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.
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
Friday, July 20, 2018
Economics is always about consumer behaviour.
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IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...
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Supply in elastic:if the supply is difficult to replace the product by a substitute goods then that is known as supply-in-elastic. Example...
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MARKET STRUCTURE: there are different market structures that can be characterized to an economy, without market structure any company ca...
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If the supply is easy to replace by multiple suppliers then it’s known as supply elasticity. Any unskilled worker is an example of supply e...
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