Q: What are the benefits of considering the economic decisions?
A: Economic decisions are those decisions in which people will choose what to do with limited…
Q: Identify some essential elements common to any rational decision-making process?
A: Rational decision making is a complex process that contains nine essential elements. These are as…
Q: Discuss the differences between social and market norms(behavioral economics) and what happens when…
A: Behavioural Economics is regarded as a study of psychology as it is related to economic decision…
Q: Select the correct answer. Which form of relativism states that people rely on their own standards…
A: A- It is based on the belief that all ethical decisions are deeply personal and that individual have…
Q: Why is the answer different to the answers for this question? The questions are all the same.
A: The questions are all not the same. Here is only one question. And rest are the option of the…
Q: . A theory is an abstraction from reality. What does this statement mean?
A: Economics is a discipline that studies the factors that influence the production of goods and…
Q: Are options b through h correct or incorrect?
A: The question is asking about the possible reasons for which imports can be limited. Different…
Q: What is meant by the term “utility,” and how does it relate to purposeful behavior?
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: oDescribe 3 ways in which human decisions making differs from the rational individual conventional…
A: Behavioral economics is an approach towards economics which includes the psychological, communal,…
Q: Do you agree or disagree with Maslow’s assumption that people naturally want to be self-actualized?…
A: Psychologist Abraham Maslow's thesis of self-actualization maintains that people are motivated to…
Q: A tradeoff is illustrated by?
A: A trade off is the opportunity cost of a good. In other words, it is the next best alternative that…
Q: Which quote best represents a person performing a cost-benefit analysis?
A: Since you have posted multiple questions, we will answer the first question for you. If you want any…
Q: What concept uses observable qualities in order to fill in missing informationwhen making a…
A: Where there is information missing in the market, that is only one party in the transaction has full…
Q: On what are the Economic decisions based?
A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…
Q: Economist Gerd Gigerenzer characterizes heuristics as “fast and frugal” ways of reaching decisions.…
A: Heuristics approach is a short cut of reaching to the decision that results in the decisions biases.…
Q: Why do we use mind mapping
A: Mind mapping is the diagrammatic representation of information, task or concepts.
Q: Are options b through e correct or incorrect?
A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…
Q: What is Pareto Improvement and Fairness in economic?
A: In economics, efficiency is maximum when there is pareto optimality.
Q: what are some keypoints about behavioral economics?
A: Behavioral economics is the study of psychology as it deals with the economic decision-making…
Q: What is cardinal approach?
A:
Q: What is the foot-in-the-door technique? How does selfperception theory relate to this effect?
A: The foot-in-the-door (FITD) approach is a compliance strategy that entails persuading someone to…
Q: One of the important contributions of behavioral economics is the focus on how people make decisions…
A: Behavioural economics is related to psychology which combines element of economics that how and why…
Q: Positive mood helps people to recall positive things and that in turns encourages people to put…
A: We have been given that positive mood helps people to recall positive things and that in turns…
Q: Why do economist make assumptions
A: Economist: The person who studies various activities and their relationship in an economy is termed…
Q: What is meant by the term “utility” and how does the idea relate to purposeful behavior?
A: Utility and purposeful behavior are two important concepts of consumer demand theory. To define the…
Q: Is the opportunity cost of an action a subjective evaluation?
A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…
Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…
A: A choice or possible solution that might work is referred to as a viable alternative.
Q: Why do people confuse correlation with causation
A: Correlation is a metric that calculates the degree to which two securities travel in relation to…
Q: What is positive statement, explain with an example?
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: Describe the Rational Decision making Process?
A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…
Q: ________ behavioral assumption about humans was that people usually act in a rational,…
A: Behavioural assumptions in economics helps to understand how and why people behave the way they do…
Q: about Sigmund Freud’s theory about the self, identity and self-concept, state the relationship…
A: The individuals in a society are not all alike, as people have different taste, preferences,…
Q: How does inherent value differ from instrumental value?
A: Inherent value and instrumental values are a part of the the environmental economics. They are used…
Q: Do consumers always make rational consumer decisions when buying economic goods?
A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…
Q: How is the Rational decision making a complex process?
A: Rational decision making is a multi-step process used for making bets decision or choice when…
Q: One topic of behavioral economics is?
A: Answer - Behavioral economic is abranch of economic which deals with the decision making and thought…
Q: What does it mean to think like an economist?
A: Economist think by considering relevant facts about an economy.Different factors such as…
Q: What are the benefits of The Rational Decision-Making Process?
A: The process of rational decision making is used to make choices among the alternatives. Under this…
Q: How do constraints affect decision making?
A: A type of external constraint is economic constraints. An external constraint is a factor in the…
Q: What examples do you have of goods or services that are both consumer goods and resources depending…
A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…
Q: Stuck here
A: Utility refers to the amount of satisfaction that the consumers receive while consuming a good or…
Q: Answer cannot be determined To the right To the left
A: When the Fed purchases government securities, the quantity of money supply increases in the Economy.…
Q: What are factors affecting economic analysis?
A: A study of the economic system can be defined as an economic analysis. The economic analysis helps…
Q: What do Experience curves tell us?
A: According to the economic concept of an experience curve, a company becomes more efficient the more…
Q: What does it mean to be a philosopher
A: A philosopher is an individual who offers view on profound questions in ethics, logic, metaphysics…
How can you describe the “self” as cognitive construct?
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- My answer was wrong can I be shown explained what the right answer is?What assumptions are necessary for supposing that individual preferences can be inferred and valued from the choices that individuals make?give a reasonWhat good is economic theory if it can't predict the behavior of a specific individual?
