Friday, July 20, 2018

Economics is always about consumer behaviour.

Economics is a social science- it is about people and about how we organise ourselves to meet our needs and enhance  our well-being.
According to Adam Smith's concept of the invisible hand, he says people acting in their owm self-interest would, through markets, promote the general welfare.
  The interdisciplinary major in behavioural economics examines social,emotional and cognitive influences on economic decisions and behaviour by modifying standard economic theory for greater psychological realism.
Rational behaviour facilitates decision making that may not always give the best possible returns materially.

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