economic theory

What Is Behavioral Economy? 1

What Is Behavioral Economy?

Behavioral economics examines the effects of psychological, cognitive, emotional, cultural and social factors on individual and institution decisions and how these decisions differ from the classical economic theory. Behavioral economics differs from standard economics in … Read more

opportunity cost

What is Opportunity Cost?

Opportunity cost is a term used by economists to describe how much an item contributes or costs to your life when you don’t have it, without considering all other options. It is generally the next … Read more