ECONOMICS
INCENTIVES
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
People crazy
|
|
Behavior of consumers
|
|
Behavior of producers
|
|
Decision making process
|
Detailed explanation-1: -What are the 4 types of customer buying behavior? There are four types of consumer behavior: habitual buying behavior, variety-seeking behavior, dissonance-reducing buying behavior, and complex buying behavior.
Detailed explanation-2: -The consumer decision-making process involves five basic steps. This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.
Detailed explanation-3: -The higher the price, the more suppliers are likely to produce. Conversely, buyers tend to purchase more of a product the lower its price. The equation that spells out the quantities consumers are willing to buy at each price is called the demand curve.
Detailed explanation-4: -In market economy, decisions and choices are made based on wants and need of consumers and producers and available resources. Consumers and producers are driven by self-interests.