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The study of economics helps to provide insight into the decision-making

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The study of economics helps to provide insight into the decision-making processes of both consumers (demand side) and producers (supply side). Economics suggests that both consumers and producers make rational and purposeful decisions, and each can serve itself better by understanding the motivations of the other better.;After reading the selected resources for this week, consider the decision-making process used by consumers as they budget their money to maximize use of their resources. What steps do rational consumers take in order to optimize their spending of discretionary income? What action can businesses take in order to either predict or react to consumer behaviour adjustments in order to better market to consumers and maximize revenues from consumer activity?;Please limit your response to between 750?1,000 words and include external references in support of your comments.

 

Paper#30955 | Written in 18-Jul-2015

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