Examlex
A data gathering technique that is comprised of samples of respondents whose television viewing behavior is automatically recorded by electronic devices, supplementing the purchase information recorded online or in a diary is referred to as .
Behavioral Economics
The study of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.
Basic Economic Theory
Refers to the foundational concepts and principles that explain how individuals, firms, and governments make decisions on allocating scarce resources to satisfy unlimited wants.
Rational Consumers
Consumers who make choices to maximize their utility, based on preferences, budget constraints, and available information.
Budget Constraint
An economic model that represents all the combinations of goods and services that a consumer can afford to purchase at given prices within their income level.
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