Your roommate, Serafina, a psychology major, said, "The problem with economics is that it assumes that consumers and firms always make the correct decision. But we know that everyone's human, and we all make mistakes." Do you agree with her comment?

Question

Social Studies

Amaris Davies

12 May, 03:14

Your roommate, Serafina, a psychology major, said, "The problem with economics is that it assumes that consumers and firms always make the correct decision. But we know that everyone's human, and we all make mistakes." Do you agree with her comment?

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Answers (1)

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Karen · Answer 1

Answer: I would disagree

Explanation:

Economics is the study that defines about products and service that are produce, regulated, consumed and distributed. Economic agents are the factors that regulated the field of economic along with the behavior and link displayed by customer and firms.

They maintain rationality through making decision based on possible growth, cost and benefits as per economic knowledge.

Therefore, roommate's statement is incorrect that economic field assume of making best decision rather the try to make possible beneficial decision considered all the factors.