Ella balantac

• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational

  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Rational agents

  • Consumers
  • Producers
  • Workers
  • Governments
• Producers act rationally by

  Selling goods/services in a way that maximises their profits
• Workers act rationally by

  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by

  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally

  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• If you add up marginal utility for each unit you get total utility
• Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus
• Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment
• Older people and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness
• The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes
• Prevention: To prevent infection and to slow transmission of COVID-19

  1. Wash your hands regularly with soap and water or clean them with alcohol-based hand rub

  2. Maintain at least 1 metre distance between you and people coughing or sneezing

  3. Avoid touching your face

  4. Cover your mouth and nose when coughing or sneezing

  5. Stay home if you feel unwell

  6. Refrain from smoking and other activities that weaken the lungs

  7. Practice physical distancing by avoiding unnecessary travel and staying away from large groups of people
• Most common symptoms

  • fever
  • dry cough
  • tiredness
• Serious symptoms

  • difficulty breathing or shortness of breath
  • chest pain or pressure
  • loss of speech or movement
• Less common symptoms

  • aches and pains
  • conjunctivitis
  • sore throat
  • diarrhoea
  • headache
  • loss of taste or smell
  • a rash on skin or discoloration of fingers or toes
• To prevent infection and to slow transmission of COVID-19, do the following
• It is important that you also practice respiratory etiquette (for example, by coughing into a flexed elbow)
• An infographic is a visual representation of information or data, specifically a collection of imagery, charts, and minimal text that gives an easy-to-understand overview of a topic
• Checking the legitimacy of the information will keep us from being a victim of fake news or faulty information
• As a receiver of information, we need to sharpen our skill in judging the relevance and worth of one's ideas, since we may have to use it as bases of our personal decisions in some situations