Week 3 Video Review-Consumer BehaviorÂ APA format.
Watch the video in the link below:
Write a 1 page paper in paragraph format, answering the following question.
- 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. Ã‚Â Ã‚
- 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?Ã‚Â Would it help you in better marketing your products/services?
- Describe a consumer decision you made recently that was irrational?
- Which of the Ã¢â‚¬Ëœ irrationalÃ¢â‚¬â„¢ thought patterns formed the basis for your decision?
- What steps can you take to avoid making irrational financial and/or consumption decisions in the future?