1.1.2 - Economic Assumptions

studied byStudied by 4 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 7

8 Terms

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

Explore top notes

note Note
studied byStudied by 17693 people
60 days ago
4.5(11)
note Note
studied byStudied by 38 people
376 days ago
5.0(2)
note Note
studied byStudied by 138 people
975 days ago
5.0(1)
note Note
studied byStudied by 2 people
56 days ago
5.0(1)
note Note
studied byStudied by 52 people
805 days ago
5.0(2)
note Note
studied byStudied by 74 people
909 days ago
5.0(1)
note Note
studied byStudied by 42 people
33 minutes ago
5.0(2)

Explore top flashcards

flashcards Flashcard (30)
studied byStudied by 8 people
233 days ago
5.0(1)
flashcards Flashcard (102)
studied byStudied by 12 people
282 days ago
5.0(1)
flashcards Flashcard (89)
studied byStudied by 21 people
99 days ago
5.0(2)
flashcards Flashcard (40)
studied byStudied by 12 people
748 days ago
4.4(5)
flashcards Flashcard (57)
studied byStudied by 129 people
793 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 23 people
863 days ago
5.0(1)
flashcards Flashcard (26)
studied byStudied by 2 people
482 days ago
5.0(1)
flashcards Flashcard (59)
studied byStudied by 18 people
835 days ago
5.0(1)
robot