1.1.2 - Economic Assumptions

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8 Terms

1
Rationality
Based on clear thought or reasoning
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2
Maximising behaviour
To increase something such as profit, satisfaction or income as much as possible 
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3
Revenue
Money that a business receives over a period of time especially from selling goods or services
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4
Choice overload
When consumers have too many choices finding it difficult to make a decision 
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5
Computational weakness
Consumers find it difficult to calculate probability of something happening 
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6
Myopia
When consumers are short-sighted when making a decision 
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7
Habitual consumption
Pattern of behaviour by consumers not changing as it is easy or comfortable 
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8
Herding
Following norms or people causing bad decisions to be made and not maximising utility
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