Apr 21 2012
“Happiness” in economics. Individuals in market economies tend to make decisions to maximize their own happiness given their limited incomes and time. To maximize his happiness, a consumer should consume the quantity of two or more goods at which the last dollar spent on each good provided the same amount of happiness as the last dollar spent on each other good consumed.
About the author: Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author
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