Unit 1 - Introduction to markets and market failure
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Theme 1: 1.2.1/1.2.10 Rational Decision Making and Consumer Behaviour
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Unit 1 - Introduction to markets and market failure
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PEARSON (PEARSON)
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Edexcel A level Economics A Book 1
Excellent study tool to revise the Behavioral Economics section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards.
This is a relevant resource for both first-year and second-year students to revise or learn from and get th...
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PEARSON (PEARSON)
Economics A
Unit 1 - Introduction to markets and market failure
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1.2.1 - Rational decision making
a) The underlying assumptions of rational
economic decision making:
• Consumers aim to maximise utility;
• Firms aim to maximise profits
1.2 - How 1.2.10 - Alternative views of consumer
Markets behaviour
Work a) The reasons why consumers may not
behave rationally:
• consideration of the influence of
other people’s behaviour;
• the importance of habitual
behaviour;
• consumer weakness at
computation.
, 1.2.1 - Rational
decision-making
What are the underlying ass
umptions of rational econo
mic decision making?
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