Behavioral Economics Concepts
Authored by Natalia S
Financial Education
9th Grade
Used 3+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 mins • 20 pts
loss aversion
the tendency to regard losses as considerably more important than gains of comparable magnitude
when a person believes they are better at something than they actually are
the use of social media plat forms and websites to promote a product or service
2.
MULTIPLE CHOICE QUESTION
30 mins • 20 pts
overestimation
the tendency to put more value on things you already own
when a person believes they are better at something than they actually are
the subconscious error in thinking that leads to irrational decision making
3.
MULTIPLE SELECT QUESTION
30 mins • 20 pts
endowment effect
The use of social media plat forms and websites to promote a product or service
The tendency to conform to the behaviors around you
The tendency to put more value on things you already own
4.
MULTIPLE SELECT QUESTION
30 mins • 20 pts
social media marketing
The use of social media platforms and website to promote a product or service
costs that have already been incurred and cannot be recovered
The tendency people have to be more confident in their own abilities
5.
MULTIPLE SELECT QUESTION
30 mins • 20 pts
behavioral economics
The subfield of of economics that applies psychological insights into human behavior and to explain economic decision making
costs that have already been incurred and cannot be recovered
the tendency people have to be mor confident in their own abilities
6.
MULTIPLE SELECT QUESTION
30 mins • 20 pts
over confidence bias
The tendency people have to be more confident in their own abilities
the costs that have been incurred and cannot be recovered
when a person has and exaggerated certainty an answer is correct
7.
MULTIPLE SELECT QUESTION
30 mins • 20 pts
over precision
When a person has and exaggerated certainty an answer is correct
when a person mistakenly believes they are better than others
a subconscious error in thinking that leads to irrational decision making
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