Argument structure and language difficulties

• Predicate Argument Structure (PAS)

  The configuration of arguments (e.g. agent, patient, location) that a predicate (verb) takes
• Assumptions about the rationality of economic agents are made when analysing markets
• The Wealth of Nations was written in 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
• 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
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product