1.2 EXIT TICKET Your Brain and Money Exit Ticket

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1. Behavioral economics…

• Is a field of economics that studies people who make rational and objective decisions
• Analyzes how different economies around the world behave over time
• Tracks and examines stock market trends over a certain period of time
• Combines economics and psychology to study why people behave the way they do in the real world

2. Cognitive bias is…

• An error in the way we think that can influence our decisions
• The desire to seek out information that confirms our existing beliefs
• The belief that our abilities are better than they actually are
• The concept of placing more value on an item when we own it

3. You go to a restaurant and order a big meal. Even though you’re full, you keep eating because it was expensive. This is an example of...

• Mental Accounting
• The Sunk Cost Fallacy
• Fear of Missing Out
• The Endowment Effect