UGA FHCE 3100 - ch.3 Consumer Theories and Developing Models (8 pages)

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ch.3 Consumer Theories and Developing Models



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ch.3 Consumer Theories and Developing Models

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ch.3


Lecture number:
7
Pages:
8
Type:
Lecture Note
School:
University of Georgia
Course:
Fhce 3100 - Introduction to Personal Finance
Edition:
1

Unformatted text preview:

FHCE 3100 Lecture 7 Outline of Last Lecture I End of consumer movement Outline of Current Lecture II Chapter 3 Consumer Theories and Developing a Model III Test 1906 1938 1967 1968 1972 IV What was impact of WWI and WW2 Current Lecture Two different economic theories Adam Smith Philosophy free exchange John Maynard Keynes Philosophy Adam Smith 1776 Author of An Inquiry into the Nature and Causes of the Wealth of Nations stated that consumers act in their own self interest and markets work with the invisible hand Founder of modern economics Felt consumers should be given freedom Constitution John Maynard Keynes English economist published The General Theory of Employment Interest and Money Central message was that economic activity in a capitalistic system is determined by the willingness of entrepreneurs to make capital investments If they wont do it the government must Economists Generally Agree Consumers are rational having the ability to reason Consumers are acquisitive having strong desire for things ideas and information We sometimes question RATIONALITY Are consumers rational It depends What I think is rational maybe person next to me doesn t Ex is the snuggie rational These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Having the ability to reason Is a make your own doggie treats maker reasonable It depends On what does it depend Behavioral economists introduce realistic models of economic agents into economic theory Particularly Judgment A judgment is a balanced weighing up of evidence preparatory to making a decision A formal process of evaluation applies Attitude Attitude is a concept in psychology Attitudes are positive negative or neutral views of an attitude object i e a person behavior or event Attitudes come from judgments Attitudes develop on the ABC model affect behavioral change cognition The affective response is a physiological response that



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