How Do You Spell ECONOMIC MAN?

Pronunciation: [ˌiːkənˈɒmɪk mˈan] (IPA)

The term "economic man" refers to a hypothetical individual who acts rationally and solely based on economic incentives. Its pronunciation can be transcribed in IPA as /ɛkəˈnɑmɪk mæn/. The first syllable "ek-" is pronounced like "eck" and the second syllable "-o-" is pronounced like the "a" in "cat". The stress falls on the second syllable. The final syllable "-ic" is pronounced with a long "e" sound, while "man" is pronounced like it is spelled. The word has a straightforward spelling and pronunciation, making it easy to understand for non-native English speakers.

ECONOMIC MAN Meaning and Definition

1. "Economic man" is a concept in economics that refers to a theoretical representation of human behavior that assumes individuals will make rational and self-interested decisions in their economic activities. Also known as "homo economicus," this concept is often used as a simplifying assumption to model and understand the behavior of individuals in economic theory.

   According to the concept of economic man, individuals are driven by motives of maximizing their personal utility or well-being and are guided solely by their own self-interest. They are assumed to possess perfect knowledge, rationality, and the ability to make optimal choices based on a cost-benefit analysis.

   This concept assumes that economic man will always make decisions that provide the highest level of personal benefit, considering factors such as price, income, and demand. It also presumes that individuals do not consider social, ethical, or psychological aspects in their decision-making process, but instead prioritize maximizing their economic outcome.

   While economic man is a fictional construct and humans do not always exhibit purely self-interested behavior, the concept is used to create simplified models that can capture key economic patterns and dynamics. It helps economists analyze the impact of changes in prices, incomes, and market conditions on individual decision-making, market equilibrium, and overall economic welfare. However, it is important to note that economic man does not encompass the full complexity of human behavior and motivations in real-world economic settings.

Common Misspellings for ECONOMIC MAN

• wconomic man
• sconomic man
• dconomic man
• rconomic man
• 4conomic man
• 3conomic man
• exonomic man
• evonomic man
• efonomic man
• edonomic man
• ecinomic man
• ecknomic man
• eclnomic man
• ecpnomic man
• ec0nomic man
• ec9nomic man
• ecobomic man
• ecomomic man
• ecojomic man
• ecohomic man

Etymology of ECONOMIC MAN

The term "economic man" originated from the field of economics, particularly within neoclassical economics. It refers to a theoretical concept and model used to describe human behavior in economic situations. The etymology of the term can be broken down as follows:

- Economic: The word "economic" is derived from the Latin word "oeconomicus" which means "of or pertaining to household management". It entered the English language in the mid-16th century and has primarily been associated with the management, production, and distribution of wealth and resources.

- Man: The term "man" refers to an adult human being, and it has its roots in Old English, deriving from the Proto-Germanic word "mann" and Proto-Indo-European word "manu".

Plural form of ECONOMIC MAN is ECONOMIC MEN