ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People crazy
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Behavior of consumers
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Behavior of producers
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Decision making process
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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.