Week 3 Video Review-Consumer Behavior  APA format.

Watch the video in the link below:


Write a 1 page paper in paragraph format, answering the following question.

  1. Explain the concepts of loss aversion, value attribution, and group dynamics. Explain why human behavior and actions are important to study and understand by economists.  Â
  2. An economic principle is that markets will act in rational ways, do you agree or disagree that consumers act rationally? Explain why or why not. If you are a business owner/manager, how would understanding human behavior benefit your business?  Would it help you in better marketing your products/services?
  3. Describe a consumer decision you made recently that was irrational?
  4. Which of the ‘ irrational’ thought patterns formed the basis for your decision?
  5. What steps can you take to avoid making irrational financial and/or consumption decisions in the future?