ECN 340 Lecture Notes - Lecture 5: Vacuum Cleaner, The Incentive, Opportunity Cost
23 Feb 2017
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Enc340 week 4 marriage, family, and divorce. Family is a producing unit (like a firm) Transforms inputs and produces the things wanted by the family or family member. We will look at the economic and social importance of the marriage contract, the difficulty of dissolving the producing unit (divorce), the implication of love, and what determines the roles in the marriage. It is an open ended contract; not all eventual possibilities are spelled out. Marriage, or the cohabitation, is a legally enforceable contract between two people. Marriage is much like a constitution, or bylaws that govern behaviour in a firm. Purpose of dating is to work out provisions of the contract. Poorly put together contract will soon lead to dissolution. What are some of the misunderstanding that can occur in a marriage contract: how many children they both want. What would you include in a contact: listing out responsibilities, things that are important to you.
