What Is the Term Used to Describe When Many Individuals

question 23

Multiple Choice

What is the term used to describe when many individuals begin to engage in a similar behavior independently of one another?

• A)social trend
• B)social change
• C)cultural change
• D)attitudinal change

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Definitions:

Prospect Theory

Prospect Theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are unknown.

Status Quo Bias

The tendency most people have when making choices to select any option that is presented as the default (status quo) option. Explainable by prospect theory and loss aversion.

Behavioral Economics

A field of economics that examines how psychological, cognitive, emotional, cultural, and social factors affect economic decisions.

Utility

A measure of satisfaction or happiness that a consumer derives from consuming goods or services.