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Susan's Daughter's Birthday Party Is About to Start in an Hour

question 95

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Susan's daughter's birthday party is about to start in an hour and Susan is still at the store buying party favors and decorations. She really wanted this party to be special for her daughter, but she didn't have time to shop around for the perfect items so she purchased what was available. Which temporal factor is influencing Susan's purchase?


Definitions:

Credit Card Companies

Businesses that issue credit cards to consumers, facilitating electronic payment transactions and often offering credit facilities.

Monthly Credit Card Statements

Periodic summaries sent by credit card companies to cardholders, listing purchases, payments, and other transactions for the month.

Behavioral Economics

Behavioral economics studies how psychological, cognitive, emotional, cultural, and social factors affect the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation.

Availability Heuristic

An intellectual quick-step that employs readily recalled instances when contemplating a certain topic, notion, strategy, or judgment.

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