Week 5 exposes students to subjects that are intended to whet their appetites for further study in economics
Purpose of Assignment
Week 5 exposes students to subjects that are intended to whet their appetites for further study in economics. Students will use the theory of consumer choice and the impact of the concepts of asymmetric information, political economy, and behavior economics, to describe how consumers make economic decisions.
Scenario: You have been asked to assist your workplace’s marketing department to better understand how consumers make economic decisions.
Download the MS Word document entitled Table for Week 5 Assignment, which is posted in this assignment.
Complete the blank cells in the table that is included in the document Table for Week 5 Assignment.
Write an analysis of how consumers make decisions. Use the bolded words/phrases shown below as first-level headings for your paper. Your report/analysis should include:
An introduction and a conclusion. See Thesis Statements, Introductions, and Conclusions which is posted as a Class Message and includes information on writing thesis statements, introductions, and conclusions. Your introduction should include a clear and concise statement of the main problem/issue to be addressed.
Your Table for Week 5 Assignment. Include the table within your report. Do not submit the table as a separate document.
A conclusion that uses information from your table to show why it is important for business managers, especially marketing managers, to understand consumer behavior. Note: Your conclusion should review all elements of this assignment.
Format your report consistent with APA guidelines. Cite at least three peer-reviewed resources in your report; the course text is an acceptable resource for this assignment.
Various economic models have been put forth to explain and understand consumer behavior. The theory of consumer choice provides a vivid definition of how consumers make personal decisions and how the choices affect their purchasing behavior. Concepts that relate to behavior economics, asymmetric………………………….