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What is an 'Economic Man '

Economic man refers to an idealized human being who acts rationally and with complete knowledge, who seeks to maximize personal utility or satisfaction. Economic man is an assumption of many economic models, and is also known as homo economicus.

BREAKING DOWN 'Economic Man '

To explain a phenomenon, scientists often build models, and to build a model, scientists have to make assumptions that simplify reality. In economics, one of those simplifying assumptions is economic man. Unlike a real human, economic man always behaves rationally in a narrowly self-interested way that maximizes his or her satisfaction. This assumption enables economists to study how markets would work if populated by these theoretical persons. For example, it is often assumed that demand for a product is a linear function of price. While this may sometimes be the case with certain goods, it is not reflective of the actual consumer environment.

Economists are aware of the deficiencies of using economic man, though some are more willing to abandon the concept than others. One obvious problem is that human beings don't always act "rationally," that is, in their narrow economic self-interest. The economic man concept also assumes that the options faced by economic man offer obvious differences in satisfaction. But it is not always clear that one option is superior to another. Two options may enhance a person's utility, or satisfaction, in two different ways, and it may not be clear that one is better than the other.

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Economic man refers to an idealized human being who acts rationally and with complete knowledge, who seeks to maximize personal utility or satisfaction. Economic man is an assumption of many economic models, and is also known as homo economicus. To explain a phenomenon, scientists often build models, and to build a model, scientists have to make assumptions that simplify reality.

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1. Do the first four principles (dealing with the individual) reflect reality? What principle would you add here about how individuals engage in the economic way of thinking?

2. What is the best way for individuals to interact to exchange goods and services with each other?

3. How can government help to make sure that individual interactions are done in the “best” way possible?

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A premier source of classroom tested, Internet-based economic lesson materials for K-12 teachers and their students | EconEdLink

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What are economic resources? The four major categories are explained in this video. "Episode 3: Resources" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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A short video from Reff on the difference between trade-off and opportunity cost.

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Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award

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Four Reasons Financial Intermediaries Fail

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University of London International Programmes

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Economics is much more than just numbers and graphs. In fact, we can use economics to explain much of what we encounter in our daily lives. For instance, why is customer service at your local restaurant usually better than that of the cable company?

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Honors Unit 1 Term Set 1 Ten Economic Principles Flashcards | Quizlet

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Start studying Honors Unit 1 Term Set 1 Ten Economic Principles. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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Regardless of whether you choose "rationally" or "behaviorally" Sheena outlines practical advice for decision-makers.

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Sheena Iyengar: How to make choosing easier

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http://www.ted.com We all want customized experiences and products -- but when faced with 700 options, consumers freeze up. With fascinating new research, Sheena Iyengar demonstrates how businesses (and others) can improve the experience of choosing.