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Definition of 'Homo Economicus'
The rational human being that many economists use when deriving, explaining and verifying their theories and models.
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Investopedia explains 'Homo Economicus'
The basis for a majority of economic models is the assumption that all human beings are rational and will always attempt to maximize their utility - whether it be from monetary or non-monetary gains.
Many people disagree over the assumption underlying the homo economicus, so it continues to be a point of contention.
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Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more!
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Learning about the study of economics can help you understand why you face contradictions in the market.
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