Transcription of 7 Economic Behavior and Rationality
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7 Economic Behavior and Rationality
1457 Economic Behavior and RationalityIn Chapter 1, we defined Economic actors, or Economic agents, as people or organizations engaged in any of the four essential Economic activities: production, distribution, consump-tion, and resource maintenance. Economic actors can be individuals, small groups (such as a family or a group of roommates), or large organizations such as a government agency or a multinational corporation. Economics is about how these actors behave and interact as they engage in Economic activities. In this chapter we explore the Behavior of individual Economic actors people.
145 7 Economic Behavior and Rationality In Chapter 1, we defined economic actors, or economic agents, as people or organizations engaged in any of the four essential economic activities: production, distribution, consump-
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