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Behavioural Economics - Coursework Example

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The effect and extent, to which behavioural economics has affected the economics and marketing sectors, is dependent on the definition the audience has of the three concepts. Understanding of the extent to which behavioural economics has affected the marketing industry can be…
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Behavioural Economics
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Download file to see previous pages Economics by definition involves a study in which the structures, manners, standards, and trends through which resources are allocated. Organization in economics is debatable, as there is no limitation to the strategies that may be employed by stakeholders to gain an edge over the competition. Economics is perceived as being a practice and academic undertaking. Economics has varied interpretations and in some instances, perceived as a theory. The most popular definition of economics is a discipline that studies “the organisation of economic activities in society”. There are several queries that arise from the definition of economics concerning the elements and aspects of the discipline, such as the production quantities limits, pricing of products, and generally how one may make money from engaging in such activities. Considering the definition provided, the ‘economics’ of regions vary depending on the values, virtues, and preferences of the society in question. This draws interest to the concepts of capitalism and socialism, among others.
The mode and trends of decision-making is a determinant of the economic system in the society. The ‘economic problem’ is sourced from this approach instilled in society. The concept of the economic problem involves “how to satisfy desires, and/wants with scares means. Be it as stated above, institutions operating under a similar economic model may not share the economic problem, as each institution has a different perception. The meaning of this argument is that economics is a rationalized concept that is predetermined by the subject. The definition of the economic problem is parallel to the definition of an economic good. An economic good is defined as anything that is both scares and desirable, which further complicates the concept of economics, since even straightforward ...Download file to see next pagesRead More
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