Reference no: EM133138342
ECO 500 Project Question
In microeconomic, we assume that consumers are rational when making decisions. What do we assume rational consumers do when making decisions, because of the need to make choices?
Conduct research into the subject matter, concepts, and logic of Behavioural Economics.
Use your research to describe and explain at least 3 of the key concepts of Behavioural economics listed below.
Use these concepts to explain the reasons why and how consumers act when making decisions.
List of behavioural economics concepts:
Bounded Rationality
Satisficing
Imperfect Information
Mandated and Default Choice
Anchoring
Priming
Essay
Write an essay in response to the topic provided below. You must apply the relevant macroeconomic theories to explain and analyse the topic and defend your position by reference to theories and concepts studied in the course and credible evidence. You must also provide relevant reference to support the analysis conducted in the essay
Essay Topic
Question 1. Compare and contrast TWO of the following measures of the macroeconomy of a country using:
GDP at constant prices or real GDP.
GDP per capita.
Economic Growth.
Economic Welfare.
Question 2. Describe and explain what is included and excluded from measures of the size and nature of the macroeconomy.
Question 3. Discuss the costs and the benefits of ONE of the following on GDP and economic growth of ONE chosen economy and the world economy overall:
War
Climate change
Technological change
Population growth
Increased participation of women in the economy
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