a) Rational decision making

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Last updated 9:38 PM on 9/7/26
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6 Terms

1
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  • state how economic agents are assumed to make decisions


  • rationally


2
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  • define a rational decision


  • making a decision depending on the net benefits of each option


3
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  • state how consumers make rational decisions


  • by attempting to maximise the utility from their choices


4
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  • define utility


  • the satisfaction gained from the consumption of a good or service


5
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  • state how firms make rational decisions


  • by attempting to maximise the profit from their choices


6
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  • state how governments make rational decisions


  • by attempting to serve the people to maximise their welfare