[ECN 340] - Final Exam Guide - Everything you need to know! (36 pages long)
29 Nov 2016
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Thought process/unique manner which we approach problems confronted by human beings. Mental skill that incorporates a special view of human behaviour arises because of unlimited desires and limited resources to satisfy those desires desires exceed the material. Unlimited desires includes both material and non material wants (love, friendship,sex, vacations, good looks etc) Limited resources to satisfy wants (money, time etc) to satisfy desires, exchange of goods and services. abundance for what one doesn"t have, to max satisfaction human beings act because they have desires. Economists use the amoral approach to analyzing issues and problems facing human beings. Amoral approach is devoid of our own values. Ask why, understand the others behaviours not according to our values, understand their values the economist tries to understand the behaviour of others given their own values. David hume: not to mock or denounce human actions but to understand, we do not use our values to understand others.
