Behavioural Economics (Quizlet Revision Activity) | tutor2u Economics
Revision quizzes

Behavioural Economics (Quizlet Revision Activity)

  • Levels: AS, A Level, IB
  • Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC

Here is a new revision quizlet activity covering twenty key terms in behavioural economics.

Altruism

When we behave with more kindness and fairness than if we behaved rationally

Anchoring

When we are influenced in an exaggerated way by the first piece of information received.

Availability heuristic

Mental shortcut that relies on immediate examples that come to mind when forming a judgement

Bias

Systematic deviation from what is believed to be a rational choice

Bounded rationality

Decisions that flow from the limited cognitive, decision-making capacity of humans

Choice architecture

Careful design of how options are presented can influence decisions

Choice overload

When someone has too many options to make a fully-informed rational decision

Confirmation bias

When people seek out information in a way that fits with their existing thinking and preconceptions

Default choice

Option that a consumer "selects" if he or she does nothing

Endowment effect

When we value things we own more than the things we do not own

Framing

Defining the context in which choices are presented

Gambler's Fallacy

A mistaken belief that independent events are interrelated

Herd behaviour

When individuals act collectively as part of a group

Heuristic

When people use rules of thumb to help make a decision

Hyperbolic discounting

Valuing the immediate present much more than the long-term future

Loss aversion

When a loss is more painful than an equivalent gain is rewarding to them.

Nudge

Technique to change behaviour in an easy and low-cost way

Satisficing

Decisions deemed good enough to provide a decent amount of satisfaction

Social norms

When day-to-day behaviour is influenced by prevailing customs

System 1 Thinking

When we consider what automatically comes to mind

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