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 possibleĀ 
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 decisionĀ 
New cards
5
Computational weakness
Consumers find it difficult to calculate probability of something happeningĀ 
New cards
6
Myopia
When consumers are short-sighted when making a decisionĀ 
New cards
7
Habitual consumption
Pattern of behaviour by consumers not changing as it is easy or comfortableĀ 
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 8 people
874 days ago
5.0(2)
note Note
studied byStudied by 16 people
724 days ago
5.0(1)
note Note
studied byStudied by 42 people
787 days ago
5.0(1)
note Note
studied byStudied by 16 people
870 days ago
5.0(1)
note Note
studied byStudied by 27 people
866 days ago
5.0(1)
note Note
studied byStudied by 31 people
462 days ago
5.0(1)
note Note
studied byStudied by 39 people
779 days ago
5.0(2)
note Note
studied byStudied by 99 people
53 days ago
5.0(1)

Explore top flashcards

flashcards Flashcard (37)
studied byStudied by 3 people
699 days ago
5.0(1)
flashcards Flashcard (28)
studied byStudied by 54 people
146 days ago
5.0(1)
flashcards Flashcard (62)
studied byStudied by 8 people
129 days ago
5.0(1)
flashcards Flashcard (80)
studied byStudied by 25 people
552 days ago
5.0(1)
flashcards Flashcard (86)
studied byStudied by 97 people
194 days ago
5.0(5)
flashcards Flashcard (50)
studied byStudied by 25 people
427 days ago
5.0(1)
flashcards Flashcard (25)
studied byStudied by 7 people
764 days ago
5.0(1)
flashcards Flashcard (86)
studied byStudied by 886 people
3 hours ago
4.4(10)
robot