Match the Following

question 113

Multiple Choice

Match the following.You may use a response once,more than once,or not at all.
-Describes how most decisions are actually made

• A)Administrative model
• B)Bounded rationality
• C)Satisficing

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest inadvertently benefits society at large.

Neoclassical Economists

Economists dedicated to analyzing how goods, outputs, and distribution of income in markets are dictated by supply and demand forces.

Ultimatum Game

A game in economic experiments where one player proposes how to divide a sum of money with another player who can accept or reject the proposal.

Behavioral Economists

Behavioral Economists examine the impact of human psychology on individuals' economic decision-making processes, emphasizing deviations from traditional economic models.