Econ notes

Econ notes - Needs What do you think that people should...

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Needs What do you think that people should have on the basis of need? - Food, What is food? Pizza, rice, cheese sticks? How much is needed? - Adequate housing Hard to define. Back yard? # of rooms? Air conditioning? - Clothing - Healthcare What is the right amount of medical care? France says that if you have terminal cancer and a doctor radiates them and kemo and stuff he has to pay the bill if it does not work. What if 5 people need a procedure but you can only give it to one? - Education - Clean water - Transportation Bikes? Horses? Camels? Sports cars? If you want to know weather or not someone really needs something - AT WHAT COST DO YOU NEED THIS? Are you willing to give up food and shelter for a yacht? ** A need is and unconditional want that there is no substitute for. (Economics do not like the word need because there are always substitutes (though some are very poor option ** A want is conditional and under some conditions you can do without it. The key question is what do you need and at what cost?
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This note was uploaded on 02/25/2010 for the course ECON 211 taught by Professor Staff during the Spring '08 term at VCU.

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Econ notes - Needs What do you think that people should...

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