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After the recent financial crisis, new rules and regulations regarding mortgage lending made it more difficult for many families to purchase a home. Draw a supply and demand graph illustrating the impact of these new, harsher, mortgage-lending laws on the rental housing market. Predict what will happen to the price of rental housing as a result of these new laws.
Economic Payoff
The return or financial outcome received from an investment, decision, or policy, typically expressed in terms of profit or cost savings.
Behavioral Economics
A field of economic research that incorporates psychological insights into human behavior to explain economic decision-making.
Irrational
Describes a decision maker who chooses an option that leaves him or her worse off than choosing another available option.
Rational Decision
A decision-making process that is based on making choices that result in the optimal level of benefit or utility for the individual.
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