MACRO ECON 6
6th Edition
ISBN: 9780357689820
Author: MCEACHERN
Publisher: CENGAGE L
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Question
Chapter 1, Problem 6P
To determine
Goodness of economic theory with respect to prediction of the behavior of a specific individual.
Introduction:
Economics is a study of the rationality of the human behavior while making choices with respect to the scarce resources in order to satisfy unlimited wants. While studying & understanding of the specific group of people and logically determining their wants, choices and desires can be still reached, but to determine a specific individual & his approaches would be difficult to understand, as every individual is driven on the basis of self interest approach.
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