Unit 1 Area of Study 1 Lesson 7 Economic Agents - Consumers Flashcards
1
Q
The traditional view of the consumer
A
Has ordered preferences, acts rationally and is fully informed.
2
Q
A consumer aims to maximise their…
A
Utility or satisfaction
3
Q
Paying your mortgage before buying a new video game would be an example of traditional consumer behaviour because
A
It shows ordered preferences
4
Q
A consumer conducting research into types and makes of lawn mowers before purchasing the best one is an example of:
A
Being fully informed.
5
Q
Positive Incentives
A
Reward a consumer for specific behavior
6
Q
Negative incentives or disincentives
A
Punish a consumer for specific behavior.
