Economics Rational Decision Making

2. To fail to pay money that you owe at the right time.
6. A branch of economics that accept that consumers and other economic agents do not always act rationality and looks why this might be so.
7. The study of behaviour of individuals or groups such as consumer, firms or workers, typically within a market context.
11. the level of well-being or prosperity or living standards of an individual or group of individuals such as a country.
12. Consumers are not always willing or able to make comparisons between prices and different goods on offer.
13. the satisfaction or benefit derived from consuming a good or a set of goods.
14. when you make a choice, you will choose the thing you like best.

1. Economic statements or choices can be worded in such a way as to influence the outcome.
3. the rational human used by economists when constructing, explaining and verifying models.
4. Some economic theories assume that economic agents will act rationally in a way that maximises their total net benefit.
5. Another key assumption of neo-classical theory is that economic agents act in a way that will maximise their net benefits.
8. a theory of economics that typicaly starts with the assumption that economic agents will maximise their benefits and act rationally, and that develops how resources will be allocated in markets and at what price through the forces of demand and supply; the margin is a key concept in neo-classical theory.
9. are assumed to want to maximise the welfare of citizens.
10. the study of the economy as a whole, including inflation, growth and unemployment.