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UNIT 1/2 ECONOMICS > traditional viewpoint of consumers > Flashcards

traditional viewpoint of consumers Flashcards

1
Q

3 assumptions

A

ordered set of preference
informed decision
act rational

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2
Q

act rational

A

maximize their overall satisfaction

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3
Q

informed decision

A

have all information required to make best decision possible

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4
Q

ordered set of preference

A

after purchasing essential goods they will turn their attention to what needs exist to them

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UNIT 1/2 ECONOMICS (9 decks)

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