Who Are Social Media (SM) Users

question 63

Essay

Who are social media (SM) users?

Understand the concept of utility maximization in neoclassical economics and how behavioral economics challenges it.

Recognize the significance of impulse buying and systematic nonrational behavior in consumer decision-making.

Comprehend the importance of heuristics in decision-making processes and their impact on economic behavior.

Discuss the potential for behavioral and neoclassical economics to complement each other in understanding economic phenomena.

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Definitions:

Willing to Pay More

The readiness of a consumer to spend a higher amount of money for a product or service, usually due to perceived value, quality, or brand loyalty.

Online

Relating to, using, or involving the internet or an electronic network.

Groceries

Items of food or household supplies sold by a grocer, including perishables and non-perishables, typically for personal or household consumption.

Warehouse Club

A membership-based retail store offering a wide variety of merchandise at discounted prices, often in bulk quantities.