles better from a slice of pizza.  Basis of   Chapter   7. c.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

2-11-09 - ECO 2023 Rush I. Chapter 8 February 11th, 2009...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online