chapter_1_203 - Chapter 1 page 1 Chapter 1: Economics and...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 page 1 Chapter 1: Economics and Institutions OR a set of rules that constrain the behavior of social agents in particular situations… Here, institution implies a convention of behaviour that society has created to resolve a recurrent “problem”… [Alternative def n ] how do individuals, in an attempt to maximize their own self-interest, create a set of economic institutions that structure their daily lives? [Def n Frank-Parker] Microeconomics studies the choice of individual agents under scarcity and the consequences of these decisions Microeconomics: Many possible definitions “The study of how people choose under conditions of scarcity.”
Background image of page 1

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

View Full DocumentRight Arrow Icon
Chapter 1 page 2 “Unlimited wants, limited resources.” Scarce resources: Time Money Energy Capacity Primarily, human behaviour is driven by “scarcity and choice.” The concept of choice leads directly to the weighing of marginal costs and marginal benefits:
Background image of page 2
Overview Intermediate Microeconomics 1
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/03/2011 for the course ECON 203 taught by Professor Okhan during the Spring '11 term at University of Victoria.

Page1 / 9

chapter_1_203 - Chapter 1 page 1 Chapter 1: Economics and...

This preview shows document pages 1 - 4. Sign up to view the full document.

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