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Altruism
The selfless and disinterested concern towards the well being of others.
Anchoring bias
Individuals tend to rely on the first piece of information they are givern.
Asymmetric information
When one party has more information that the other in aneconomic transaction.
Availability bias
Individuals base the likeliness of future events occurring on past events.
Behavioural economics
Branch of economics that incorporates psycholgical insights to understand human economic decision making.
Bounded rationality
Individual's inability to make rational economic decision making due to inability to control themselves.
Choice architecture
A framework illustrating the effects of presenting choices in different ways.
Economic man (homo economicus)
A hypothetical person who behaves in exact accordance with their rational self-interest.
Heuristics
Rules of thumb.
Perfect information
When both buyers and sellers have full knowledge of goods and services in a market.
Risk aversion
Individuals tend to value losses more han commensurate gains.
Symmetric information
Where consumers and producers have sufficient information to make rational decisions.
Utility
Benefit, wellbeing, welfare or satisfaction gained from consumption of a good or service.
Utility maximisation
When consumers aim to make their personal welfare as high as possible.