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Aarun ECON (Theme 1) > LS7 - Decision Making > Flashcards

LS7 - Decision Making Flashcards

1
Q

Rational behaviour

A

Behaviours that maximise utility

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2
Q

Utility

A

Satisfaction or benefit derived from consuming a good

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3
Q

Utility for firms

A

Profit

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4
Q

What is required to make rational decisions

A

Time, info, ability to process info

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5
Q

What prevents rational behaviour

A

Habitual behaviour
Consumer inertia (fear of unknown)
People influenced by behaviour of others
Weakness at computation (data)

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Aarun ECON (Theme 1) (18 decks)

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