To receive full credit for each question, your answers must be at minimum 15 sen

Question

To receive full credit for each question, your answers must be at minimum 15 sentences long, it must answer every part of the question, it must include economic concepts that were taught in class and where necessary provide real world examples and empirical data. You must also explain your conclusions. Let me repeat, an answer that only states a conclusion and does not explain how you got to that conclusion will be marked down. Do not copy notes directly. Your answers must be in your own words. Do not plagiarize. You may work in groups, use the textbook, your notes, lecture notes posted on blackboard, the internet, articles and books, or other sources that you might find useful. However, if you are using an idea by someone else, you must cite her or him in the exam and add a reference page although you are not required to cite.

Question — Human Behavior and Economics

According to conventional analysis, all consumer decisions are made with just a few assumptions about human behavior, given these, the consumer is then said to maximize their utility.  Explain this concept and the process.  How does the heterodox perspective theorize about consumer behavior?  From the business and finance side, what unconventional concepts help us explain the choices that executives and finance people make?

What kind of logic does these 2 perspectives regarding human behavior use, inductive or deductive?  If deductive, are there any breaks in the chain of logic? What do these theories of human behavior say about economic power, about our ability as a species to be influenced, shaped and molded and about the current structure of the economic production system?

Which of these theories regarding human behavior help us explain consumer society?  What is meant by consumer society?  Why is mass consumption important to an economy that is abundant?  Why does heterodox theory not believe that the end of production is consumption?  What are the pros and cons of mass consumption?  What steps, if any, can the government do to decrease consumption patterns and what would the consequences of this be?  Is the government constrained in its ability to redress this issue? Explain.

In answering this question you must include the readings from section 7 of your syllabus.

Explanation / Answer

Consumer society is a society in which the trade (buying and selling) is the major part of economy.The conventional theory help us to explain consumer society.Mass consumption is important to an economy that is abundanat because every economic society is to do trading so if the products are available for use so the consumers must take advantage of it for satisfying their needs and use the important things which are available.

The pros and cons of mass consumption:

1.Mass consumption results in early evacuation of the product.

2.It benefits by providing an idea for new type of production method.

3.A vast scope is created on the part of manufacturers.

Government can levy taxes to decrease the consumption patterns but the consequence is that the economic growth will be affected widely in both positive and negative ways.Like the taxes can be used for the development of the country and also the inflation rate will be higher.Yes the government is constrained in its ability to redress this issue because their is a wide impact on the economic of the society.

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