Fiction of the economic man and the conomic principle
Presentation
•
Business
•
11th Grade
•
Hard
Simone ChengHoehn
Used 3+ times
FREE Resource
3 Slides • 5 Questions
1
Fiction of the economic man...
... and the economic principle
2
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3
Human behavior in reality...
is influenced by friends, family, peer pressure, habits
fashion, trends, education, preferences
ads, blogs, convenience
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6
Irrational consumer behavior
Consumer's demand rises when the price of a good is increased -> Veblen effect
More people would like to have the good, the more people buy it -> Bandwaggon effect
The demand for the good decreases, as more people buy this good -> snob effect
7
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8
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Fiction of the economic man...
... and the economic principle
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