Behavioral Economics Vocab Flashcard

Behavioral Economics Vocab Flashcard

Assessment

Flashcard

History

11th - 12th Grade

Hard

Created by

Wayground Content

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10 questions

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1.

FLASHCARD QUESTION

Front

Subconscious error in thinking leading to irrational decisions.

Back

Cognitive Bias

2.

FLASHCARD QUESTION

Front

Tendency to conform to others' behaviors and beliefs

Back

Herd Mentality

3.

FLASHCARD QUESTION

Front

Tendency to be overly confident in abilities

Back

Overconfidence Bias

4.

FLASHCARD QUESTION

Front

Tendency to seek info supporting preconceptions, ignoring contradictory evidence.

Back

Confirmation Bias

5.

FLASHCARD QUESTION

Front

Costs that cannot be recovered

Back

Sunk Costs

6.

FLASHCARD QUESTION

Front

Value placed on owned items

Back

Endowment Effect

7.

FLASHCARD QUESTION

Front

Decision-making based on prior investments in a situation

Back

Sunk Cost Fallacy

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