lecture 3 - Economic Man Economic men are those...

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Economic Man Economic men are those Homo-Sapiens who are never satisfied with their present standard of living. In order to achieve a better standard of living and to achieve the goals they always try to engage themselves in maximum number of economic activities. They involve themselves in primary, secondary and tertiary activities. They always try to conduct their activities in a cost effective manner. The cost effective activities entail maximization of profit and minimization of cost. Characteristics of Economic man: Almost 90% Homo sapiens are Economic men. Economic men are not satisfied with their present standard of living. Try to involve economic activities to increase their income. Conduct their activities in a cost effective manner. Increase income so that they achieve better standard of living. Origin of Homo sapiens: The planet earth is the only habitable place in the universe. It is habitable for living organisms. The age of our planet earth is approximately 4.8 billion years.
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lecture 3 - Economic Man Economic men are those...

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