units 8 and 9 vocabulary review

The subfield of economics that applies psychological insights into human behavior and to explain economic decision making

• behavioral economics

• cognitive bias

• endowment effect

• overnight test

A subconscious error in thinking that leads to irrational decision making

• overestimation

• Cognitive bias

• sunk costs

• hedonic adaptation

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The tendency to regard losses as considerably more important than gains of comparable magnitude

• confirmation bias

• FOMO

• Loss aversion

• hedonic adaptation

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The tendency to make decisions about a current situation based on what resources you have already invested in the situation

• overestimation

• Sunk cost fallacy

• Behavioral economics

• overplacement

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

The tendency to put more value on things you already own

• endowment effect

• loss aversion

• overplacement

• overestimation

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website

• FOMO

• overplacement

• overestimation

• loss aversion

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

The tendency to conform to the behaviors and beliefs of the people around you

• sunk cost fallacy

• overnight test

• loss aversion

• herd mentality

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence

• loss aversion

• behavioral economics

• overplacement

• confirmation bias

Tags

CCSS.L.11-12.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

CCSS.W.8.2D

The tendency people have to be more confident in their own abilities

• overnight test

• overconfidence bias

• FOMO

• cognitive bias

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

• Hedonic adaptation

• confirmation bias

• overplacement

• overnight test

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C