According to Nobel Prize laureate Herbert Simon, humans do not have infinite brainpower. Humans are prone to irrationality and error. Humans do not have indefinite time to think about every possible decision that they make. In a perfect scenario, humans are rational and are not prone to irrational judgemental decisions, especially concerning economics.
The decision one makes shaped by one’s experiences and upbringing. Cultural biases too play an important role in us making economic decisions and other such decisions. Irrational economic behavior is more often than not caused by what we call heuristics.
You must have always observed that when there is some sale and offers going on in stores or online shopping websites, people tend to end up buying things that they don’t even need at that time. This unnecessary expenditure is an example of irrational economic behavior caused by heuristics. For those students who wish to know more in regards to this, an in-depth understanding and analysis of choice homework help manual can serve you best.
Examples of behavioral economics
Let us take an example of a perfectly rational behavioral economic decision. Adam is parent who sends his children to a proper school which is in the next city. Adam is a farmer but doesn’t make his children work in the fields because he believes that the education that his children are getting will help them to fetch a job which will make up for the time they didn’t spend in the fields.
If we take the same example in terms of irrational economic behavior then Adam will make his children work in the fields instead of sending them to school and giving them an education. He will do so because, for him, the money that he will earn through his children working in the fields will be more than that they will get once they fetch a job as a result of the education they should have received.
Manuals as choice homework help are just perfect for understanding details associated with this subject.
Let us look at another example. Let us consider a taxi driver named George. George works very hard to earn his wages. He has a scheduled time period for which he works. He goes home early so as to have adequate rest.
He does this to rejuvenate himself so as to make sure that he can work properly and to his full potential the next day so that he can earn handsomely. This is the case of rational behavior. If we consider irrational economics while speaking of George, then we will expect him to work too much in a single day and tire himself so much that it affects his performance on the next day, thereby causing him to earn much lesser than his potential.
Concept of choice in economics
Choice of a word isn’t limited to only economics, but it definitely has an implication in economics. In economics, choice is referred to as a process of selection of some goods and products from an abundant list of goods and products.
It is human psychology to have unlimited wants and desires but due to constraints, not every want is fulfilled. Hence, humans have to make a choice-a choice wherein they decide which good or item is indispensable to them currently and which goods’ purchase can be postponed.
The concept of choice is applied in such a way that even if all the demands are not met, the demands that are met are greatly satisfactory and no more satisfaction is possible. It is predominantly due to choice that humans have to decide amongst their needs and choose the best possible option available.
If we look at the academic sphere, choice is a very important chapter for students, and hence it is not so difficult to fathom as to why choice homework help is a very popular search query on Google among economics and psychology graduation students.
Example of choice in economics                                                                     Â
Let us take an example of a boy named Paul. Paul is a normal school going student, and just like any other student of his age, he has limited pocket money. Paul wants to buy a book. He also wants to book movie tickets for himself and his friends so that he can enjoy a movie with his friends at a theater.
Paul, just like any other student, has money just enough to either buy the book he needs or watch the movie he wants. In this scenario, a movie might be tempting for Paul but buying the book he needs is the best possible utilization of his economic resource, here it is money. Hence choice gives us a scenario wherein a person chooses what is best for him or her at the current moment.
While we are on the topic of students, if you are a student and currently having problems regarding assignments pertaining to concepts of choice, then you can definitely search for numerous homework help websites available online that also provide choice homework help.Â
Resource allocation too can play an important part of choice economics so while looking up for Choice homework help online; it is also important to look at resource allocation as one of the tools while solving one of your choice economics assignments.
Online choice economics tutorials
There are numerous websites available online that cater to the different needs of economics students. If one looks at online tutorials, they are basically divided into those that offer assignment help and those that teach.
Online assignment help related online platforms are further divided into different segments depending on the subject. Like for example if we consider economics, there are further divisions like choice homework help, resource allocation homework help, irrational economics homework help to name a few.
It has been seen that when it comes to choice homework help, students have different queries such as how to decide which choice is right and which isn’t, and which choice to consider while solving a particular type of economics numerical.
