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Introduction
I. The Meaning of Rationality In The Model
a. The Concept of Rationality In Economic Theory
i. If a theorist knows the ends of some decision-maker
ii. he calculates the most reasonable way for the decision-maker to reach his goals
iii. he assumes this way will actually be chosen because he decision-maker is rational
b. Economic analyses consists of two major steps
i. Discovery of the ends a decision-maker is pursuing
ii. Analyses of which means of attaining them are most reasonable (least input of scarce resources.)
c. Economic definition solely refers to a man who moves toward his goals in a way which, to the best of his knowledge, uses the least possible scarce resources per unit of valued output.
i. Example: Monk seeks to attain peace with God, he must clear his mind of logical thought.
ii. Perfect economic definition, but would be considered irrational by non-economic definitions.
d. A Rational man is one who behaves as follows:
i. can always make a......

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Approximate Pages: 5 (250 words per double-spaced page)

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