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WORLD VIEW: An aspect of a scientific theory that includes fundamental, and unverifiable axioms, beliefs, and values about how the world works. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.

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Lesson 9: Consumer Demand | Unit 1: Demand Theory Page: 2 of 22

Topic: Making Decisions <=PAGE BACK | PAGE NEXT=>

  • A decision: I am pondering a trip to the beach to spend my time wading in the water, playing volleyball, and soaking up the sun.
  • But this seemingly simple decision involves a number of considerations:
  1. How much time do I want to spend at the beach? An hour? Four hours? All day?
  2. Do I really want to go to the beach? Would I rather visit the amusement park instead? Maybe I could do both?
  3. How much will this cost? Do I have sufficient income to pay for admission? Do I have sufficient time?

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VALUE ADDED

The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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